£542.1m market cap
606p 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
discoverIE reported resilient trading through H121, with a revenue decline of 6% y-o-y, noting that sales in target markets performed significantly ahead of other sectors. Order intake improved through Q2 and the book-to-bill ratio for September was above 1x. With increased confidence in its outlook and a strong balance sheet, the company intends to reinstate the dividend with interims in November and has resumed its M&A strategy with the acquisition of a high margin US sensors business.
Y/E Mar |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 438.9 | 37.0 | 28.4 | 28.4 | 21.3 | N/A |
| 2020A | 466.4 | 50.9 | 34.6 | 31.8 | 19.1 | N/A |
| 2021E | 460.5 | 46.0 | 28.8 | 23.7 | 25.6 | N/A |
| 2022E | 494.8 | 53.6 | 36.2 | 29.9 | 20.3 | 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 21/10/2020
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Share price graph
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 |
| Malcolm Diamond | Non-executive chairman |
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