discoverIE Group (LSE: DSCV)

Last close As at 17/07/2024

GBP7.32

−21.00 (−2.79%)

Market capitalisation

GBP726m

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.

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Sector

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Equity Analyst

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 cash (£m)

89

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 7.5 3.5 (13.4)
Relative 6.3 (1.5) (22.1)
52 week high/low 840.0p/593.0p

Financials

In a difficult trading environment, with customers in the largest target market in a digestion phase after widespread supply chain disruption, discoverIE reported strong underlying operating profit growth and margin expansion. Despite higher net finance costs and currency headwinds, underlying EPS increased 5% y-o-y (+10% at constant exchange rates). We forecast modest growth in FY25 and FY26 and continued margin expansion in line with company targets and expect further M&A to boost growth.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2023A 448.9 65.4 48.8 36.7 19.9 13.4
2024A 437.0 71.1 50.5 38.5 19.0 10.6
2025E 453.1 75.1 52.3 39.1 18.7 11.3
2026E 466.7 77.6 54.8 40.8 17.9 10.1

Flash note

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discoverIE Group — Acquiring US sensor specialist

Update

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discoverIE Group — High-margin acquisitions

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discoverIE Group — Back in growth mode

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discoverIE Group — Confident outlook

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discoverIE Group — Stronger close to FY20

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discoverIE Group — On track for FY20

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discoverIE Group — Good start to the year

research

discoverIE Group — Making good progress

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discoverIE Group — Strong finish to FY18

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Acal — Stronger trading drives upgrades

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Acal — Update 26 January 2017

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Acal — Update 18 October 2016

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Acal — Update 27 July 2016

Outlook

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Acal — Update 10 June 2016

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Acal — Update 18 April 2016

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Acal — Update 16 February 2016

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Acal — Update 8 December 2015

edison tv

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Executive Interview – Acal