ISRA VISION Buy EUR 26.00 - ISRA VISION AG

ISRA VISION
Consolidated profit and loss
In EUR m 2007/08 2008/09 2009/10 2010/11 2011/12e 2012/13e 2013/14e
Sales 68.3 58.2 64.8 75.2 82.9 92.1 102.4
Change Sales yoy n.a. -14.8 % 11.5 % 15.9 % 10.3 % 11.1 % 11.1 %
COGS 32.5 28.2 30.5 34.9 39.4 44.3 49.0
Gross profit 35.8 30.0 34.3 40.2 43.5 47.8 53.4
Gross margin 52.4 % 51.6 % 52.9 % 53.5 % 52.5 % 51.9 % 52.1 %
Research and development 7.5 7.7 8.3 9.7 10.3 11.1 12.3
Sales and marketing 11.1 10.3 11.5 13.7 14.6 16.0 17.7
Administration expenses 4.4 3.8 3.8 4.2 4.4 4.8 5.3
Other operating expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other operating income 0.2 1.0 0.8 1.4 1.2 1.3 1.4
Unfrequent items 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 18.6 15.2 17.6 21.4 22.8 25.2 28.4
Margin 27.2 % 26.1 % 27.2 % 28.5 % 27.5 % 27.4 % 27.7 %
Depreciation of fixed assets 0.6 0.6 0.6 0.6 0.8 1.3 1.4
EBITA 18.0 14.6 17.0 20.8 21.9 23.9 26.9
Amortisation of intangible fixed assets 5.0 5.4 5.5 6.7 6.6 6.7 7.4
Goodwill amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBIT 12.9 9.3 11.4 14.1 15.4 17.2 19.5
Margin 18.9 % 15.9 % 17.6 % 18.8 % 18.6 % 18.7 % 19.0 %
EBIT adj. 12.9 9.3 11.4 14.1 15.4 17.2 19.5
Interest income 0.4 0.1 0.1 0.1 0.1 0.1 0.1
Interest expenses 2.0 1.1 0.9 1.1 1.0 1.0 1.0
Other financial income (loss) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBT 11.3 8.3 10.6 13.2 14.5 16.3 18.6
Margin 16.6 % 14.2 % 16.3 % 17.5 % 17.5 % 17.7 % 18.2 %
Total taxes 3.3 1.8 3.6 4.0 4.5 5.1 5.8
Net income from continuing operations 8.0 6.4 7.0 9.1 10.0 11.3 12.8
Income from discontinued operations (net of tax) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net income before minorities 8.0 6.4 7.0 9.1 10.0 11.3 12.8
Minority interest 0.4 0.0 0.1 0.1 0.1 0.1 0.1
Net income 7.6 6.5 6.9 9.1 9.9 11.2 12.8
Margin 11.1 % 11.1 % 10.6 % 12.1 % 12.0 % 12.1 % 12.5 %
Number of shares, average 4.3 4.3 4.3 4.3 4.4 4.4 4.4
EPS 1.76 1.52 1.61 2.09 2.27 2.56 2.92
EPS adj. 1.76 1.52 1.61 2.09 2.27 2.56 2.92
*Adjustments made for:
Guidance: At least EUR 80m sales in 2011/12.
Financial Ratios
2007/08 2008/09 2009/10 2010/11 2011/12e 2012/13e 2013/14e
Total Operating Costs / Sales 33.5 % 35.6 % 35.3 % 34.7 % 33.9 % 33.2 % 33.1 %
Operating Leverage n.a. 1.9 x 2.0 x 1.5 x 0.9 x 1.1 x 1.2 x
EBITDA / Interest expenses 9.3 x 13.4 x 18.7 x 19.6 x 22.3 x 24.7 x 27.8 x
Tax rate (EBT) 29.5 % 22.3 % 34.1 % 30.5 % 31.0 % 31.0 % 31.0 %
Dividend Payout Ratio 8.1 % 10.0 % 12.4 % 9.5 % 10.9 % 9.9 % 9.9 %
Sales per Employee 183,565 153,438 168,878 171,584 176,732 183,801 191,153
Sales, EBITDA
in EUR m
Operating Performance
in %
Performance per Share
Source: Warburg Research
Source: Warburg Research
Source: Warburg Research
F U L L N O T E Published 25.10.2012 32