paragon - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

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.

Latest Insights

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Industrials |
Update

07.12.23

paragon — Navigating the road to growth

Industrials |
Update

25.10.23

paragon — A dip in the road ahead

Industrials |
Update

31.08.23

paragon — Navigating the road to redemption

Industrials |
Update

21.06.23

paragon — Radically improving the investment case

Sector

Industrials

Balance Sheet

Forecast net debt (€m)

46.6

Forecast gearing ratio (%)

630

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	31.3	(15.6)	(41.0)
Relative	26.8	(24.0)	(50.0)
52 week high/low	€6.4/€2.1

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	0.7
2022A	160.3	11.6	(7.9)	(115.05)	N/A	0.8
2023E	161.5	15.8	(5.0)	(59.68)	N/A	1.8
2024E	172.1	20.2	5.8	83.65	3.6	0.8

Research

QuickView

Industrials

03.11.21

paragon — Focused on growing automotive technology

QuickView

Industrials

09.11.20

paragon — Refocusing on automotive innovation

Industrials

Outlook

paragon — Refocused automotive growth strategy

edison tv

Industrials

09.12.19

Executive interview – paragon at EKF 2019

Update

Industrials

27.11.19

paragon — Seeking sustainable growth

QuickView

Industrials

08.11.19

paragon — Growing pains should prove temporary

Update

Industrials

29.10.19

paragon — Growing pains at Voltabox

Update

Industrials

21.05.19

paragon — Strong growth set to continue

edison tv

Industrials

10.12.18

Executive interview – paragon

Update

Industrials

22.08.18

paragon — Accelerating progress

Outlook

Industrials

02.08.18

paragon — It’s electrifying

Update

Industrials

09.04.18

paragon — Strong progress expected

research

Industrials

24.11.17

Paragon — On track to meet FY17 guidance

Outlook

Industrials

16.08.17

Paragon — Automation to drive enhanced returns

edison tv

Industrials

04.01.17

Executive Interview – paragon

Update

Industrials

26.10.16

Paragon — Update 26 October 2016

Update

Industrials

14.04.16

paragon — Update 14 April 2016

Update

Industrials

25.01.16

paragon — Update 24 January 2016

edison tv

Industrials

05.12.13

Executive Interview – paragon AG

Further insights

insight

Industrials

20.11.23

paragon: EKF 2023 QuickView

Analyst of the week

Natalya Davies

Analyst

ndavies@edisongroup.com 020 3077 5700

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