Riber

EU: ALRIB

€34.9m market cap

€1.64 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

H120 revenues declined by €2.3m year-on-year to €11.6m because the delivery of a production system slipped into Q320. In addition, evaporator sales were minimal as expected. Yield improvements resulting from management interventions were offset by new working practices to prevent the spread of infection. Operating losses widened by €0.5m to €1.0m.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 31.3 3.3 2.0 6.59 24.9 N/A
2019A 33.5 2.5 1.8 6.16 26.6 N/A
2020E 29.6 1.5 0.0 0.09 1822.2 N/A
2021E 32.1 3.2 2.0 6.82 24.0 N/A
Industry outlook

These trends continued into Q3. Revenues for the nine months ended September 2020 decreased by 15% y-o-y to €17.5m. The order book at end September was 31% lower at €18.2m reflecting lengthening of decision-making times for customers and obtaining export licenses. However management has reiterated its FY20 revenue guidance of €30m and notes that the portfolio of prospects, which supports FY21 revenue expectations, is at a historically high level. Riber has recently received an order for a double-chamber R&D system for delivery in FY21.

Last updated on 20/01/2021
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Sector
TMT
Share price graph
Balance sheet
Forecast net cash (€m) 4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 3.8 10.1 (29.0)
Relative* 1.7 (3.7) (24.0)
52-week high/low €2.5/€1.1
*% relative to local index
Key management
Philippe Ley CEO