ISRA VISION Buy EUR 26.00 - ISRA VISION AG

ISRA VISION
ISRA VISION boasts a total of over 6,000 reference installations. These installations
are valued by customers in view of a system’s long lifetime and high total system costs
of several million Euros compared to only EUR 100k for a machine vision system. These
references are required to be specific with respect to a customer’s industry – such as
metals, glass, plastic, solar, paper, print etc. and automotive – and with respect to a
certain process step within this industry (e.g. pre-dryer, dryer, reeler etc. in a paper
manufacturing process).
Blue chip customer-list without overdependence. With the various and diverse
application areas of the product portfolio, a broad variety of industries are supplied by
ISRA VISION. The customer list includes mainly globally producing, blue-chip industrials
including Daimler, Audi, VW, Ford, GM, Nissan, Hyundai, Renault, Porsche, Volvo,
Saint-Gobain, NSG Group, Pilkington, Asahi Glass, Schott, Bosch, Q.Cells, Solarwatt,
Epcos, aleo, First Solar, JFE, Nippon Steel, Bao Steel, posco, riva, Corus,
ThyssenKrupp, ArcelorMittal, ChinaSteel, Constantia Packaging, MAN, UPM, M-real,
Kimberly-Clark, StoraEnso, International Paper, manroland, Du Pont, Bayer. No single
customer accounts for more than 2% of sales. ISRA VISION maintains long-term
(contractual) relationships with several customers, providing a high revenue visibility.
Regional split
ISRA VISION is headquartered in Darmstadt, Germany and is represented by its
international subsidiaries and offices worldwide. Marketing, finance, R&D, production
and purchase are located in Darmstadt. The site in Herten/Germany is ISRA VISION’s
main assembly site, also incorporating R&D activities. The company has an almost
balanced global revenue breakdown because of early international expansion, such as
ISRA VISION, Lansing, Michigan/USA or ISRA VISION France in Lyon.
ISRA VISION - Regional sales breakdown
Asia/ROW
32.4%
Germany
26.7%
Asia/ROW
37.7%
Germany
23.2%
2010/11 2009/10
Americas
21.7%
Europe excl.
Germany
19.3%
Americas
15.5%
Europe excl.
Germany
23.6%
Source: ISRA VISION, Warburg Research
The company is represented in 25 locations in 15 countries worldwide. Recently a
site in Moscow, Russia was added while a site in Indonesia is being planned. About 75%
of the workforce is located in Europe, about 15% in Asia and 10% in America.
Competitive Landscape
The highly fragmented machine vision market is characterised by a large number of
smaller players. The average size of a European machine vision company is 29
employees (ISRA VISION had 454 employees on average in 9M 2011/12). ISRA
VISION’s competitors vary depending on market segment, application niche and
geographic market.
Compared to smaller competitors, differentiation is based on size which enables
ISRA VISION to offer important services, a complete range of solutions e.g. inspection
systems at several relevant stages of a production process, and the respective industryrelated
know-how. Larger, listed competitors include Cognex (US, 2x larger based on
total revenues, however, in surface inspection which is ISRA VISION’s largest division,
F U L L N O T E Published 25.10.2012 8