discoverIE Group

LSE: DSCV

Market Cap£800m

Last Close 830p

discoverIE is a leading international designer and manufacturer of customised electronics to industry, supplying customer-specific electronic products and solutions to original equipment manufacturers.

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Investment summary

discoverIE reported another strong set of results for H123 despite ongoing supply chain challenges, with 14% y-o-y organic revenue growth, 37% EPS growth and a record end-H1 order book. As the company is on track to achieve underlying earnings for FY23 in line with board expectations, our FY23 and FY24 underlying EPS forecasts are broadly unchanged. The company is refining its ESG strategy and has announced its net zero commitments (scope 1 and 2 carbon emissions by 2030, scope 3 by 2040), having already reduced emissions by 40% since CY19 (like-for-like).

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2021A 302.8 44.0 28.3 23.4 35.5 13.0
2022A 379.2 56.1 41.0 32.1 25.9 18.2
2023E 426.1 62.3 44.6 33.5 24.8 18.0
2024E 438.9 65.4 46.1 34.7 23.9 13.7
Industry outlook

discoverIE specialises in the design and manufacture of technically demanding, bespoke electronics for industrial applications with operations throughout Europe and increasingly outside Europe. The company is focused on four target markets comprising three-quarters of group sales – renewables, electrification of transportation, medical and industrial & connectivity – all of which are long-term structural growth markets.

Last updated on 30/11/2022
Content on discoverIE Group
discoverIE Group – Focused on sustainable growth
TMT | research Outlook | 1 December 2022
discoverIE
discoverIE Group – Upgrading on strong organic growth
TMT | research Update | 29 July 2022
discoverIE
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Share price graph
Balance sheet
Forecast net cash (£m) 40
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 11.4 5.1 (17.3)
Relative* 4.3 1.7 (19.6)
52-week high/low 1060.0p/597.0p
*% relative to local index
Key management
Nick Jefferies CEO
Simon Gibbins FD
Bruce Thompson Non-exec chairman
Greg Davidson Company secretary
Lili Huang Head of Investor Relations