discoverIE Group - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

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

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

Latest Insights

View More

TMT |
Update

19.04.24

discoverIE Group — FY24 EPS in line; good margin progress

TMT |
Update

07.02.24

discoverIE Group — Orders return to growth; FY24 earnings on track

TMT |
Outlook

12.12.23

discoverIE Group — Resilience from focus on strategic growth markets

TMT |
Update

13.10.23

discoverIE Group — Strong growth in margins & design wins in H124

discoverIE-Group_resized

Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

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)

104.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	0.1	(2.0)	(9.9)
Relative	(1.0)	(7.7)	(11.5)
52 week high/low	938.0p/593.0p

Financials

discoverIE anticipates reporting FY24 underlying EPS in line with board expectations. After a period in mid-FY24 of working down inventory, customers appear to be reverting to normal ordering patterns, with Q424 organic revenue growth of 2% y-o-y and 11% q-o-q and a strong pipeline of design wins at year-end. We have revised our forecasts to reflect lower revenue, partly due to a disposal, but maintain our profit forecasts, which results in operating margin expansion in FY24 and FY25.

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	22.7	15.9
2023A	448.9	65.4	48.8	36.7	19.8	13.3
2024E	435.2	71.8	49.6	37.4	19.5	12.5
2025E	453.1	76.6	52.3	38.9	18.7	10.2

Flash note

TMT

22.12.22

discoverIE Group — Acquiring US sensor specialist

Outlook

TMT

01.12.22

discoverIE Group — Focused on sustainable growth

Update

14.10.22

discoverIE Group — Robust H123 order intake drives record orderbook

Update

TMT

29.07.22

discoverIE Group — Upgrading on strong organic growth

Update

TMT

07.07.22

discoverIE Group — Bolt-on Sensing & Connectivity acquisition

Update

TMT

17.06.22

discoverIE Group — Strong growth despite market challenges

Update

TMT

19.04.22

discoverIE Group — Entering FY23 in a strong position

Update

TMT

10.02.22

discoverIE Group — Continued order strength drives upgrades

Outlook

TMT

06.12.21

discoverIE Group — Record order book drives upgrades

Update

TMT

11.11.21

discoverIE Group — Fully focused on Design & Manufacturing

Update

TMT

18.10.21

discoverIE Group — Starting H222 with a record order book

Update

TMT

07.09.21

discoverIE Group — High-margin acquisitions

Update

TMT

30.07.21

discoverIE Group — Upgrading on strong organic growth

Update

TMT

09.06.21

discoverIE Group — Back in growth mode

Update

TMT

21.04.21

discoverIE Group — Strong finish to year prompts upgrades

Update

TMT

10.02.21

discoverIE Group — Trading strengthens through H221

Outlook

TMT

10.12.20

discoverIE Group — Platform in place for recovery

Update

TMT

16.10.20

discoverIE Group — Dividend and M&A back on the agenda

Update

TMT

03.08.20

discoverIE Group — Confident outlook

Update

TMT

18.05.20

discoverIE Group — Stronger close to FY20

Update

TMT

24.03.20

discoverIE Group — Factoring in COVID-19 disruption

Update

TMT

31.01.20

discoverIE Group — On track for FY20

Update

TMT

09.12.19

discoverIE Group — Focus on growth markets paying off

Update

TMT

21.10.19

discoverIE Group — High-margin sensor technology acquisition

Update

TMT

14.10.19

discoverIE Group — D&M driving good organic growth

Update

TMT

26.07.19

discoverIE Group — Good start to the year

Outlook

TMT

26.06.19

discoverIE Group — Growth strategy drives strong FY19 results

Update

TMT

23.04.19

discoverIE Group — Boosting North American presence

Update

TMT

01.02.19

discoverIE Group — Organic growth accelerates

research

TMT

18.12.18

discoverIE Group — H1 organic growth supports FY19 outlook

Update

TMT

18.12.18

discoverIE Group — H1 organic growth supports FY19 outlook

Update

TMT

25.10.18

discoverIE Group — Expanding margins and international exposure

Update

TMT

15.10.18

discoverIE Group — Broad-based demand drives strong Q2 trading

Update

TMT

27.07.18

discoverIE Group — Double-digit order growth for D&M

research

14.06.18

discoverIE Group — Making good progress

Update

TMT

24.04.18

discoverIE Group — Strong finish to FY18

Update

TMT

19.03.18

discoverIE Group — Outlining the growth opportunity

Update

TMT

05.02.18

discoverIE Group — Accretive acquisition drives FY19 growth

Update

TMT

01.02.18

discoverIE Group — Strong growth in D&M continues

Update

TMT

07.12.17

discoverIE Group — New name reflects ambitious growth strategy

Update

TMT

24.04.17

Acal — Stronger trading drives upgrades

Update

TMT

26.01.17

Acal — Update 26 January 2017

Update

TMT

18.10.16

Acal — Update 18 October 2016

Update

TMT

27.07.16

Acal — Update 27 July 2016

Outlook

TMT

10.06.16

Acal — Update 10 June 2016

Update

TMT

18.04.16

Acal — Update 18 April 2016

Update

TMT

17.02.16

Acal — Update 16 February 2016

Update

TMT

08.12.15

Acal — Update 8 December 2015

edison tv

TMT

26.06.13

Executive Interview – Acal