Vectron Systems AG

Vectron Systems AG
Peer group company data
Company name Market EV
Source: CBS Research AG, Bloomberg
Peers summary – short overview
Our peer group consists of three international companies that operate in similar
business segments and geographic markets as Vectron.
MICROS Systems, Inc is a leading worldwide designer, manufacturer, marketer
and servicer of enterprise information solutions for the global hospitality and
specialty retail industries. The information solutions consist of application specific
software and hardware systems, supplemented by a wide range of services. Along
with Hotel information systems, the company offers restaurant systems including
full-featured POS applications, hardware, and support services. MICROS has
traditionally strong roots in the hotel and resort industry. Compared to Vectron the
company has a much broader business scope and a well-established international
business and targets mainly on hotel and resort as well as retail industries. In FY
2008 ended 30 June 2008, the company achieved sales of USD 954.2m. For the
first half of the ongoing FY, MICROS posted an increase in revenues by 4.7% to
USD 482.0m and achieved a net income after taxes of USD 52.0m.
Radiant Systems Inc, headquartered in Atlanta, USA, engages in the
development, installation, and delivery of solutions for managing site operations in
the hospitality and retail industries. The company operates through two segments:
Hospitality and Food Service and Petroleum and Convenience. Radiant pursues an
international business strategy with offices all around the world. In January 4, 2008,
Radiant acquired Quest Retail Technology, a global provider of point of sale and
back office solutions to stadiums, arenas, convention centers, race courses, theme
parks, restaurants, bars and clubs. For the FY 2008, the company reported an
increase in revenues by 19% to USD 301.6m and a net income of USD 11.0m.
Overall, the company generates revenues in business areas which are not directly
related to Vectron´s business.
Wincor Nixdorf AG is a Germany-based company that provides information
technology (IT) solutions for the retail and banking sectors. The Company's
portfolio of products and services includes hardware, software and consulting
services. The company‟s focus is the production of Automated Teller Machines and
POS-Terminals. The company distributes most of its products through its own sales
organization, although it does also make use of external sales and cooperation
www.cbseydlerresearch.ag
cap. 2009E 2010E 2009E 2010E 2009E 2010E 2009E 2010E
Vectron Systems AG (estimates by CBSR): EUR m 21.9 20.8 0.04 0.89 0.3 1.9 1.7 3.2 20.2 23.2
MICROS SYSTEMS INC USD m 1,671.1 1,345.6 1.27 1.25 146.3 140.0 157.67 149.50 937.78 917.38
RADIANT SYSTEMS INC USD m 188.5 36.0 0.55 0.70 27.6 34.6 36.10 46.60 277.67 307.00
WINCOR NIXDORF AG EUR m 1,386.9 185.0 3.80 3.82 183.0 190.8 237.74 241.00 2,247.16 2,254.22
Average 1,082.2 522.2 n/m n/m 119.0 121.8 143.8 145.7 1,154.2 1,159.5
Median 1,386.9 185.0 n/m n/m 146.3 140.0 157.7 149.5 937.8 917.4
Company name
EPS (EUR) EBIT EBITDA
Net margin EBIT margin EBITDA margin Sales growth
2009E 2010E 2009E 2010E 2009E 2010E 2009E 2010E
Vectron Systems AG (estimates by CBSR): 10.8% 0.3% 16.1% 1.5% 22.0% 8.3% -7.2% -14.5%
MICROS SYSTEMS INC 11.0% 10.9% 15.6% 15.3% 16.8% 16.3% -1.7% -2.2%
RADIANT SYSTEMS INC n.a. 7.8% 9.9% 11.3% 13.0% 15.2% -7.9% 10.6%
WINCOR NIXDORF AG 5.4% 5.4% 8.1% 8.5% 10.6% 10.7% -3.1% 0.3%
Average 8.2% 8.1% 11.2% 11.7% 13.5% 14.1% -4.2% 2.9%
Median 8.2% 7.8% 9.9% 11.3% 13.0% 15.2% -3.1% 0.3%
Sales
Our peer group consists of:
MICROS Systems
Radiant Systems
Wincor Nixdorf
Close Brothers Seydler Research AG | 8