discoverIE Group

LN: DSCV

£348.5m market cap

432p last close

discoverIE Group is a leading international designer, manufacturer and supplier of customer-specific electronic products and solutions to 25,000 industrial manufacturers.

Investment summary

discoverIE’s Q1 trading update confirmed that it continues to see organic revenue growth in both businesses, with a strong book-to-bill supporting the Q2 outlook. With the group on track to meet the board’s expectations for FY20 earnings, we maintain our estimates, which factor in more conservative organic growth rates than those achieved in Q1.

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 387.9 29.3 22.6 23.0 18.8 14.1
2019A 438.9 37.0 28.4 28.4 15.2 10.5
2020E 465.8 41.2 32.1 29.1 14.8 12.7
2021E 479.2 42.4 33.2 30.0 14.4 9.4
Last updated on 25/07/2019
Industry outlook

discoverIE Group is a designer, manufacturer and supplier of customised electronics to industry with operations throughout Europe and increasingly outside Europe. The company is focused on growing the percentage of higher-margin specialist product through organic growth and acquisition. Its key markets (more than 50% of sales) are medical, renewables, transportation and industrial connectivity, all of which are good growth markets.

Last updated on 25/07/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 3.4 (1.8) 1.4
Relative* 2.0 (1.9) 4.8
52-week high/low 462.0p/325.0p
*% relative to local index
Key management
Nick Jefferies CEO
Simon Gibbins FD
Joanna Madge Group Company Secretary Designate

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