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 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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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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07.02.24

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

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Outlook

12.12.23

discoverIE Group — Resilience from focus on strategic growth markets

discoverIE-Group_resized

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	(9.3)	(7.4)	(18.5)
Relative	(8.1)	(10.6)	(26.4)
52 week high/low	890.0p/593.0p

Financials

In a difficult trading environment, with customers in the largest target market in a digestion phase after widespread supply chain disruption, discoverIE reported strong underlying operating profit growth and margin expansion. Despite higher net finance costs and currency headwinds, underlying EPS increased 5% y-o-y (+10% at constant exchange rates). We forecast modest growth in FY25 and FY26 and continued margin expansion in line with company targets and expect further M&A to boost growth.

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	18.3	12.3
2024A	437.0	71.1	50.5	38.5	17.4	9.7
2025E	453.1	75.1	52.3	39.1	17.2	10.4
2026E	466.7	77.6	54.8	40.8	16.4	9.2

discoverIE-Group_resized

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

research

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