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discoverIE Group (LSE: DSCV)

Last close As at 26/07/2024

GBP7.29

▲ 9.00 (1.25%)

Market capitalisation

GBP703m

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

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TMT | Flash note

discoverIE Group — FY25 earnings expectations maintained

TMT | Update

discoverIE Group — FY24 demonstrates resilient business model

TMT | Update

discoverIE Group — FY24 EPS in line; good margin progress

TMT | Update

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

TMT

Equity Analyst

Katherine Thompson

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 7.2 1.3 (11.4)
Relative 7.5 (0.9) (17.1)
52 week high/low 814.0p/593.0p

Financials

discoverIE’s Q125 trading update confirmed that underlying earnings expectations for FY25 are unchanged. While the Q125 revenue decline reflects the lower bookings environment in previous quarters, book-to-bill was above one and bookings increased organically year-on-year despite ongoing destocking by customers in the industrial market. Robust gross margins and a well-controlled cost base support the company’s 13.5% target operating margin for FY25 and we maintain our forecasts.

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 19.9 13.3
2024A 437.0 71.1 50.5 38.5 18.9 10.6
2025E 453.1 75.1 52.3 39.1 18.6 11.3
2026E 466.7 77.6 54.8 40.8 17.9 10.0

Research

Update

TMT

discoverIE Group — FY24 demonstrates resilient business model

Update

TMT

discoverIE Group — FY24 EPS in line; good margin progress

TMT

Flash note

discoverIE Group — FY25 earnings expectations maintained
View All

Further insights

insight

TMT

discoverIE: EKF 2023 QuickView

Thematics

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology
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