LONDON, November 29, 2016 /PRNewswire/ -- Solid State's strategy of acquisition, expansion into complementary industry verticals and development of value-added capability delivered a 10% year-on-year increase in reported pre-tax profits during H117. We leave our estimates unchanged and adjust our indicative valuation from a single point (505p/share) to a range of 445-495p/share. Our sum-of-the-parts analysis, which looks at both specialist manufacturing and value-added distribution companies, gives an indicative valuation range of 445-495p/share based on target EV/EBITDA and P/E multiples derived using sector averages (previously 505p based on peer group P/E). As the market becomes more confident that Solid State is able to grow profits in the absence of the MoJ contract, the share price should move towards our indicative valuation range. Click here to view the full report. All reports published by Edison are available to download free of charge from its website http://www.edisoninvestmentresearch.com. About Edison: Edison is an international equity research firm with a team of over 70 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.