Riber

EU: ALRIB

€36.6m market cap

€1.72 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

Riber has announced that FY20 revenues will total €30.2m, which was in line with its guidance of around €30m and our estimates. The year-end order book is around half the prior year level, reflecting delays in customers signing contracts and difficulties obtaining export licences. We left our FY20 estimates broadly unchanged but cut our FY21 revenue estimate by 9% and EPS estimate by 56%.

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 26.1 N/A
2019A 33.5 2.5 1.8 6.16 27.9 N/A
2020E 30.2 1.5 0.0 0.11 1563.6 N/A
2021E 29.1 2.4 0.9 2.98 57.7 N/A
Industry outlook

FY20 revenues were €3.2m lower year-on-year at €30.2m. Ten MBE systems were shipped compared with 12 in FY19, though the FY19 total included two MBE systems where deliveries had slipped into Q119. As expected, evaporator sales were minimal (€0.3m), compared with €1.0m in FY19, as the pause in investment in the OLED screen industry continued. Sales of services and accessories jumped by €2.3m to €11.7m, reflecting management’s stated strategy of growing this activity. 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.

Last updated on 13/04/2021
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Sector
TMT
Share price graph
Balance sheet
Forecast net debt (€m) 0
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual 6.2 4.9 26.5
Relative* 3.8 (3.5) (7.7)
52-week high/low €1.8/€1.3
*% relative to local index
Key management
Philippe Ley CEO