Report

Update: Increasing design and production capability

Continuing with its strategy of acquiring complementary specialist electronics businesses, Acal’s acquisition of Noratel provides geographic expansion, strong margins and cross-selling potential. Growth in the underlying business as the European economy recovers combined with the integration of Noratel drive revenue and earnings growth in FY15 and FY16. Increasing recognition of the company’s specialist focus has driven the share price over the last year, and we see opportunities for further revenue and margin expansion from this strategy.
Underlying
Discoverie Group

discoverIE Group designs, manufactures and supplies electronic products, supplying customers in the transportation, medical, renewable energy and industrial sectors. Co.'s business is focused in five technology areas, which include communication and sensors, imaging and photonics, power and magnetics, microsystems, and electromechanical and cabling. Co. operates across two divisions: Design & Manufacturing, which supplies custom electronic products which are designed or modified from an existing product to customer specifications; and Custom Distribution, which provides technically demanding, customized electronic, photonic and medical products to industrial manufacturers.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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