£346.9m market cap
430p last close
discoverIE Group is a leading international designer, manufacturer and supplier of customer-specific electronic products and solutions to 25,000 industrial manufacturers.
Investment summary
discoverIE’s Q120 trading update confirmed that the company is on track to meet the board’s earnings expectations for FY20. Group sales were 8% higher year-on-year (reported and constant currency), with organic growth of 4% (Design & Manufacturing (D&M) +4%, Custom Supply (CS) +3%). On an organic basis, orders grew 3% y-o-y in Q1 to close the quarter with an order book 8% higher y-o-y. Book-to-bill was 1.09x for D&M and 1.07x for CS in Q1. Recent acquisitions are progressing well and the company has an active pipeline of potential opportunities. We maintain our estimates.
Y/E Mar |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 387.9 | 29.3 | 22.6 | 23.0 | 18.7 | 14.0 |
| 2019A | 438.9 | 37.0 | 28.4 | 28.4 | 15.1 | 10.5 |
| 2020E | 465.8 | 41.2 | 32.1 | 29.1 | 14.8 | 12.6 |
| 2021E | 479.2 | 42.4 | 33.2 | 30.0 | 14.3 | 9.4 |
| Last updated on 19/09/2019 | ||||||
Industry outlook
discoverIE Group is a designer, manufacturer and supplier of customised electronics to industry with operations throughout Europe and increasingly outside Europe. The company is focused on growing the percentage of higher-margin specialist product through organic growth and acquisition. Its key markets (more than 50% of sales) are medical, renewables, transportation and industrial connectivity, all of which are good growth markets.
Last updated on 19/09/2019
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| Forecast net debt (£m) | N/A |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Nick Jefferies | CEO |
| Simon Gibbins | FD |
| Joanna Madge | Group Company Secretary Designate |
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