£496.8m market cap
560p 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) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 387.9 | 29.3 | 22.6 | 23.0 | 25.2 | 18.9 |
| 2019A | 438.9 | 37.0 | 28.4 | 28.4 | 20.4 | 14.1 |
| 2020E | 475.4 | 50.4 | 33.7 | 29.4 | 19.7 | 13.9 |
| 2021E | 498.5 | 54.4 | 37.6 | 31.1 | 18.6 | 10.8 |
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 12/02/2020
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Balance sheet |
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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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