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paragon (PGN)

Business description

paragon designs and manufactures automotive electronics and solutions, selling directly to OEMs. Products include sensors, acoustics, cockpits and body kinematics. Production facilities are in Germany, the US and China. paragon owns 60% of Voltabox.

Dynamic driving

Update | General Industrials | 19/11/2018

Despite rapid growth, paragon’s shares have performed poorly since the positive reaction to half year results in August, in part due to value attribution from Voltabox which has also slipped back. Recent acquisitions of SemVox by paragon and Navitas and ACCURATE by Voltabox do not warrant the reaction, and we expect Q318 results in November to underpin market expectations. On our forecasts, paragon is now trading on an undemanding FY19 P/E of just 9.4x and our DCF remains at €95 a share.

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Stock data

Market cap.€76.3m
Last close€16.860
High / Low (52 weeks)€82.1 / €16.9
Stock market listingDE
Forecast net cash (€m)17.8
Forecast gearing ratio (%)N/A
TeamIndustrials
SectorGeneral Industrials

Price performance

%1m3m12m
Actual(29.3)(62.3)(77.2)
Relative *(25.6)(57.7)(72.2)

* % Relative to local index

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