paragon (PGN)

Currency in EUR

Last close As at 09/06/2023


0.04 (0.68%)

Market capitalisation


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. These should reassert themselves as the pandemic effects continue to wane.

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Equity Analyst

Andy Chambers

Andy Chambers

Director, Industrials

Key Management

  • Klaus Frers


  • Martin Esser

    Head of finance, IT and HR

Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 18.7 4.2 16.0
Relative 18.4 1.9 4.8
52 week high/low €6.4/€3.6


The c €40m disposal of Semvox has completed and the CHF bond has been fully redeemed, further de-risking the paragon investment case. Q123 saw good progress, with the ongoing activities increasing revenues by 15% to €44.7m and EBITDA marginally higher at €3.84m, a margin of 8.6%. Management’s unchanged FY23 guidance is for €170m in sales with an EBITDA margin of 12–15%. The company expects revenues of over €300m by 2027, with a progressive improvement in EBITDA margin. FY22 results were delayed until 22 May to allow for the Semvox completion accounts and management indicates that debt reduction should continue as it applies the cash proceeds to the outstanding balance of the €25m early repayment of the Eurobond the Semvox deal has catalysed.

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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