Main menu
Edison Group
  • Home
  • Sparks
  • Equities

    Equities

    View All Equities

    Equities by Sector

    YXT.com

    MCap

    USD127m

    Last close

    USD23.43

    ▲ 20.23 (632.19%)

    Northern Data Group

    MCap

    EUR486m

    Last close

    EUR7.56

    ▲ 2.33 (44.59%)

    Bodycote

    MCap

    GBP1,572m

    Last close

    GBP9.14

    ▲ −9.00 (−0.98%)

  • Sectors

    Sectors

  • Megatrends

    Megatrends

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

paragon — Update 14 April 2016

paragon (FRA: PGN)

Last close As at 05/08/2026

—

— 0.00 (0.00%)

Market capitalisation

—

More on this equity

Research: Industrials

paragon — Update 14 April 2016

paragon

Analyst avatar placeholder

Written by

Industrials

paragon

€1bn lifetime order backlog poised for delivery

Full year results

Automobiles & parts

14 April 2016

Price

€26.5

Market cap

€109m

Net debt (€m) at 31 December 2015

39.4

Shares in issue

4.1m

Free float

48%

Code

PGN

Primary exchange

Frankfurt

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(6.1)

(24.9)

51.8

Rel (local)

(7.9)

(25.3)

86.8

52-week high/low

€36.50

€14.81

Business description

paragon designs and manufactures advanced automotive electronics solutions as a direct supplier to the automotive industry. Products include sensors, acoustics, cockpit, electromobility and body kinematics. Production facilities are in Germany, the US and China.

Next events

Q1 interim report/AGM

27 April 2016

Analyst

Roger Johnston

+44 (0)20 3077 5722

paragon is a research client of Edison Investment Research Limited

paragon’s full year results highlighted the substantial progress the group has made in both its historic core businesses and the new divisions. With record sales, operating profit and an order book in excess of €1bn, the group has significant visibility over the next five years. 2016 is likely to be a year of more moderate growth ahead of a planned ramp-up in electromobility that will accelerate from 2017. With further potential catalysts anticipated as new product launches come to market, we believe that paragon is clearly aligned to automotive megatrends.

Year end

Revenue
(€m)

PBT*
(€m)

EPS*
(€)

DPS
(€)

P/E
(x)

Yield
(%)

12/14

79.0

4.3

0.67

0.0

39.6

N/A

12/15

95.0

5.0

0.83

0.0

32.0

N/A

12/16e

105.6

7.4

1.20

0.0

22.1

N/A

12/17e

134.7

11.4

1.86

0.0

14.3

N/A

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

Full year results highlight progress

Paragon’s FY15 results demonstrated the group’s growth potential, with revenues up 20.2% to €95.0m, 65% of which were single source, while EBIT increased by 24.9% to €7.8m in line with our forecast. This was achieved despite a year of significant investment in new product development, opening of production facilities in the US and China and further development of electromobility. Excluding one-off incremental expenses related to new business areas, adjusted EBIT margins increased to 12.6% (FY14: 11.7%), highlighting the underlying margin potential. Our forecasts reflect more moderate growth in 2016 before a further ramp-up in 2017.

Positioned for substantial growth

The group has clearly positioned itself to capitalise on the automotive megatrends of health, connectivity and CO2 reduction across its business. Through its development approach, it is poised to continue to see benefits from both increased volumes and increased value per vehicle, with the group’s average price per product in 2015 increasing by c 16% compared to 2014. With the core business continuing to grow, new product areas such as electromobility accounting for a substantial portion of the order backlog and the opening of the new international facilities, we believe that paragon is set to sustain its growth trajectory. This is supported by several new orders received across all divisions.

Valuation: Visibility of order book not yet recognised

We believe that the current rating of c 14x CY17 EPS does not fully reflect the substantial visibility afforded to paragon by the €1bn lifetime order backlog, including 95% cover for FY16 forecasts. Our DCF-derived fair value, attempting to capture future growth potential from existing contracts, increases to €33.8/share (previous €29.7) to reflect backlog phasing. We also see further upside potential as new contracts are won and the ramp-up is achieved over the next three years.

