Edison Investment Research Limited 
Edison Investment Research Limited: Riber (ALRIB): Key enabler of compound semiconductors 
28-Jun-2021 / 09:17 GMT/BST 
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London, UK, 28 June 2021 
 
Riber (ALRIB): Key enabler of compound semiconductors 
Demand for Riber's molecular beam epitaxy (MBE) is supported by exposure to key structural trends such as demand for 
faster data, next-generation displays and the proliferation and evolution of sensors to support greater automation and 
intelligence (Industry 4.0). We expect that management's focus on growing revenues from services to the large installed 
base will support profit recovery in FY21. A relaxation in export controls or a major evaporator order would 
potentially represent upside to our estimates and could drive share price appreciation. 
 
At current levels, the shares are trading at a discount to the mean of its peers (Aixtron and Veeco) with respect to 
prospective EV/sales and EV/EBITDA multiples (eg year one EV/EBITDA 13.9x vs 19.3x). We believe that this level of 
discount is justified given Riber's smaller market capitalisation and lower margins. However, we see scope for share 
price appreciation if higher than anticipated numbers of MBE system orders, which could be catalysed by a relaxation of 
export controls, or receipt of a major evaporator order drive estimate and margin upgrades. 
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1212667 28-Jun-2021


 
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(END) Dow Jones Newswires

June 28, 2021 04:17 ET (08:17 GMT)