Market Cap€32m

Last Close €1.52

Riber designs and produces molecular beam epitaxy (MBE) systems and evaporator sources and cells for the semiconductor industry. This equipment is essential for the manufacturing of compound semiconductor materials that are used in numerous high-growth applications.

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Investment summary

While Riber’s H121 performance was depressed by the lack of MBE system orders during FY20, customer confidence appears to be returning. The resultant increase in order intake points to a much stronger second half, with management forecasting over €30.0m revenues and an operating income of €1.2m for the full year. We are upgrading our FY21 estimates, raising PBT by 27%, while leaving our FY22 estimates unchanged.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 33.5 1.7 0.9 3.07 49.5 18.6
2020A 30.2 2.1 0.7 2.49 61.0 15.1
2021E 30.0 2.8 1.1 3.83 39.7 11.4
2022E 32.8 3.5 1.8 6.48 23.5 9.1
Industry outlook

Order intake of MBE systems appears to be picking up as customer confidence returns. No MBE system orders were announced in H120 and only two orders, both of which were for R&D units, were placed in H220. Four orders were placed in H121, two of which were from customers in Asia for production systems, contributing to a total order book at end June 2021 of €17.4m. This included €10.5m of MBE systems, all for delivery in FY21. It excludes an order for a research system announced in July for delivery in FY21 and an order in September from an Asian customer for a production system worth several million euros.

Last updated on 20/10/2021
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Share price graph
Balance sheet
Forecast net cash (€m) 0.5
Forecast gearing ratio (%) N/A
Price performance
Actual 7.8 8.7 2.0
Relative* 4.1 3.0 (23.9)
52-week high/low €2.2/€1.3
*% relative to local index
Key management
Philippe Ley CEO