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.
TMT |
edison tv
Bruce Thompson
Non-exec chairman
Greg Davidson
Company secretary
Lili Huang
Head of Investor Relations
Nick Jefferies
CEO
Simon Gibbins
FD
Forecast net debt (£m)
N/A
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 9.0 | (4.6) | (3.8) |
Relative | 5.6 | (7.1) | (10.1) |
52 week high/low | 938.0p/593.0p |
discoverIE’s Q324 trading update confirmed a return to organic order growth, while the decline in organic revenue reflected the expected unwind of customer inventory. The company notes that margins remain robust and it anticipates meeting the board’s earnings expectations for FY24. We have reduced our revenue forecasts to reflect the strength of sterling versus a range of currencies but maintain our operating profit and EPS forecasts, resulting in a small uplift to operating margins in both years.
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 | 23.0 | 16.1 |
2023A | 448.9 | 65.4 | 48.8 | 36.7 | 20.1 | 13.5 |
2024E | 442.1 | 71.8 | 49.6 | 37.4 | 19.7 | 11.7 |
2025E | 467.0 | 76.6 | 52.2 | 38.9 | 19.0 | 11.1 |