Riber

EU: ALRIB

Market Cap€30.1m

Last Close €1.42

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

Riber’s FY20 results showed the adverse impact of customer uncertainty caused by the coronavirus pandemic and the French government’s tightening up on exports to China. FY20 revenues were €3.2m lower year-on-year at €30.2m, reflecting fewer MBE system deliveries, minimal evaporator sales and a 24% jump in service revenues. Total revenues would have been over €31m had the French government not refused export licences for R&D systems and certain types of spares to China. Adjusted operating profit reduced by only €0.2m to €0.7m.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 33.5 1.7 0.9 3.07 46.1 N/A
2020A 30.2 2.1 0.7 2.49 56.9 N/A
2021E 29.1 2.4 0.9 3.03 46.7 N/A
2022E 32.8 3.4 1.8 6.48 21.9 N/A
Industry outlook

At end-March 2021 the order book totaled €17.3m. This included orders for four MBE systems totalling €9.6m, all of which are scheduled for delivery in FY21. The total excludes an additional order for a production system priced at several million euros announced in April, which is also for delivery in FY21. This production unit will be the fifth MBE system the Asian industrial client has ordered from Riber and will be used to make electronic and optoelectronic devices.

Last updated on 23/07/2021
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Share price graph
Balance sheet
Forecast net cash (€m) 0.6
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (12.2) (28.0) (8.1)
Relative* (10.5) (30.1) (28.0)
52-week high/low €2.2/€1.3
*% relative to local index
Key management
Philippe Ley CEO