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 five target markets comprising three-quarters of group sales – renewables, electrification of transportation, medical, industrial and connectivity, and security – all of which are long-term structural growth markets.

Latest Insights

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Update

18.09.24

discoverIE Group — Moving into the next growth phase

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Flash note

26.07.24

discoverIE Group — FY25 earnings expectations maintained

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Update

10.06.24

discoverIE Group — FY24 demonstrates resilient business model

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19.04.24

discoverIE Group — FY24 EPS in line; good margin progress

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Sector

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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)

89

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	3.8	(18.6)	(7.3)
Relative	3.4	(18.9)	(15.1)
52 week high/low	790.0p/572.0p

Financials

discoverIE’s first capital markets day (CMD) in six years was an opportunity to recap how via its buy-and-build strategy it has successfully grown the company from a market cap of £25m in 2009 to £592m today, while transforming the business from an electronics distributor to a pure-play specialist electronics design and manufacture company. Management also outlined how it expects to drive future growth and profitability. New at the CMD was the announcement of an additional target market, security. As the group has matured, it has put in place structures and processes to maximise revenue opportunities and optimise profitability and cash flow, while retaining the group’s essential DNA.

Y/E Mar	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (fd) (p)	P/E (x)	P/CF (x)
2023A	448.9	65.4	48.8	36.7	16.2	10.9
2024A	437.0	71.1	50.5	38.5	15.5	8.6
2025E	453.1	75.1	52.3	39.1	15.2	9.2
2026E	466.7	77.6	54.8	40.8	14.6	8.2

Research

Flash note

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02.08.23

discoverIE Group — Adding power-over-ethernet capability

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Flash note

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25.07.23

discoverIE Group — Trading on track in Q124

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Update

discoverIE Group — Creating an industrial wireless connectivity cluster

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Update

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09.06.23

discoverIE Group — Raising the bar

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20.04.23

discoverIE Group — Upgrading on strong close to FY23

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Update

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26.01.23

discoverIE Group — Better trading and acquisition drive upgrades

Flash note

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22.12.22

discoverIE Group — Acquiring US sensor specialist

Outlook

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01.12.22

discoverIE Group — Focused on sustainable growth

Update

14.10.22

discoverIE Group — Robust H123 order intake drives record orderbook

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29.07.22

discoverIE Group — Upgrading on strong organic growth

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07.07.22

discoverIE Group — Bolt-on Sensing & Connectivity acquisition

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17.06.22

discoverIE Group — Strong growth despite market challenges

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19.04.22

discoverIE Group — Entering FY23 in a strong position

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10.02.22

discoverIE Group — Continued order strength drives upgrades

Outlook

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06.12.21

discoverIE Group — Record order book drives upgrades

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11.11.21

discoverIE Group — Fully focused on Design & Manufacturing

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18.10.21

discoverIE Group — Starting H222 with a record order book

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07.09.21

discoverIE Group — High-margin acquisitions

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30.07.21

discoverIE Group — Upgrading on strong organic growth

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09.06.21

discoverIE Group — Back in growth mode

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21.04.21

discoverIE Group — Strong finish to year prompts upgrades

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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

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03.08.20

discoverIE Group — Confident outlook

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18.05.20

discoverIE Group — Stronger close to FY20

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24.03.20

discoverIE Group — Factoring in COVID-19 disruption

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31.01.20

discoverIE Group — On track for FY20

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09.12.19

discoverIE Group — Focus on growth markets paying off

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21.10.19

discoverIE Group — High-margin sensor technology acquisition

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14.10.19

discoverIE Group — D&M driving good organic growth

Update

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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

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23.04.19

discoverIE Group — Boosting North American presence

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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

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18.12.18

discoverIE Group — H1 organic growth supports FY19 outlook

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25.10.18

discoverIE Group — Expanding margins and international exposure

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15.10.18

discoverIE Group — Broad-based demand drives strong Q2 trading

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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

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19.03.18

discoverIE Group — Outlining the growth opportunity

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05.02.18

discoverIE Group — Accretive acquisition drives FY19 growth

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01.02.18

discoverIE Group — Strong growth in D&M continues

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07.12.17

discoverIE Group — New name reflects ambitious growth strategy

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24.04.17

Acal — Stronger trading drives upgrades

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26.01.17

Acal — Update 26 January 2017

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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

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18.04.16

Acal — Update 18 April 2016

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17.02.16

Acal — Update 16 February 2016

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08.12.15

Acal — Update 8 December 2015

edison tv

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26.06.13

Executive Interview – Acal

Further insights

insight

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21.11.23

discoverIE: EKF 2023 QuickView

thematic

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21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

07.11.23

MediaWatch – Still waiting…

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

Consumer

24.03.22

Circular economy business models

thematic

TMT

29.09.21

Quantum dots – all the colours of the rainbow

thematic

TMT

09.09.21

Micro-LEDs – small is beautiful

thematic

TMT

16.08.20

Semiconductor winners – European companies with strong positions

thematic

TMT

24.06.20

The small satellite market – Small is beautiful

thematic

TMT

08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

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24.02.17

Mobile ecosystems

thematic

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08.02.17

Mobile ecosystems

thematic

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13.10.15

Mobile ecosystems

thematic

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23.03.15

NZ – Edison talks tech

thematic

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23.03.15

AUS – Edison talks tech

thematic

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18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back