“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”
Currency in EUR
Last close As at 09/06/2023
EUR5.96
▲ 0.04 (0.68%)
Market capitalisation
EUR27m
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.
Industrials
Industrials
Director, Industrials
Klaus Frers
CEO
Martin Esser
Head of finance, IT and HR
Forecast net debt (€m)
88.9
Forecast gearing ratio (%)
4041
| % | 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 |
Get access to the very latest content matched to your personal investment style.