Poised for accelerating growth

2015 results highlight growth potential

paragon’s 2015 results highlighted the impact of the growth across all business lines:

■

Revenues increased by 20.2% to €95.0m, with double-digit growth across all business segments including the traditional core with a 16% increase in the Cockpit segment to €31.9m and 11% growth in both Sensors and Acoustics to €34.6m and €16.1m respectively. A substantial ramp-up in Body Kinematics, up 32% to €5m, and Voltabox, up 260% to €7.4m, highlighted how these new segments have entered a growth phase.

■

EBITDA increased by 35% to €14.2m despite significant investment in R&D and new product development providing a 170bp increase in EBITDA margin from 13.3% to 15.0%. Adjusted EBITDA, excluding c €4.4m of one-off expenses related to investment in the new business areas, increased by 37.9% to €18.6m at an adjusted EBITDA margin of 19.6% (FY14: 17.1%).

■

EBIT increased by 25% to €7.8m, a 30bp increase in EBIT margin from 7.9% to 8.2%. Adjusted EBIT, excluding €4.2m of one-off expenses related to the investment in the new segments, increased by 29.6% to €12.0m at an adjusted EBIT margin of 12.6% (FY14: 11.7%).

Importantly, 2015 also signalled the peak year of investment at €32.3m, opening international production operations in Texas, US and Kunshan, China, while also expanding existing product lines and through the acquisition of SphereDesign, which is now integrated into the cockpit division. As a result, we see investment dropping in FY16 to €14m and subsequently dropping further again in FY17 to a more normalised level of maintenance capex, around €3-4m. This should see cash generation improving further and net debt levels dropping from our assumed peak of €43.1m in FY16. Focus will turn from the high levels of investment to delivering the ramp-up, particularly in Voltabox, which we forecast will become the largest contributor post 2017.

Contract wins provide a further impetus

Over the past five years, paragon has been successful in ensuring that it has been developing key technologies that support a number of the global automotive megatrends. In particular, the combination of the group’s historic sensors business, with a detailed understanding of electronic control systems, has enabled it to concentrate on the key areas of health, connectivity and CO2 reduction across the group. 2015 demonstrated that paragon’s significant investment in R&D over the past decade has positioned it in the sweet spot of current requirements, with a number of divisions securing new contracts as a result, as shown in Exhibit 1 below.

Exhibit 1: Significant contract wins in 2015

Contract win

Division

Megatrend

Bulk order starter batteries for German automotive OEM (€72m over 6 years)

Voltabox

Electromobility (CO2 reduction)

High-performance batteries for trolley buses, commercial vehicles and intralogistics

Voltabox

Electromobility (CO2 reduction)

Spoiler systems for six vehicle types

Body Kinematics

CO2 reduction

Air Quality Sensors for Chinese customers

Sensors

Health

Belt microphone for a new model

Cockpit

Connectivity

Gauges for various vehicles

Cockpit

Connectivity

Charging tray for contactless charging

Cockpit

Connectivity

Source: paragon, Edison Investment Research

The product offensive also developed further during 2015 with several new launches at both the Frankfurt Motor Show, IAA in September 2015 and at the Consumer Electronics Show (CES) in January 2016. We visited the IAA and witnessed firsthand the new products, with many integrated on the Artega Scalo. New products included MirrorPilot wireless smartphone integration to the vehicle display, a lightweight surround sound audio system and numerous efficient electric motors, inverters and battery packs. Each of these developments highlights the approach paragon takes with respect to identifying trends and developing solutions that the automotive manufacturers then adopt.

Backlog development highlights growth opportunity

Exhibit 2 below highlights that paragon has a lifetime order backlog of over €1bn, or more than 10 years at current revenue rates. Of this, c €650m of those orders are already under framework contracts providing significant visibility to the group. Of the total backlog, c 35% relates to the electromobility segment, while a further 5% is derived from Body Kinematics. Exhibit 3 below highlights management’s expected order phasing, with a significant growth trajectory highlighted in the order book. We note that our forecasts are more conservative than those suggested in the backlog, which we believe is prudent at this ramp-up stage as serial production commences in the new segments.

Exhibit 2: Order backlog by type (€m)

Exhibit 3: Order backlog phasing

Source: paragon FY15 results presentation

Source: paragon FY15 results presentation

Exhibit 2: Order backlog by type (€m)

Source: paragon FY15 results presentation

Exhibit 3: Order backlog phasing

Source: paragon FY15 results presentation

Forecasts adjusted for mix and backlog

Following the FY15 results, we are broadly maintaining our forecasts with a minor adjustment in the relative business mix and phasing across 2016/17, as shown in Exhibit 4 below.

