• JDG is a UK holding company of niche scientific instrumentation manufacturing businesses. 

• Owner operated; ~12% inside ownership  

• FCF per share has compounded 20% per year for 17 years

• TSR including dividends is ~30% per year; 100x return  

• ~£600m enterprise value

We walk through the unit economics of Geotek, the risk to JDG, and how to value JDG by modelling organic and inorganic revenue growth, margins, and changes in cap structure.