Riber — Pandemic causes temporary revenue slowdown

Riber (EU: ALRIB)

Last close As at 22/05/2024


−0.09 (−4.89%)

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Research: TMT

Riber — Pandemic causes temporary revenue slowdown

Riber’s H121 revenues were €9.3m, or 20% lower than the previous year. This was because the coronavirus pandemic caused a slowdown in MBE system orders during H120 and Q320. The level of new system orders has picked up in H121, encouraging management to state that it expects to deliver an improvement in net profit during FY21. We leave our estimates unchanged.

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Pandemic causes temporary revenue slowdown

H121 revenues

Tech hardware & equipment

24 August 2021



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Net debt (€m) at end December 2020 (excluding IFRS 16 lease liabilities)


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Euronext Growth Paris

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Business description

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.


Anne Margaret Crow

+44 (0)20 3077 5700

Riber is a research client of Edison Investment Research Limited

Riber’s H121 revenues were €9.3m, or 20% lower than the previous year. This was because the coronavirus pandemic caused a slowdown in MBE system orders during H120 and Q320. The level of new system orders has picked up in H121, encouraging management to state that it expects to deliver an improvement in net profit during FY21. We leave our estimates unchanged.

Year end

Revenue (€m)


































Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

MBE system sales halved year-on-year during H121 to €2.8m as delivery of an R&D system was delayed into Q321 because of coronavirus-related travel restrictions. Revenues from services and accessories rose by 8% to €6.4m, in line with management’s intention to grow this category. As expected, evaporator sales were minimal (€0.1m H121 and €0.1m H120), reflecting a trough in investment in the OLED screen industry.

The total order book at end June 2021 was €17.4m, compared with €14.4m at end December 2020 and €17.3m at end March 2021. The June total included €10.5m of MBE systems, all for delivery in FY21. It did not include the additional order for a research system announced in July, also for delivery in FY21. These orders support our estimate of €15.3m MBE system sales in FY21. Similarly, sales of services in H120 plus €6.9m orders for services at end H120 support our estimate of €13.5m service and accessory sales in FY21. Our estimates assume minimal (€0.3m) evaporator sales in FY21, so the lack of orders so far this year for this product category does not affect our forecasts. Moreover, in our view, potential outperformance in sales of services and accessories, where new orders can be turned round quickly, could offset a total absence of evaporator sales in FY21, further supporting our group FY21 revenue estimate.

Importantly, order intake of MBE systems appears to be picking up as customer confidence returns. No MBE system orders were announced in H120 and only two orders, both of which were for R&D units, were placed in H220. Four orders were placed in H121, two of which were from customers in Asia for production systems, then a fifth in July. We note that further system orders received this year will be for delivery in FY22.

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