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paragon (PGN)

Business description

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.

Investment summary

Supported by a record Q1 performance, paragon has maintained guidance for strong progress in FY18 with sales rising by 40% to around €175m and an adjusted EBIT margin maintained at around 9%. The growth will be primarily driven by Electromobility (Voltabox), but there will also be strong development by the smaller Mechanics division with good organic progress in Electronics. Further growth is supported by increased organic investment and selective M&A opportunities.

Last updated on 29/06/2018

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 102.8 16.1 5.8 84.43 50.6 N/A
2017A 124.8 20.6 6.9 65.02 65.7 N/A
2018E 178.4 33.0 13.4 197.87 21.6 N/A
2019E 238.7 46.0 24.2 309.60 13.8 N/A

Last updated on 21/06/2018

Latest video

Executive Interview - paragon

Industry outlook

We believe the growth story of paragon is understood by the capital markets following the successful issue of €50m bonds in June 2017 and the spin-off of its subsidiary, Voltabox, in October 2017 to raise gross proceeds of €152m. In order to generate further appreciation of its share price, paragon needs not only to deliver on its €1.96bn lifetime order backlog, but also to create further growth engines.

Last updated on 29/06/2018

Key management

Klaus Frers, CEO

Company address

Schwalbenweg 29
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