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Jul 26 2024, 07:25 IST/BST
discoverIE
Q1 tough, as expected, but improving orders are encouraging
- Sectors : Capital Goods
- Companies : discoverIE
DAVY VIEW
Q1 has proved to be tough, as flagged at the prelims in June, and destocking at the largest OEM customers looks to be continuing into the summer. However, the book-to-bill returning to >1.0 and orders returning to growth give us confidence in H2 recovery, and the Board has reiterated its FY25 expectations. We are therefore leaving our forecasts unchanged and reiterate our ‘Outperform’ rating and 915p price target.
