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

16.10.24

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

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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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10.06.24

discoverIE Group — FY24 demonstrates resilient business model

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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 debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(2.2)	4.6	(0.9)
Relative	1.2	7.2	(8.3)
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 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	18.8	12.1
2024A	437.0	71.1	50.5	36.8	18.0	9.6
2025E	441.1	74.6	52.3	37.3	17.7	10.3
2026E	454.7	77.1	54.8	39.0	17.0	9.2

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Flash note

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25.07.23

discoverIE Group — Trading on track in Q124

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

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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

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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

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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

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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

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14.06.18

discoverIE Group — Making good progress

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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

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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

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26.06.13

Executive Interview – Acal