Riber

EU: RIB

€47m market cap

€2.21 last close

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.

Investment summary

Total revenues for the nine months ended September 2019 declined by 4% year-on-year to €20.7m. A 136% jump in system revenues to €12.8m and 23% rise in service revenues to €6.9m was insufficient to compensate for minimal (€1.0m vs €10.6m in the prior year period) evaporator revenues as uncertainty in the OLED market adversely affected demand. Our estimates already reflect these developments and have not been changed.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 30.5 5.9 4.0 12.82 17.2 N/A
2018A 31.3 3.3 2.0 6.59 33.5 N/A
2019E 35.3 2.4 1.5 4.98 44.4 N/A
2020E 37.7 3.9 3.0 10.41 21.2 N/A
Industry outlook

At €26.4m,the total order book at the end of September 2019 was 15% lower than 12 months previously, primarily reflecting the absence of evaporator orders. This total includes 12 systems, of which six are for production and six R&D. There are two production machines and four R&D machines scheduled for delivery in Q419. In November Riber received two additional R&D system orders, both to German customers and for delivery in FY20. The first is for two R&D systems that will be used to develop thin-film solar cells based on CIGS technology. The second is for the development of hybrid nanostructures used in nanophotonic components.

Last updated on 16/01/2020
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (€m) 5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (13.0) 80.9 19.5
Relative* (13.8) 70.7 (3.7)
52-week high/low €2.7/€1.1
*% relative to local index
Key management
Philippe Ley CEO
Michel Picault Chairman of Management Board