ISRA VISION Buy EUR 26.00 - ISRA VISION AG

ISRA VISION
Sales development
in EUR m
Sales by regions
2011; in %
EBIT development
in EUR m
Source: Warburg Research
Source: Warburg Research
Source: Warburg Research
Company Background
• Global leader in concentrated niche markets for optical surface inspection systems such as flat glass inspection, metals inspection or
paper inspection. European leader in 3D machine vision.
• These systems have very short amortisation periods of typically less than 6 months due to significant cost savings and yield
improvements.
• ISRA VISION's track record of generating 2-digit sales growth and 2-digit EBIT margins is impressive driven by a largely untapped
market (penetration only c. 15-20%) and a strong trend towards automation.
• Management’s interest are aligned with shareholder’s interests as the CEO owns 25% of the company.
Competitive Quality
• Strong competitive position based on ISRA VISION's relatively large size as well as over 6,000 reference installations, differentiating
the company from competition.
• Key customers are large, globally active blue chip industrial companies who value the one-stop-shop approach which few apart from
the larger suppliers can deliver
• Strong global sales and service network, which is constantly extended
• Competitive defence due to high R&D expenditure
• Diversification by technology, industry and region limits the dependency in weak economic periods, as evidenced by the company’s
double-digit EBIT margin even in crisis year 2008/09.
EBT development
in EUR m
Sales by segments
2011; in %
Net income development
in EUR m
Source: Warburg Research
Source: Warburg Research
Source: Warburg Research
F U L L N O T E Published 25.10.2012 2