paragon (FRA: PGN)

Currency in EUR

Last close As at 09/12/2023

EUR3.72

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

View More

Industrials | Update

paragon — Navigating the road to growth

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

Sector

Industrials

Equity Analyst

Andy Chambers

Andy Chambers

Director, Industrials

Key Management

  • Klaus Frers

    CEO

  • Martin Esser

    CFO

Balance Sheet

Forecast net debt (€m)

46.6

Forecast gearing ratio (%)

630

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (8.8) (26.2) (27.1)
Relative (16.9) (30.2) (37.4)
52 week high/low €6.4/€3.7

Financials

While we believe H223 represents a pause in growth at paragon’s ongoing automotive operations, we are cutting our near-term EBITDA margin contribution from the Electronics segment. As a result, we lower our FY23e and FY24e sales estimates by 2% and 3% and EBITDA by 25% and 17% respectively, reducing our DCF valuation to €9.4/share.

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 161.5 15.8 (5.0) (59.68) N/A 2.3
2024E 172.1 20.2 5.8 83.65 4.4 0.9

Research

Update

Industrials

paragon — Radically improving the investment case

Flash note

Industrials

paragon — Further progression of debt reduction plans

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

Further insights

insight

Industrials

paragon: EKF 2023 QuickView

Thematics

thematic

Industrials

Deutsches Eigenkapitalforum (EKF) 2023 industrials

thematic

Industrials

The long and winding road

thematic

Industrials

Quantum computing: A booming industry

thematic

Industrials

UK housebuilders

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free