discoverIE Group (LSE: DSCV)

Currency in GBP

Last close As at 09/06/2023


2.00 (0.22%)

Market capitalisation


discoverIE is a leading international designer and manufacturer of customised electronics to industry, supplying customer-specific electronic products and solutions to original equipment manufacturers.

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 & connectivity – all of which are long-term structural growth markets.




Equity Analyst

Key Management

  • Bruce Thompson

    Non-exec chairman

  • Greg Davidson

    Company secretary

  • Lili Huang

    Head of Investor Relations

  • Nick Jefferies


  • Simon Gibbins


Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 13.5 15.0 28.3
Relative 16.0 19.8 29.6
52 week high/low 915.0p/597.0p


For FY23, discoverIE reported double-digit organic revenue growth, operating margin expansion to 11.5% and strong free cash generation. On track to meet its FY25 operating margin target of 13.5%, the company has set a more testing target of 15% by FY28. We have upgraded our forecasts, which reflect more modest revenue growth than in FY23 as the order book normalises and continued operating margin expansion, and we expect further M&A activity to boost growth and profitability.

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 28.5 20.0
2023A 448.9 65.4 48.8 36.7 24.9 16.8
2024E 457.3 68.9 49.3 37.1 24.7 15.8
2025E 472.1 71.2 51.3 38.2 24.0 15.3



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