Riber

EU: RIB

€32.7m market cap

€1.54 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 is the global leader in MBE equipment which is used to develop and manufacture compound semiconductor materials used in fibre-optic networks, electronic device displays and sensors for autonomous vehicles. Demand should be supported by exposure to key trends such as demand for faster data, next generation displays and the proliferation and evolution of sensors to support greater automation and intelligence. The shares trade at a substantial discount to Riber’s larger peers who share similar growth drivers.

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 12.0 N/A
2018A 31.3 3.3 2.0 6.56 23.4 N/A
2019E 37.7 5.5 4.6 14.87 10.3 N/A
2020E 35.9 5.4 4.5 15.02 10.2 N/A
Last updated on 18/06/2019
Industry outlook

While FY18 profitability was affected by several one-off factors, management is confident of a full recovery in FY19. This is based on the strength of the end March order book, with 14 MBE machines already scheduled for delivery during FY19 and FY20 compared with deliveries of seven units in FY18 and five in FY17. Some of these units are destined for volume production of fibre-optic chips in Asia and in Europe, which is rising, necessitating more capacity. Others will be used for R&D, where demand for MBE equipment is steady.

Last updated on 18/06/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net cash (€m) 7.6
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 0.1 (3.4) (60.7)
Relative* (1.0) (4.7) (60.5)
52-week high/low €4.0/€1.4
*% relative to local index
Key management
Philippe Ley CEO
Michel Picault Chairman of Management Board