Riber - Weak evaporator market affects H119
A strong uptick in MBE system deliveries only partly offset a reduction in evaporator revenue during H119, resulting in a 17% y-o-y drop in Riber’s sales overall and a shift from €2.8m operating profit in H118 to €0.5m operating loss. Noting the relatively low gross margin in H119 and continued weak demand for evaporators, we have reduced our FY19 and FY20 PBT estimates by 59% and 33% respectively. We see scope for share price appreciation as investors gain confidence that Riber can convert the strong MBE system order book into a sustainable profit recovery.Riber and its subsidiaries are engaged in the design, produce, sale and maintain molecular beam epitaxy (MBE) systems as well as evaporation sources and cells for the semiconductor industry. In addition to MBE systems, a comprehensive range of MBE related-components is also available. These equipments are essential for the manufacturing of compound semiconductor materials and new materials that are used in numerous consumer applications, from new information technologies to Organic Light-Emitting Diode flat screens and new generation thin layer solar cells.
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