discoverIE Group


£516.3m market cap

582p last close

discoverIE is a leading international designer and manufacturer of customised electronics to industry, supplying customer-specific electronic products and solutions to 25,000 industrial manufacturers.

Investment summary

discoverIE saw continued good trading momentum in Q320, with group revenue growth of 3% y-o-y (9M20 +7% y-o-y). Strong organic growth in the Design & Manufacturing (D&M) business, particularly in its target markets, was offset by temporary destocking issues in Custom Supply (CS). CS orders have rebounded in January and the company maintains its earnings expectations for FY20; we maintain our forecasts.

Y/E Mar
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2018A 387.9 29.3 22.6 23.0 25.3 19.0
2019A 438.9 37.0 28.4 28.4 20.5 14.2
2020E 475.4 50.4 33.7 29.4 19.8 14.0
2021E 498.5 54.4 37.6 31.1 18.7 10.9
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 18/02/2020
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 2.8 7.8 43.0
Relative* 6.3 5.6 37.2
52-week high/low 582.0p/384.0p
*% relative to local index
Key management
Nick Jefferies CEO
Simon Gibbins FD
Joanna Madge Group Company Secretary Designate

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