Strong start to FY18
Acal saw a recovery in demand in H217 after a weak first half and finished the year with a solid order book. Continued strong demand in Q118 supports organic growth in FY18 and we again nudge our estimates upwards (+1.5% to FY18 eps) following a similar upgrade in April. The company’s strategy to grow the design and manufacturing business is on track and we expect to see further acquisitions to broaden the product offering and geographical coverage. The stock continues to trade at a discount to its peer 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.
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