DiscoverIE PLC upgraded after recent acquisitions

DiscoverIE PLC has been given a new price target of 1,220p by broker finnCap after its two recent acquisitions and cash call.

FinnCap has also upgraded its earnings forecasts following the acquisitions – Beacon and Antenova – that it says fit entirely with the company’s long-established growth strategy.

DiscoverIE’s core target end-markets are Renewable Energy, Transportation, Medical and Industrial & Connectivity, it says and Beacon and Antnovas will create further organic growth opportunities and significantly increase the footprint in North America, said the broker.

In what it says is a highly rated sector, the new share price target is up from 967p and based on a 10% premium to peer Diploma on a calendar 2022 P/E basis reflecting finnCap’s expectation of faster growth.

DiscoverIE shares were trading 1,188p today.