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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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 30/11/2022Content on discoverIE Group
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TMT
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Balance sheet |
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| Forecast net cash (£m) | 40 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Nick Jefferies | CEO |
| Simon Gibbins | FD |
| Bruce Thompson | Non-exec chairman |
| Greg Davidson | Company secretary |
| Lili Huang | Head of Investor Relations |