reports
- Thomas J. Schiessle
2018 mit ca. 40 % Wachstum - Guidance auf EQUI.TS-Prognosepfad - + Akq...
Der Trend ist klar: Zunehmend profitiert das Unternehmen von seinen jungen Geschäftsbereichen Elektromobilität („EM“) und Karosserie-Kinematik („K-K“): Die Massenproduktion für Batteriemodule (AGV`s; Gabelstapler) und 5Ah-Starterbatterien für Motorräder wurde etabliert. Für 2018 wird ein Voltabox-Jahresumsatz von € 60 Mio. (+140 % ggü. Vj.) avisiert. Für 2018 wird der „K-K“-Segment-Erlös vom zugekauften Umsatz (ca. € 24 Mio.) profitieren. Das dritte Segment Elektronik („E“) könnte sich u.E. 201...
paragon - On track to meet FY17 guidance
Following recent corporate events, we believe the market is familiar with the paragon growth story. Based on 9M17 results, both paragon and its 60%-owned subsidiary Voltabox are on track to achieve management’s FY17 guidance. Adjusting for Voltabox, paragon’s implied FY17e EV/sales multiple of 0.93x for the electronics and mechanics segments is comparable to peers. Our revenue and earnings estimates are largely unchanged and broadly in line with consensus as we wait for more details on the p...
- Thomas J. Schiessle
Q1/17 wie erwartet - Vorbereitungen für e-Mobility-Sprung in 2018 wer...
Das Q1/17 traf die Erwartungen im operativen Bereich und auch die Vorbereitungen für die künftigen Wachstumsschritte kommen gut voran. Paragon ist auf Rekordfahrt und erobert Marktanteile - bis 2020e will man den Jahresumsatz in etwa verdoppeln. Die Orderentwicklung scheint zunehmend dynamischer zu werden (lt. CEO erreichte der KPI „Langfrist-Auftragslage“ €1.400 Mio. - gute Visibilität). Der Treiber ist das Segment E-Mobility (Voltabox). Dort werden Batteriemodule für den Einsatz in F...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Thomas J. Schiessle
E-Mobility treibt Wachstum, 17er Guidance steigt
Der erfreuliche Umsatzzuwachs hielt auch im Q3/16 an; der steigende Expansionsaufwand wurde durch Skalen- und Mixeffekte überkompensiert. Die Barkapitalerhöhung bringt ca. € 13 Mio. für Erweiterungsinvestitionen. Voltabox wächst aktuell mit ca. 100 %! Die Übernahme von Partner Joy Global durch Komatsu wirkt bereits positiv. Die offizielle Guidance2016 hat weiter Bestand, dafür muss das Q4/16 kräftig wachsen, was uns realistisch erscheint.Die Guidance für 2017 wird leicht angehoben (Ums...
Anhaltende Investitionen nötig – Plan-EBIT-Wachstum gedrückt
​Wie das Q1/16, so auch das Q2/16: erfreulicher Umsatzzuwachs bei steigendem Expansionsaufwand. Die offizielle Guidance (2016 Umsatz: ca. +8%; EBIT-Marge: ca. 9 %) hat Bestand; es wird allerdings auf anhaltende Investitionen verwiesen, was u.E. EBIT-Marge „kostet“ - wir reduzieren leicht unsere Schätzung für 2016
Update: €1bn lifetime order backlog poised for delivery
paragon’s full year results highlighted the substantial progress the group has made in both its historic core businesses and the new divisions. With record sales, operating profit and an order book in excess of €1bn, the group has significant visibility over the next five years. 2016 is likely to be a year of more moderate growth ahead of a planned ramp-up in electromobility that will accelerate from 2017. With further potential catalysts anticipated as new product launches come to market, w...
Update: Trends support progress
paragon’s shares have performed strongly since our September 2015 initiation, supported by recent newsflow from CES 2016, Chinese smog concerns and electromobility. These all demonstrate that paragon is focused on current trends with further embedded growth potential, as highlighted by its December guidance for FY16 following recent strong Q3 figures across all divisions. The combination of substantial contract wins for the group’s Voltabox division and the ramp-up of the new US and Chinese ...
QuickView: Electrifying performance
paragon is set to deliver 22%, 44% and 46% three-year CAGR in revenues, PBT and EPS respectively, driven predominantly by substantial growth from the group’s move into electromobility and new product areas such as body kinematics. This is built on a strong core business in automotive electronics with a unique culture and development approach at the forefront of technological trends, many of which were exhibited by the group at IAA 2015. With few directly comparable peers that can match such gr...
Initiation: Electrifying performance
paragon is set to deliver 22%, 44% and 46% three-year CAGR in revenues, PBT and EPS respectively, driven predominantly by substantial growth from the group’s move into electromobility and new product areas such as body kinematics. This is built upon a strong core business in automotive electronics with a unique culture and development approach at the forefront of technological trends. With few directly comparable peers that can match such growth, we use a DCF valuation approach yielding a €3...
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