discoverIE Group - Edison Group

discoverIE Group (LSE: DSCV)

Currency in GBP

Last close As at 28/11/2023

GBP6.40

▲ −34.00 (−5.04%)

Market capitalisation

GBP611m

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 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.

Latest Insights

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TMT |
Update

13.10.23

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

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edison tv

14.09.23

discoverIE – executive interview

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Update

14.09.23

discoverIE Group — Creating an industrial wireless connectivity cluster

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Flash note

02.08.23

discoverIE Group — Adding power-over-ethernet capability

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)

101.8

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	6.3	(10.1)	(20.4)
Relative	3.0	(11.5)	(19.6)
52 week high/low	938.0p/593.0p

Financials

discoverIE is a leading designer and manufacturer of electronic components for industrial applications. Over the last 12 years, the company has broadened its product range, customer base and geographical presence via a series of acquisitions. It designs and manufactures customised and niche products, and expansion along the supply chain has helped discoverIE to grow operating margins. The company reports across two divisions: Sensing & Connectivity (15 businesses across nine countries with 13 manufacturing sites) and Magnetics & Controls (nine businesses across 17 countries with 21 manufacturing sites). discoverIE’s capital-light business model supports strong cash-flow generation, with the aim of increasingly self-funding acquisitions.

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	19.9	14.0
2023A	448.9	65.4	48.8	36.7	17.4	11.7
2024E	452.2	71.8	49.6	37.4	17.1	10.8
2025E	477.3	76.6	52.2	38.9	16.5	10.2

Research

Update

TMT

07.07.22

discoverIE Group — Bolt-on Sensing & Connectivity acquisition

Update

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17.06.22

discoverIE Group — Strong growth despite market challenges

TMT

Update

discoverIE Group — Upgrading on strong organic growth

Update

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19.04.22

discoverIE Group — Entering FY23 in a strong position

Update

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10.02.22

discoverIE Group — Continued order strength drives upgrades

Outlook

TMT

06.12.21

discoverIE Group — Record order book drives upgrades

Update

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11.11.21

discoverIE Group — Fully focused on Design & Manufacturing

Update

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18.10.21

discoverIE Group — Starting H222 with a record order book

Update

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07.09.21

discoverIE Group — High-margin acquisitions

Update

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30.07.21

discoverIE Group — Upgrading on strong organic growth

Update

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09.06.21

discoverIE Group — Back in growth mode

Update

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21.04.21

discoverIE Group — Strong finish to year prompts upgrades

Update

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10.02.21

discoverIE Group — Trading strengthens through H221

Outlook

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10.12.20

discoverIE Group — Platform in place for recovery

Update

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16.10.20

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

Update

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03.08.20

discoverIE Group — Confident outlook

Update

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18.05.20

discoverIE Group — Stronger close to FY20

Update

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24.03.20

discoverIE Group — Factoring in COVID-19 disruption

Update

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31.01.20

discoverIE Group — On track for FY20

Update

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09.12.19

discoverIE Group — Focus on growth markets paying off

Update

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21.10.19

discoverIE Group — High-margin sensor technology acquisition

Update

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14.10.19

discoverIE Group — D&M driving good organic growth

Update

TMT

26.07.19

discoverIE Group — Good start to the year

Outlook

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26.06.19

discoverIE Group — Growth strategy drives strong FY19 results

Update

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23.04.19

discoverIE Group — Boosting North American presence

Update

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01.02.19

discoverIE Group — Organic growth accelerates

research

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18.12.18

discoverIE Group — H1 organic growth supports FY19 outlook

Update

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18.12.18

discoverIE Group — H1 organic growth supports FY19 outlook

Update

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25.10.18

discoverIE Group — Expanding margins and international exposure

Update

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15.10.18

discoverIE Group — Broad-based demand drives strong Q2 trading

Update

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27.07.18

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

research

14.06.18

discoverIE Group — Making good progress

Update

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24.04.18

discoverIE Group — Strong finish to FY18

Update

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19.03.18

discoverIE Group — Outlining the growth opportunity

Update

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05.02.18

discoverIE Group — Accretive acquisition drives FY19 growth

Update

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01.02.18

discoverIE Group — Strong growth in D&M continues

Update

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07.12.17

discoverIE Group — New name reflects ambitious growth strategy

Update

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24.04.17

Acal — Stronger trading drives upgrades

Update

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26.01.17

Acal — Update 26 January 2017

Update

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18.10.16

Acal — Update 18 October 2016

Update

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27.07.16

Acal — Update 27 July 2016

Outlook

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10.06.16

Acal — Update 10 June 2016

Update

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18.04.16

Acal — Update 18 April 2016

Update

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17.02.16

Acal — Update 16 February 2016

Update

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08.12.15

Acal — Update 8 December 2015

edison tv

TMT

26.06.13

Executive Interview – Acal

Further insights

insight

TMT

21.11.23

discoverIE: EKF 2023 QuickView

Analyst of the week

Katherine Thompson

Katherine Thompson

Director

kthompson@edisongroup.com 020 3077 5730

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