discoverIE Group (LSE: DSCV)

Last close As at 20/05/2024

GBP7.37

1.00 (0.14%)

Market capitalisation

GBP718m

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)

104.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 7.3 4.1 (11.2)
Relative 0.4 (4.6) (18.2)
52 week high/low 938.0p/593.0p

Financials

discoverIE anticipates reporting FY24 underlying EPS in line with board expectations. After a period in mid-FY24 of working down inventory, customers appear to be reverting to normal ordering patterns, with Q424 organic revenue growth of 2% y-o-y and 11% q-o-q and a strong pipeline of design wins at year-end. We have revised our forecasts to reflect lower revenue, partly due to a disposal, but maintain our profit forecasts, which results in operating margin expansion in FY24 and FY25.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 379.2 56.1 41.0 32.1 23.0 16.1
2023A 448.9 65.4 48.8 36.7 20.1 13.5
2024E 435.2 71.8 49.6 37.4 19.7 12.7
2025E 453.1 76.6 52.3 38.9 18.9 10.3

Research

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

Further insights

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MediaWatch – Targeting the opportunities

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MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

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MediaWatch – Screening well

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Consumer

IPO apocalypse

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ESG, moving beyond the box tick

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Direct tech investors

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Consumer

Circular economy business models

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Quantum dots – all the colours of the rainbow

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Micro-LEDs – small is beautiful

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Consumer

Illuminator: August Update

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European video games

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Diversification and scale for online success

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UK video games – Heterogeneous not homogeneous

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Mobile ecosystems

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Mobile ecosystems

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Mobile ecosystems

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NZ – Edison talks tech

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AUS – Edison talks tech

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Mobile ecosystems

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Consumer

Deutsche Börse Eigenkapitalforum 2014 Research Guide

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Mobile ecosystems

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Energy & Resources

ASX Spotlight Conference – London, 6 March 2014

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Energy & Resources

ASX Small to Mid Caps Conference – London, 7 March 2013

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The third pillar

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The real disruptor

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Merger mania is back