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paragon (PGN)

Currency in EUR

Last close As at 20/09/2023

EUR4.51

▲ −0.10 (−2.17%)

Market capitalisation

EUR21m

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 and facilitating expansion internationally, notably in China and North America.

Latest Insights

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Industrials | Update

paragon — Navigating the road to redemption

Industrials | Update

paragon — Radically improving the investment case

Industrials | Flash note

paragon — Further progression of debt reduction plans

Industrials | Update

paragon — Risk reduction should relieve the equity rating
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Sector

Industrials

Equity Analyst

Andy Chambers

Andy Chambers

Director, Industrials

Key Management

  • Klaus Frers

    CEO

  • Martin Esser

    Head of finance, IT and HR

Balance Sheet

Forecast net debt (€m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (16.5) (21.7) (3.4)
Relative (17.6) (20.1) (22.5)
52 week high/low €6.4/€3.7

Financials

The c €38.8m disposal of Semvox has completed and the CHF bond has been fully redeemed, further de-risking the paragon investment case. H123 continued the positive progress, with the ongoing activities increasing revenues by 7% to €86.6m and EBITDA strengthening to €8.09m, a margin of 9.3%; we are reviewing our estimates. Management’s unchanged FY23 guidance is for €170m in sales with an EBITDA of €20–25m. The company expects revenues of over €300m by 2027, with a progressive improvement in EBITDA margin. Debt reduction continues as paragon applies the Semvox proceeds, cash flows and new credit lines to initiate the early repayment by January 2024 of the outstanding €20.2m nominal of the Eurobond catalysed by the disposal.

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

edison tv

Industrials

Executive interview – paragon

Update

Industrials

paragon — Accelerating progress

Outlook

Industrials

paragon — It’s electrifying

Update

Industrials

paragon — Strong progress expected

research

Industrials

Paragon — On track to meet FY17 guidance

Outlook

Industrials

Paragon — Automation to drive enhanced returns

edison tv

Industrials

Executive Interview – paragon

Update

Industrials

Paragon — Update 26 October 2016

Update

Industrials

paragon — Update 14 April 2016

Update

Industrials

paragon — Update 24 January 2016

edison tv

Industrials

Executive Interview – paragon AG