Exhibit 4: Edison forecasts by business segment

€m

FY14

FY15

FY16e 'old'

FY16e 'new'

Change

FY17e 'old'

FY17e 'new'

Change

Revenue

Sensors

31

35

34

35

2.5%

34

36

4.5%

Acoustics

14

16

15

16

7.9%

15

17

12.2%

Cockpit

28

32

34

33

-4.8%

35

34

-3.9%

Body Kinematics

4

5

12

7

-41.1%

18

14

-21.4%

Voltabox (Germany)

1

4

5

5

0.0%

15

15

0.0%

Voltabox (US)

1

4

10

10

0.0%

18

19

5.6%

Group

79

95

110

106

-4.1%

135

135

-0.6%

Other income

7

17

10

14

44.8%

8

9

17.8%

Group operating performance

86

112

120

119

-0.1%

143

144

0.4%

COGS

-42

-56

-58

-60

3.5%

-72

-75

4.2%

Gross Profit

44

57

61

59

-3.6%

71

69

-3.4%

Personnel expenses

-22

-26

-27

-27

-2.3%

-33

-32

-3.5%

Depreciation of PPE & amortisation of intangibles

-4

-6

-7

-6

-12.9%

-7

-6

-12.9%

Impairment of PPE & intangibles

0

0

0

0

n/m

0

0

n/m

Other operating expenses

-12

-16

-17

-16

-1.8%

-18

-17

-1.8%

Group EBIT

6

8

10

9

-4.2%

14

13

-0.8%

Underlying Net Interest

-2.0

-2.8

-2.1

-2.1

0.0%

-2.0

-2.0

0.0%

PBT (EBT)

4.3

5.0

7.8

7.4

-5.3%

11.6

11.4

-0.9%

Tax

-1.5

-1.6

-2.6

-2.4

-5.3%

-3.8

-3.8

-0.8%

Net Profit

2.8

3.4

5.2

4.9

-5.3%

7.7

7.7

-1.0%

EPS (normalised)

0.67

0.83

1.27

1.20

-5.3%

1.88

1.86

-1.0%

Source: Edison Investment Research

Valuation supported by backlog phasing

We continue to provide a fair value view based on a DCF-derived valuation methodology as we believe that this best captures the value of the growth opportunity. Our DCF-based fair value is €33.8/share as shown in Exhibit 5 below. This is backed up by the lifetime order backlog and we feel this could prove to be conservative if paragon can deliver further contract wins and/or delivers the existing ramp-up quicker than we forecast.

Exhibit 5: DCF fair value assessment

€m

2016e

2017e

2018e

2019e

2020e

2021e

2022e

2023e

2024e

2025e

2026e

Assumptions

Sales

106

135

155

170

179

188

197

203

209

213

218

% change

n/a

27.6%

15.00%

10.00%

5.00%

5.00%

5.00%

3.00%

3.00%

2.0%

2.0%

EBIT

9

13

16

18

19

20

21

21

22

22

23

% margin

9.0%

10.0%

10.2%

10.4%

10.5%

10.5%

10.5%

10.5%

10.5%

10.5%

10.5%

% change

n/a

41.8%

17.5%

12.2%

6.0%

5.0%

5.0%

3.0%

3.0%

2.0%

2.0%

Tax

(2)

(4)

(5)

(6)

(6)

(7)

(7)

(7)

(7)

(7)

(8)

% tax rate

33.0%

33.0%

33.0%

33.0%

33.0%

33.0%

33.0%

33.0%

33.0%

33.0%

33.0%

NOPAT

7

10

11

12

13

13

14

14

15

15

15

% margin

6.7%

7.2%

6.8%

7.0%

7.0%

7.0%

7.0%

7.0%

7.0%

7.0%

7.0%

% change

n/a

37.2%

9.5%

12.2%

6.0%

5.0%

5.0%

3.0%

3.0%

2.0%

2.0%

Depreciation & Amortisation

6

6

7

8

8

8

9

9

9

10

10

Change in working capital

0

(5)

