First View: DSCV - 3Gmetalworx Acquisition For £50m

研报英文原文证据摘录

First View: DSCV - 3Gmetalworx Acquisition For £50m

UK | Electrical

discoverIE EquityMayResearch19, 2026

FIRST VIEWFirst View: DSCV - 3Gmetalworx Acquisition

RATING HOLDFor £50m

PRICE 680.00p^

Conclusion

DSCV has this morning announced the acquisition of 90% of 3Gmetalworx PRICE TARGET | % TO PT 685.00p | +1%

(design & manufacture of electromagnetic shielding products) for a 52W HIGH-LOW 754p - 505p

consideration of £50m (US$67.5m). Mgmt will retain a 10% stake and FLOAT (%) | ADV MM (USD) 98.4% | 2.74

remain with the business. The consideration will be paid out of the group's MARKET CAP £653.0M | $874.4M

existing banking facilities, and mgmt is not expecting competion until TICKER DSCV LN

^Prior trading day's closing price unless otherwise

Sept-26 (approvals in the US and Canada are needed). This looks to be an noted.

interesting deal to us, it's a highly profitable business (we estimate that

EBITA margins will be >30%) that is growing well (double-digit) and DSCV

owns a complementary business in Germany. The primary end markets

served are A&D (including space). While DSCV is paying c3.5x EV/Sales

for the business, it looks to be a 11-12x EV/EBITA multiple, which we are

relaxed with. We would not expect a huge amount of EPS enhancement in

the current year (to Mar-27), and looks LSD enhancement (maybe L/MSD)

in FY28F. We expect the shares to go better today.

Detail

Acquisition: discoverIE has this morning announced the acquisition of

a 90% interest in 3Gmetalworx (3G), a designer and manufacturer of

electromagnetic shielding products for the electronics industry based in

North America. The 90% stake is being acquired for US$67.5m (£50m)

on cash and debt free basis, to be funded from the group's existing debt

facilities, with 3G's mgmt retaining a 10% interest.