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Currency in EUR
Last close As at 25/03/2023
EUR5.08
▲ −0.14 (−2.68%)
Market capitalisation
EUR24m
Based in Delbrück, Germany, paragon designs and supplies automotive electronics and solutions, selling directly to OEMs, including sensors, interior and body kinematics. It has production facilities in Germany, Croatia and China.
We believe paragon’s identification of, and investment in, solutions to address megatrends in global automotive markets is understood by investors. It is growing faster than its markets due to innovative products that are driving changes in customer perceptions, creating new growth engines for the group. These should reassert themselves as the pandemic effects continue to wane.
Industrials
Industrials
Director, Industrials
Klaus Frers
CEO
Martin Esser
Head of finance, IT and HR
Forecast net debt (€m)
88.9
Forecast gearing ratio (%)
4041
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 7.9 | 21.2 | (6.6) |
| Relative | 9.2 | 10.9 | (11.2) |
| 52 week high/low | €5.9/€3.6 |
paragon has announced the result of the Eurobond tender offer at 60% of nominal, securing just under €1.7m nominal out of a potential €5m. The offer forms part of the ongoing debt reduction programme that will see the majority of the outstanding bond liabilities (both Swiss franc and euro) redeemed over the next few months (see our previous note). While the shares and bonds have been responding well to the management initiatives, these appear to pose a considerable potential opportunity for investors, assuming the operational growth strategy is successfully implemented.
| Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (fd) (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 127.2 | 13.8 | (6.0) | 79.34 | 5.0 | 1.5 |
| 2021A | 146.9 | 20.0 | 1.2 | 27.26 | 14.5 | 0.9 |
| 2022E | 170.8 | 25.9 | 2.9 | 47.00 | 8.4 | 0.6 |
| 2023E | 188.1 | 31.0 | 7.4 | 119.00 | 3.3 | 0.6 |
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