(5)

(5)

(5)

(5)

(4)

(4)

(4)

(4)

(4)

Capex

(14)

(5)

(3)

(3)

(3)

(3)

(3)

(3)

(3)

(3)

(3)

Free cash flow to firm

(1)

6

10

12

13

13

16

16

17

18

18

WACC

9.0%

9.0%

9.0%

9.0%

9.0%

9.0%

9.0%

9.0%

9.0%

9.0%

9.0%

Year

1

2

3

4

5

6

7

8

9

10

11

Discount factor

1.09

1.19

1.30

1.41

1.54

1.68

1.83

1.99

2.17

2.37

2.58

Present value free cash flow

(1)

5

7

8

8

8

9

8

8

8

7

Cumulative present value

(1)

4

12

20

28

36

45

53

61

68

76

 

 

 

Net present value - forecast FCF

76

 

 

 

 

WACC 

 

 

Net present value - terminal year

103

 

 

34.32

7.0%

8.0%

9.0%

10.0%

11.0%

Enterprise Value

179

 

Terminal growth

41.9

34.2

28.3

23.6

19.8

41.9

 

 

 

47.0

37.7

30.7

25.3

21.1

47.0

Net debt

(39)

 

54.2

42.3

33.8

27.5

22.7

54.2

Minorities

0

 

65.0

48.8

38.0

30.4

24.6

65.0

Value attributable to shareholders

139

 

82.9

58.5

43.8

34.1

27.2

82.9

 

 

 

Shares outstanding (m)

4.1

 

Value per share (€)

33.8

 

Source: Edison Investment Research

Exhibit 6: Financial summary

€m

2011

2012

2013

2014

2015

2016e

2017e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

67.1

70.4

73.9

79.0

95.0

105.6

134.7

Other operating income

1.9

2.0

1.1

1.4

3.2

3.4

3.6

Increase or decrease in inventory of finished goods / WIP

0.1

0.6

0.3

0.8

1.4

0.5

0.5

Other own work capitalised

1.3

2.0

1.7

5.2

12.8

10.0

5.0

Group operating performance

 

 

70.3

75.1

76.9

86.3

112.4

119.5

143.8

Cost of Sales

(33.7)

(37.0)

(36.3)

(41.8)

(55.5)

(60.3)

(74.8)

Gross Profit

36.7

38.1

40.6

44.5

56.9

59.2

69.0

EBITDA

 

 

12.9

11.7

12.2

10.5

14.1

15.8

19.9

Operating Profit (before amort. and except.)

 

 

8.8

7.8

7.9

6.2

7.8

9.5

13.4

Intangible Amortisation

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Exceptionals

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Other

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Operating Profit

8.8

7.8

7.9

6.2

7.8

9.5

13.4

Net Interest

(1.3)

(1.1)

(1.5)

(2.0)

(2.8)

(2.1)

(2.0)

Profit Before Tax (norm)

 

 

7.5

6.7

6.4

4.3

5.0

7.4

11.4

Profit Before Tax (FRS 3)

 

 

7.5

6.7

6.4

4.3

5.0

7.4

11.4

Tax

(2.2)

(2.1)

(2.5)

(1.5)

(1.6)

(2.4)

(3.8)

Profit After Tax (norm)

5.3

4.6

3.9

2.8

3.4

4.9

7.7

Profit After Tax (FRS 3)

5.3

4.6

3.9

2.8

3.4

4.9

7.7

Average Number of Shares Outstanding (m)

4.1

4.1

4.1

4.1

4.1

4.1

4.1

EPS - normalised (€)

 

 

1.30

1.13

0.96

0.67

0.83

1.20

1.86

EPS - normalised and fully diluted (€)

 

 

1.30

1.13

0.96

0.67

0.83

1.20

1.86

EPS - (IFRS) (€)

 

 

1.30

1.13

0.96

0.67

0.83

1.20

1.86

Dividend per share (€)

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Gross Margin (%)

54.7

54.1

55.0

56.3

59.8

56.1

51.2

EBITDA Margin (%)

19.2

16.6

16.6

13.3

14.8

15.0

14.8

Operating Margin (before GW and except.) (%)

13.2

11.0

10.7

7.9

8.2

9.0

10.0

BALANCE SHEET

Fixed Assets

 

