discoverIE Group - Sustained uptick in orders drives upgrades
Acal's H118 trading update confirms that strong demand continued into Q218. Both divisions saw a positive trading environment in H1 resulting in group organic revenue growth of 9% y-o-y and group reported revenue growth of 21%. We have raised our revenue forecasts for FY18 and FY19 to reflect stronger trading, which results in upgrades to our normalised EPS forecasts of 3.8% in FY18 and 3.7% in FY19. In our view, the sustained improvement in demand is not reflected in the share price.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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