discoverIE Group (LSE: DSCV)

Currency in GBP

Last close As at 20/09/2023

GBP7.05

−5.00 (−0.70%)

Market capitalisation

GBP684m

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.

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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 debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.4) (22.1) (0.7)
Relative (8.9) (23.4) (6.6)
52 week high/low 938.0p/626.0p

Financials

discoverIE has acquired 2J Antennas Group, a Slovakian-based designer and manufacturer of antennas, for €52.5m/£45m in cash from existing facilities. As a technology platform acquisition, 2J will be combined with Antenova to create a new technology cluster for industrial wireless connectivity. The acquisition is expected to be accretive to underlying earnings in the first full year post completion; we maintain our FY24 underlying EPS forecast and raise our FY25 forecast by 0.8%.

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 22.0 N/A
2023A 448.9 65.4 48.8 36.7 19.2 N/A
2024E 469.5 71.8 49.6 37.4 18.9 N/A
2025E 496.2 76.6 52.2 38.9 18.1 N/A

Thematics

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