£608.3m market cap
680p last close
discoverIE is a leading international designer, manufacturer and supplier of customised electronics to industry, supplying customer-specific electronic products and solutions to original equipment manufacturers.
Investment summary
Trading has improved through the course of H221, with order intake for the four months to the end of January up 10% y-o-y on an organic basis and average monthly sales up 4% compared to H121. On an organic basis, Design & Manufacturing sales were 3% lower y-o-y, while Custom Supply sales were 10% lower y-o-y, with group sales down 5% y-o-y. As discoverIE expects to report underlying EPS at the upper end of consensus forecasts, we have raised our FY21 forecasts, driving a 4% EPS upgrade. Already factored into our forecasts, the Limitor acquisition completed on 11 February.
Y/E Mar |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 438.9 | 37.0 | 28.4 | 28.4 | 23.9 | N/A |
| 2020A | 466.4 | 50.9 | 34.6 | 31.8 | 21.4 | N/A |
| 2021E | 448.6 | 46.4 | 29.4 | 23.9 | 28.5 | N/A |
| 2022E | 486.5 | 49.8 | 32.4 | 26.4 | 25.8 | N/A |
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 two-thirds of sales) are medical, renewables, transportation and industrial connectivity, all of which are good growth markets.
Last updated on 04/03/2021
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Share price graph
Balance sheet |
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| Forecast net debt (£m) | N/A |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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|---|---|
| Nick Jefferies | CEO |
| Simon Gibbins | FD |
| Greg Davidson | Company secretary |
| Malcolm Diamond | Non-executive chairman |
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