Edison Investment Research - Paragon Union Bhd (9407) Automation to drive enhanced returns

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Edison Investment Research

Roger Johnston

Automation to drive enhanced returns

Following a visit to paragon’s expanded Delbrück facility and the successful €50m bond issue, we have revisited and upwardly revised our medium-term growth and margin outlook for the group. With 2016 results having met forecasts despite some timing headwinds and future years underpinned by substantial contract wins across the electromobility division, we believe paragon is on the cusp of further accelerated growth. With proceeds from both the October 2016 capital increase and June 2017 bond issue being invested to support this accelerated growth, we raise our fair value to €82.1/share based on our updated DCF scenarios.

16/08/2017 16 EN

Underlying

Paragon Union Bhd

Paragon Union Berhad. Paragon Union Berhad is an investment holding company engaged in the provision of management services. The Company's segments include Automotive, which manufactures car carpets and components, and Commercial, which manufactures commercial carpets. The Company, through its subsidiaries, engages in the manufacturing and distribution of commercial carpets, rugs, automotive carpets and noise, vibration and harshness components. It is specialized in designing, manufacturing and sales of Axminster Carpet, Machine Tufted Carpet, Hand Tufted Carpet, Carpet Tiles and Carpet Rugs. It also specializes in designing, manufacturing and sales of Car Mats, Rear Shelf Trim, Pad Dash Panel, Trunk Floor Board, Insulator, Silencer, NVH Interior and Insulator Trim. In the commercial carpet sector, it serves five star hotels, commercial buildings, offices, and also mosque and government projects. It exports its carpets to Saudi Arabia, Bangladesh, Sri Lanka, Singapore, Vietnam and Cambodia, among others.

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MYL9407OO007 Malaysian Exchange Malaysia

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Roger Johnston

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Automation to drive enhanced returns

Paragon Union Berhad: 1 director

Ford Equity International Rating and Forecast Report

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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