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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TMT |
Update

16.10.24

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

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Update

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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Update

10.06.24

discoverIE Group — FY24 demonstrates resilient business model

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Sector

TMT

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

Research

discoverIE-Group_resized

Update

TMT

14.09.23

discoverIE Group — Creating an industrial wireless connectivity cluster

Flash note

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02.08.23

discoverIE Group — Adding power-over-ethernet capability

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edison tv

discoverIE – executive interview

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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

Update

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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

TMT

22.12.22

discoverIE Group — Acquiring US sensor specialist

Outlook

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01.12.22

discoverIE Group — Focused on sustainable growth

Update

14.10.22

discoverIE Group — Robust H123 order intake drives record orderbook

Update

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29.07.22

discoverIE Group — Upgrading on strong organic growth

Update

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07.07.22

discoverIE Group — Bolt-on Sensing & Connectivity acquisition

Update

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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

Update

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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

Update

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11.11.21

discoverIE Group — Fully focused on Design & Manufacturing

Update

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18.10.21

discoverIE Group — Starting H222 with a record order book

Update

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07.09.21

discoverIE Group — High-margin acquisitions

Update

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30.07.21

discoverIE Group — Upgrading on strong organic growth

Update

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09.06.21

discoverIE Group — Back in growth mode

Update

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21.04.21

discoverIE Group — Strong finish to year prompts upgrades

Update

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10.02.21

discoverIE Group — Trading strengthens through H221

Outlook

TMT

10.12.20

discoverIE Group — Platform in place for recovery

Update

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16.10.20

discoverIE Group — Dividend and M&A back on the agenda

Update

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03.08.20

discoverIE Group — Confident outlook

Update

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18.05.20

discoverIE Group — Stronger close to FY20

Update

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24.03.20

discoverIE Group — Factoring in COVID-19 disruption

Update

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31.01.20

discoverIE Group — On track for FY20

Update

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09.12.19

discoverIE Group — Focus on growth markets paying off

Update

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21.10.19

discoverIE Group — High-margin sensor technology acquisition

Update

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14.10.19

discoverIE Group — D&M driving good organic growth

Update

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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

Update

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23.04.19

discoverIE Group — Boosting North American presence

Update

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01.02.19

discoverIE Group — Organic growth accelerates

research

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18.12.18

discoverIE Group — H1 organic growth supports FY19 outlook

Update

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18.12.18

discoverIE Group — H1 organic growth supports FY19 outlook

Update

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25.10.18

discoverIE Group — Expanding margins and international exposure

Update

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15.10.18

discoverIE Group — Broad-based demand drives strong Q2 trading

Update

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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

Update

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24.04.18

discoverIE Group — Strong finish to FY18

Update

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19.03.18

discoverIE Group — Outlining the growth opportunity

Update

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05.02.18

discoverIE Group — Accretive acquisition drives FY19 growth

Update

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01.02.18

discoverIE Group — Strong growth in D&M continues

Update

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07.12.17

discoverIE Group — New name reflects ambitious growth strategy

Update

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24.04.17

Acal — Stronger trading drives upgrades

Update

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26.01.17

Acal — Update 26 January 2017

Update

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18.10.16

Acal — Update 18 October 2016

Update

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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

Update

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18.04.16

Acal — Update 18 April 2016

Update

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17.02.16

Acal — Update 16 February 2016

Update

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08.12.15

Acal — Update 8 December 2015

edison tv

TMT

26.06.13

Executive Interview – Acal

Further insights

insight

TMT

21.11.23

discoverIE: EKF 2023 QuickView

thematic

Consumer

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

07.11.23

MediaWatch – Still waiting…

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

TMT

21.04.22

Seven things every investor needs to know about SenSen

thematic

Consumer

24.03.22

Circular economy business models

thematic

TMT

29.09.21

Quantum dots – all the colours of the rainbow

thematic

TMT

09.09.21

Micro-LEDs – small is beautiful

thematic

TMT

14.07.21

Five things every investor needs to know about Mynaric

thematic

TMT

16.08.20

Semiconductor winners – European companies with strong positions

thematic

TMT

24.06.20

The small satellite market – Small is beautiful

thematic

TMT

08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back