discoverIE Group (LSE: DSCV)

Last close As at 18/06/2024

GBP6.97

16.00 (2.35%)

Market capitalisation

GBP672m

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.

Latest Insights

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Sector

TMT

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 (5.3) 4.0 (25.5)
Relative (2.8) (1.8) (30.5)
52 week high/low 910.0p/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 19.0 12.8
2024A 437.0 71.1 50.5 38.5 18.1 10.1
2025E 453.1 75.1 52.3 39.1 17.8 10.8
2026E 466.7 77.6 54.8 40.8 17.1 9.6

Further insights

insight

TMT

discoverIE: EKF 2023 QuickView

Thematics

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

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