Riber

EU: RIB

€30.8m market cap

€1.45 last close

Riber designs and produces molecular beam epitaxy 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.

Investment summary

Riber’s H119 revenue numbers show a 17% year-on-year decline to €13.9m, with higher molecular beam epitaxy (MBE) systems and service revenues partly offsetting lower evaporator sales. The order book indicates that evaporator sales will remain subdued in H219, so we have reduced our FY19 group revenue and EPS estimates by 6% and 21%, respectively, leaving our FY20 estimates unchanged.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 30.5 5.9 4.0 12.82 11.3 N/A
2018A 31.3 3.3 2.0 6.56 22.1 N/A
2019E 35.3 4.5 3.6 12.05 12.0 N/A
2020E 35.9 5.4 4.5 15.35 9.4 N/A
Last updated on 19/09/2019
Industry outlook

Management is confident that the strong performance in MBE systems will continue, with an order backlog at end June 2019 of 13 systems, six of which are the larger production machines, totalling €21.5m. It expects to deliver a further eight or nine systems during H219, so we leave our FY19 system revenue estimate unchanged. While management remains confident that the major customer will recommence placing evaporator orders during H219, it is not likely to be able to fulfil these by the year end, so we substantially cut our FY19 segmental revenue estimates.

Last updated on 19/09/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (€m) 7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 23.5 (4.6) (53.2)
Relative* 17.5 (7.0) (54.7)
52-week high/low €3.2/€1.1
*% relative to local index
Key management
Philippe Ley CEO
Michel Picault Chairman of Management Board