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Currency in GBP
Last close As at 09/06/2023
GBP9.15
▲ 2.00 (0.22%)
Market capitalisation
GBP882m
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.
Director
Bruce Thompson
Non-exec chairman
Greg Davidson
Company secretary
Lili Huang
Head of Investor Relations
Nick Jefferies
CEO
Simon Gibbins
FD
Forecast net cash (£m)
34
Forecast gearing ratio (%)
N/A
| % | 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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