paragon - Growing pains at Voltabox
H119 results reflected reasonably robust sales by the Automotive segments. However, despite strong H119 sales growth, Electromobility developed more slowly than expected, with H219 facing contract delays and supply chain issues. As a result, management greatly reduced group guidance in August. Voltabox is now expected to incur losses this year as opposed to moving to healthy profitability. We have cut our FY19 estimates accordingly and assume a lower growth path in FY20 as management focuses on resolving the issues. The need to start executing to plan is clear in order to rebuild investor confidence and improve liquidity.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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