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discoverIE Group (LSE: DSCV)

Last close As at 01/11/2024

GBP6.65

▲ −13.00 (−1.92%)

Market capitalisation

GBP641m

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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TMT | Update

discoverIE Group — Orders stabilising, EPS & margin targets on track

TMT | Update

discoverIE Group — Moving into the next growth phase

TMT | Flash note

discoverIE Group — FY25 earnings expectations maintained

TMT | Update

discoverIE Group — FY24 demonstrates resilient business model
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 debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 9.4 (1.8) 7.8
Relative 11.3 1.7 (3.8)
52 week high/low 790.0p/572.0p

Financials

discoverIE’s H125 trading update confirmed that underlying earnings expectations for FY25 are unchanged. Destocking by industrial customers reduced in H125, with some now starting to place orders, resulting in a stabilisation in group order intake. Design wins in H125 with an estimated lifetime value (ELV) of £205m provide a strong foundation for future growth once destocking is complete. We maintain our FY25 and FY26 EPS forecasts despite reducing our revenue forecasts to reflect FX headwinds and lower organic growth in H125, reflecting continued good cost control and reducing interest rates.

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 35.2 18.9 12.2
2024A 437.0 71.1 50.5 36.8 18.1 9.7
2025E 441.1 74.6 52.3 37.3 17.8 10.4
2026E 454.7 77.1 54.8 39.0 17.1 9.2

Research

Update

TMT

discoverIE Group — Moving into the next growth phase

Flash note

TMT

discoverIE Group — FY25 earnings expectations maintained

TMT

Update

discoverIE Group — Orders stabilising, EPS & margin targets on track
View All

Further insights

insight

TMT

discoverIE: EKF 2023 QuickView

Thematics

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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