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.
TMT |
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TMT |
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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)
101.8
Forecast gearing ratio (%)
N/A
% | 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 |
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 |