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UK designer and maker of customized electronic components — sensors, connectors, magnetics — for industrial applications.
UK designer and maker of customized electronic components — sensors, connectors, magnetics — for industrial applications.
Pays for growth by acquiring small designers of custom components and leaving them largely to run themselves. Each product is designed into a customer's equipment and then bought for years, so sales track equipment production in areas such as medical, transport and renewable energy.
In one line: A UK niche industrial-electronics roll-up.
Moat: narrow (customer qualification, process know-how). Custom-designed components embedded in customer products create switching costs.
Headquarters: Woking, UK · Founded: 1986 · Employees: 4,200
Size discoverIE (DSCV.L) is a United Kingdom Industrials company (Electrical Products) with a market value of $997M, the 215th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £771.00 on 6 Nov 2026.
Performance Over six months the shares gained 16.6%, against -26.5% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +16.6%); the operating margin is 9.5% (peer median 4.6%).
Valuation It trades at 17.1× forward earnings against a peer median of 24.6× (7th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.2 points below its cost of capital (13.3% WACC).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £443M | £443M | £423M | £437M | £449M |
| Revenue growth | — | +5% | -3% | -3% | — |
| Gross profit | £192M | £192M | £182M | £28.4M | £36.3M |
| EBITDA | £71.2M | £70.5M | £72.2M | £56.2M | £63.2M |
| Net income | £29.0M | £29.0M | £24.6M | £15.5M | £21.3M |
| Free cash flow | £42.3M | £42.3M | £44.5M | £40.3M | £32.3M |
| Capital expenditure | £6.60M | £6.60M | £6.10M | £4.90M | £5.60M |
| Total debt | n/a | £240M | £261M | £235M | £145M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| discoverIE DSCV.L | $997M | +17% | +5% | 10% | 17.1× | 21.4% |
| TT Electronics TTG.L | $419M | +50% | -3% | 7% | 14.6× | 9.9% |
| Amphenol APH | $184B | +21% | +58% | 29% | 21.6× | 15.7% |
| Littelfuse LFUS | $9.04B | -22% | +19% | 18% | 16.3× | 15.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DSCV.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.1% | -7.1% | 9th lowest of 21 |
| 6-month return | +16.6% | -26.5% | 2nd highest of 20 |
| Distance from 52-week high | -15.9% | -49.0% | 2nd highest of 21 |
| Revenue growth (TTM) | +4.8% | +16.6% | 8th lowest of 21 |
| Operating margin | 9.5% | 4.6% | 8th highest of 21 |
| Forward P/E | 17.1× | 24.6× | 7th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 21.4% | 16.8% | 4th most demanding of 12 |
| Growth delivered (Del g) | +7.9% | +8.7% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | +13.5 pp | +8.1 pp | 3rd most demanding of 12 |
| ROIC minus cost of capital | -6.2 pp | -1.8 pp | 5th lowest of 21 |
| EV / EBITDA | 12.0× | 16.7× | 3rd cheapest of 6 |
| Net debt / EBITDA | 1.6× | -0.3× | 2nd most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| discoverIE DSCV.L | United Kingdom | $997M | +17% | +5% | 10% | 17.1× | 21.4% | +7.9% |
| Guangdong Shunna Electric 000533.SZ | China | $996M | -24% | +25% | 6% | n/a | 16.8% | +8.7% |
| Elecon Engineering ELECON.NS | India | $995M | -26% | +5% | 17% | 24.6× | 31.3% | +17.8% |
| Ficont Industry(Beijing) 605305.SS | China | $989M | -35% | +15% | 26% | 10.6× | -1.1% | +22.5% |
| Leedarson IoT Technology 605365.SS | China | $1.01B | -55% | -2% | 4% | 15.4× | n/a | n/a |
| Sanyo Denki 6516.T | Japan | $1.01B | -39% | +20% | 12% | 11.4× | 9.0% | +6.7% |
| Topsec Technologies 002212.SZ | China | $1.01B | -18% | -9% | -14% | 99.8× | n/a | n/a |
| Shenzhen Senior Technology Material 6067.HK | Hong Kong | $1.02B | n/a | +53% | 10% | 10.2× | n/a | n/a |
| Mersen MRN.PA | France | $976M | -1% | -3% | 9% | 13.1× | 11.0% | +7.0% |
| Transformers and Rectifiers (India) TARIL.NS | India | $974M | -7% | +27% | 15% | 26.3× | n/a | n/a |
| Fluence Energy FLNC | United States | $973M | -78% | +7% | -4% | n/a | n/a | n/a |
| Guangzhou Zhiguang Electric 002169.SZ | China | $1.02B | -34% | +28% | 1% | n/a | n/a | n/a |
| Shenzhen Uniconn Technology 301631.SZ | China | $969M | -34% | +32% | 5% | 17.1× | 18.2% | +49.0% |
| Guangdong Xinyaguang Cable 001382.SZ | China | $968M | -21% | +12% | 4% | n/a | n/a | n/a |
| Zhejiang Yankon 600261.SS | China | $1.03B | +52% | -2% | 4% | n/a | 10.2% | -11.1% |
| CSG Smart Science&Technology 300222.SZ | China | $966M | -27% | +26% | 2% | 30.5× | n/a | n/a |
| Jiangsu Zhongchao 002471.SZ | China | $963M | -45% | -5% | 1% | n/a | n/a | n/a |
| Jolywood (Suzhou) Sunwatt 300393.SZ | China | $958M | -42% | -48% | -62% | 30.8× | 5.1% | -2.7% |
| Motic (Xiamen) Electric 300341.SZ | China | $957M | -20% | +19% | 12% | n/a | 17.7% | +5.1% |
| Hunan Valin Wire & Cable 001208.SZ | China | $1.04B | -36% | +20% | 2% | 25.5× | 32.0% | +21.6% |
| Voltamp Transformers VOLTAMP.NS | India | $1.04B | +1% | +18% | 15% | 28.6× | 35.4% | +25.5% |