discoverIE Group (LSE: DSCV)

Currency in GBP

Last close As at 06/12/2023

GBP7.03

99.00 (16.39%)

Market capitalisation

GBP677m

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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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)

101.8

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 10.5 (3.0) (16.3)
Relative 9.2 (3.6) (15.0)
52 week high/low 938.0p/593.0p

Financials

discoverIE’s trading update confirmed organic revenue growth and operating margin expansion in H124. Organic growth was 2% for Magnetics & Controls and 1% for Sensing & Connectivity. The company expects to deliver FY24 underlying earnings in line with its recently upgraded expectations; we maintain our operating profit and EPS forecasts. As expected, the order book continues to normalise but still provides good visibility for H224, and strong design win activity provides support for growth in the medium term.

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 21.9 15.4
2023A 448.9 65.4 48.8 36.7 19.2 12.9
2024E 452.2 71.8 49.6 37.4 18.8 11.9
2025E 477.3 76.6 52.2 38.9 18.1 11.2

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