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paragon (FRA: PGN)

Currency in EUR

Last close As at 05/12/2023

EUR3.75

▲ 0.01 (0.27%)

Market capitalisation

EUR17m

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. paragon is growing faster than its markets due to its innovative products, which 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 — A dip in the road ahead

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
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Sector

Industrials

Equity Analyst

Andy Chambers

Andy Chambers

Director, Industrials

Natalya Davies

Natalya Davies

Analyst

Key Management

  • Klaus Frers

    CEO

  • Martin Esser

    CFO

Balance Sheet

Forecast net debt (€m)

42.2

Forecast gearing ratio (%)

358

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.7) (25.6) (27.0)
Relative (14.3) (29.0) (36.2)
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. Q323 has been constrained by extended plant shutdowns at customers with nine-month revenues for the ongoing activities up 3% to c €122m with continuing EBITDA (excluding the power assets sold) rising to c €11.3m, a margin of just under 10%. Management’s FY23 sales guidance is revised to €160–170m with implied ongoing EBITDA of c €14m. Net debt fell to €49m, with most of the battery activity also being sold, and paragon has initiated a buyback of the EUR bond. We are reviewing our estimates.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 135.4 15.1 (3.5) (71.53) N/A 0.9
2022A 160.3 11.6 (7.9) (115.05) N/A 0.9
2023E 164.7 21.0 1.1 37.59 10.0 1.5
2024E 178.0 24.4 10.3 155.85 2.4 0.8

Research

Update

Industrials

paragon — Navigating the road to redemption

Update

Industrials

paragon — Radically improving the investment case

Industrials

Update

paragon — A dip in the road ahead

Flash note

Industrials

paragon — Further progression of debt reduction plans
paragon_resized

Update

Industrials

paragon — Risk reduction should relieve the equity rating

QuickView

Industrials

paragon — Agreement to sell paragon semvox

Update

Industrials

paragon — Building momentum in Q222

Outlook

Industrials

paragon — Refocused automotive growth strategy

QuickView

Industrials

paragon — Focused on growing automotive technology

QuickView

Industrials

paragon — Refocusing on automotive innovation

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Industrials

Executive interview – paragon at EKF 2019
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Further insights

insight

Industrials

paragon: EKF 2023 QuickView

Analyst of the week

Natalya Davies

Natalya Davies

Analyst

ndavies@edisongroup.com 020 3077 5700
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