paragon - A dip in the road ahead
paragon expects extended summer breaks and anticipated year-end shutdowns of customer plants to restrict growth in H223. We have reduced our earnings expectations to reflect the disposal of the battery business and resulting lower growth trajectory, with FY23 and FY24 EPS estimates falling by 9% and 11% respectively. However, the debt reduction continues and the ownership issues have been resolved. Further news on the plan for the Eurobond redemption has yet to be communicated, but should improve the equity outlook and investor sentiment.Paragon develops, produces and sells electrical, electronic, and electromechanical components, devices, and systems for the automotive industry. Co.'s segments include Sensors, which develops and markets solutions for air quality within the vehicle cabin; Acoustics, which develops and markets products designed to ensure the transmission of speech from its point of origination to its destination; Cockpit, which develops and markets products for the cockpit; Electromobility, which develops and markets battery packs for utility vehicles and buses; and Body Works Kinematics, which develops and markets technical solutions for the moving parts of the automobile body, both exterior and interior.
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