Discoverie (DSCV)

Discoverie DSCV Logo

A leading international designer, manufacturer and supplier of customised electronics to industry.

5-Jun-2018 – 426p – £304.2m – PER 16.6

Preliminary Results For The 12 Months To End March 2018 – Revenue up 11% to £387.9m with Underlying PBT up 27% to £21.9m and Underlying EPS up 16% to 22.3p.

This is a new one for me and I’m just not quite sure what to make of it based on these results and limited time this morning. Up nicely 50% or so YTD, I will try and spend more time on it later this week.

26-Jul-2018 – 424p – £310.9m – PER 16.1

Trading Update For Q1 2019 (To End June 2018) – In-line.

Can’t quite get Bullish enough about this to consider investing at present, I will remain Neutral for now.

11-Oct-2018 – 398p – £292.0m – PER 15.0

Trading Update For The 6 Months To End September 2018 – On track to deliver on FY expectations.

Enough to like here but still not enough to change my Neutral stance.

4-Dec-2018 – 346p – £249.4m – PER 12.4

Interim Results For The 6 Months To End September 2018 – Revenue up 11% with Reporting PBT down -7% and Reporting Fully Diluted EPS down -3% – The Interim Dividend is up 6%.

I said previously that there is enough to like here but just not enough to get my conviction at present.

31-Jan-2019 – 400p – £293m – PER 14.2

Q3 Trading Update – Continued strongly and expects FT to be in-line with their expectations.

There’s just not enough here to get me interested in being a Buyer at present.

16-Apr-2019 – 416p – £300m – PER 14.3

Trading Update For The 12 Months To End March 2019 – FY to be in-line.

I see forecast single digit growth for next year and there’s a fair amount of Net Debt here – Enough to keep me away for now.

4-Jun-2019 – 420p – £339m – PER 14.6

Results For The 12 Months To End March 2019 – Revenue (CC) up 14% (to £438.9m), Underlying PBT up 24% (to £27.2m) and EPS up 22% (to 27.2p). the FY Dividend is up 6% (to 9.55p) – Progressive Dividend policy to continue. There’s a record year end Order Book of £139m (up 15%), looking at further acquisitions.

Looks about fairly priced (at best) here on a 2 Year view.

25-Jul-2019 – 438p – £352m – PER 14.7

Q1 Trading Update – Q1 Trading strong, on track to deliver FY in-line with expectations.

Looks way overvalued on a 1 and 2 Year view. Based on the latest Broker note this morning, in my opinion, this looks way overvalued on a 1 Year and 2 Year view.

10-Oct-2019 – 406p – £328m – PER 14

Interim Results For The 6 Months To End September 2019 – Good against strong comparators, on track for to deliver FY underlying earnings in-line.

I still fail to see enough value here at present.

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