 

17.1

18.6

18.8

30.1

59.7

64.3

60.0

Intangible Assets

3.3

4.9

5.6

9.4

24.7

22.7

20.7

Tangible Assets

13.3

13.5

13.0

20.2

34.6

41.2

38.9

Investments

0.6

0.1

0.2

0.5

0.4

0.4

0.4

Current Assets

 

 

24.3

25.4

33.1

32.3

32.9

32.9

38.9

Stocks

6.9

7.3

7.5

6.9

11.2

12.2

15.2

Debtors

2.1

4.0

8.0

12.2

13.2

12.2

15.2

Cash

11.2

10.1

16.3

11.8

8.5

8.5

8.5

Other

4.1

4.0

1.3

1.5

0.0

0.0

0.0

Current Liabilities

 

 

(14.4)

(13.9)

(12.2)

(16.2)

(27.1)

(16.4)

(15.4)

Creditors

(11.7)

(11.5)

(9.3)

(10.7)

(17.8)

(7.1)

(6.1)

Short term borrowings

(2.7)

(2.4)

(2.9)

(5.5)

(9.3)

(9.3)

(9.3)

Long Term Liabilities

 

 

(17.2)

(17.1)

(33.6)

(41.9)

(59.2)

(62.9)

(60.1)

Long term borrowings

(12.5)

(12.3)

(20.2)

(24.7)

(38.5)

(42.3)

(39.4)

Other long term liabilities

(4.7)

(4.8)

(13.4)

(17.1)

(20.7)

(20.7)

(20.7)

Net Assets

 

 

9.8

13.0

6.2

4.3

6.2

17.8

23.4

CASH FLOW

Operating Cash Flow

 

 

11.4

9.2

8.4

10.3

16.4

15.8

14.9

Net Interest

(1.2)

(1.0)

(1.4)

(1.9)

(2.9)

(2.1)

(2.0)

Tax

(1.6)

(2.4)

(1.9)

(1.4)

(0.7)

(2.4)

(3.8)

Capex

(2.0)

(2.7)

(2.3)

(10.5)

(18.8)

(14.0)

(3.1)

Acquisitions/disposals

(1.3)

(3.5)

(2.5)

(5.2)

(13.5)

0.0

0.0

Financing

0.0

0.0

0.0

0.0

0.0

0.0

(2.1)

Dividends

0.0

0.0

(1.4)

(1.0)

(1.0)

(1.0)

(1.0)

Net Cash Flow

5.3

(0.3)

(1.2)

(9.7)

(20.5)

(3.7)

2.9

Opening net debt/(cash)

 

 

13.6

4.0

4.6

6.7

18.4

39.4

43.1

HP finance leases initiated

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Other

4.4

(0.2)

(1.0)

(1.9)

(0.5)

0.0

0.0

Closing net debt/(cash)

 

 

4.0

4.6

6.7

18.4

39.4

43.1

40.3

Source: Company accounts, Edison Investment Research

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by paragon and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

More on paragon

View All
paragon_resized

Industrials

paragon — Navigating the road to growth

Industrials

paragon — A dip in the road ahead

Industrials

paragon — Navigating the road to redemption

Industrials

paragon — Radically improving the investment case

Latest from the Industrials sector

View All Industrials content

Industrials

Mersen — Electrical Power drives guidance upgrade

Industrials

Braemar — Meeting the new CFO

Industrials

International Airlines Group — Resilience through a more challenging quarter

Industrials

Hargreaves Services — Repositioned for the infrastructure decade

Research: TMT

EMIS Group — Update 14 April 2016

EMIS Group

Continue Reading
Cookie Policy Overview
Edison Group

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping us understand which section of the website you find more interesting and useful. See our Cookie Policy for more information.

Strictly necessary and functional

These cookies are used to deliver our website and content. Strictly necessary cookies relate to our hosting environment, and functional cookies are used to facilitate social logins, social sharing and rich-media content embeds.

Advertising

Advertising Cookies collect information about your browsing habits such as the pages you visit and links you follow. These audience insights are used to make our website more relevant.

Performance

Performance Cookies collect anonymous information designed to help us improve the site and respond to the needs of our audiences. We use this information to make our site faster, more relevant and improve the navigation for all users.