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discoverIE Group (LSE: DSCV)

Last close As at 18/04/2024

GBP6.91

▲ −16.00 (−2.26%)

Market capitalisation

GBP666m

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

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 and connectivity – all of which are long-term structural growth markets.

Latest Insights

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TMT | Update

discoverIE Group — FY24 EPS in line; good margin progress

TMT | Update

discoverIE Group — Orders return to growth; FY24 earnings on track

TMT | Outlook

discoverIE Group — Resilience from focus on strategic growth markets

TMT | Update

discoverIE Group — Strong growth in margins & design wins in H124
discoverIE-Group_resized
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Bruce Thompson

    Non-exec chairman

  • Greg Davidson

    Company secretary

  • Lili Huang

    Head of Investor Relations

  • Nick Jefferies

    CEO

  • Simon Gibbins

    FD

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 3.1 (9.3) (9.0)
Relative 1.4 (13.8) (8.8)
52 week high/low 938.0p/593.0p

Financials

discoverIE anticipates reporting FY24 underlying EPS in line with board expectations. After a period in mid-FY24 of working down inventory, customers appear to be reverting to normal ordering patterns, with Q424 organic revenue growth of 2% y-o-y and 11% q-o-q and a strong pipeline of design wins at year-end. We have revised our forecasts to reflect lower revenue, partly due to a disposal, but maintain our profit forecasts, which results in operating margin expansion in FY24 and FY25.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 379.2 56.1 41.0 32.1 21.5 15.1
2023A 448.9 65.4 48.8 36.7 18.8 12.7
2024E 442.1 71.8 49.6 37.4 18.5 10.9
2025E 467.0 76.6 52.2 38.9 17.8 10.4

Research

Update

TMT

discoverIE Group — Orders return to growth; FY24 earnings on track
discoverIE-Group_resized

Outlook

TMT

discoverIE Group — Resilience from focus on strategic growth markets

TMT

Update

discoverIE Group — FY24 EPS in line; good margin progress
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Further insights

insight

TMT

discoverIE: EKF 2023 QuickView

Analyst of the week

Katherine Thompson
kthompson@edisongroup.com 020 3077 5730
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