MATELAN Research - ISRA VISION AG

More documents

Recommendations

Info

ISRA VISION In-Depth Report COMPANY PROFILE AND STRATEGY Global player with … … strong positions in key growth regions - 20 - STRONGLY POSITIONED IN KEY GROWTH REGIONS ISRA Vision is one of the leading providers for machine vision systems. The company was founded in 1985 and has its headquarters in Darmstadt, Germany. In total, the company has more than 20 subsidiaries, of which 11 are located in Europe (Germany 7, UK 2, Finland 1 and Italy 1), 7 in Asia (including two in China and one in India), 2 in North America and 1 in South America (Brazil). The latest addition is the glass centre in Tianjin, China. ISRA plans to open another subsidiary in Moscow soon. The company employs nearly 440 people. With approximately 40 employees, China has turned into ISRA’s second largest location after Germany. ISRA’s international structures are reflected in its composition of sales. Though Europe is still the most important market for the company with a sales share of 42%, Asia’s importance has increased significantly over the recent years, now accounting for approx. 38% of total sales. Overseas sales in total already account for more than half of the business. This is a significantly higher exposure to key growth regions compared to the market average (North America 12% and Asia 16%). Though the European market is expected to show a slightly higher growth rate in 2011, we would expect the overseas share to increase further over the medium term. It should also be noted that last year half of the European sales came from Germany, and half of the Asia/ROW sales came from China, which both currently offer the most interesting prospects in their respective regions. Revenue composition by regions 38% Source: MATELAN, FY2010/11e 20% 42% Europe America Asia / ROW
ISRA VISION In-Depth Report Global presence gives competitive advantage Expansion increased importance of surface vision Metal, glass and plastics have become ISRA’s most important segments - 21 - Basically there are four advantages arising from ISRA’s above average size and its higher degree of internationalisation compared to most machine vision companies. Firstly, development costs as percentage of total sales are lower, which facilitates investment in R&D. Secondly, services can be offered across the globe which is important as most manufacturer operate globally. Then, production re-allocation trends – such as the move of the solar industry to Asia can be followed and finally, the negotiation power towards suppliers is better, though ISRA’s size compared to its end customers is still small (which shows in still rather high receivables outstanding). BROAD DIVERSIFICATION ACROSS INDUSTRIES Within its organization, ISRA distinguishes between two segments: industrial automation and surface vision. The company’s structure is illustrated in the graph below. The first segment – industrial automation - encompasses ISRA’s robot guidance and quality vision applications. Having refrained from offering applications for the logistics and food industries where margins tend to be lower, the segment is now focused on the automotive industry, which used to be ISRA’s dominant activity before the company started the systematic expansion of its second segment, surface vision, over the past ten years. With a sales share of approximately 85%, surface vision today is clearly the most important segment. It encompasses seven industries for which ISRA is offering surface inspection systems at various points in their production processes. Company structure Indust. Autom. Automotive Glass Source: ISRA VISION Solar Plastics Surface Vision With a sales share of about 21% each, we expect the glass and the metal industry to be ISRA’s most important customer groups followed by the plastics industry, the automotive industry, the paper industry, the solar industry and the print industry. The solar segment is ISRA’s most recently formed business segment. It includes ISRA’s inspection applications for thinfilm solar modules, for solar parabolic mirrors as well as for Si-solar cells and modules. The latter encompasses the applications of Graphikon, which ISRA acquired last year. Print Specialty Paper Paper Metal
Page 1 and 2: MATELAN Research Closing price as o
Page 3 and 4: ISRA VISION In-Depth Report EXECUTI
Page 5 and 6: ISRA VISION In-Depth Report VALUATI
Page 7 and 8: ISRA VISION In-Depth Report Buildin
Page 9 and 10: ISRA VISION In-Depth Report Strong
Page 11 and 12: ISRA VISION In-Depth Report Economi
Page 13 and 14: ISRA VISION In-Depth Report China d
Page 15 and 16: ISRA VISION In-Depth Report Automot
Page 17 and 18: ISRA VISION In-Depth Report Future
Page 19: ISRA VISION In-Depth Report Further
Page 23 and 24: ISRA VISION In-Depth Report Automot
Page 25 and 26: ISRA VISION In-Depth Report � Dev
Page 27 and 28: ISRA VISION In-Depth Report Address
Page 29 and 30: ISRA VISION In-Depth Report FINANCI
Page 31 and 32: ISRA VISION In-Depth Report Low cap
Page 33 and 34: ISRA VISION In-Depth Report Double-
Page 35 and 36: ISRA VISION In-Depth Report Order e
Page 37 and 38: ISRA VISION In-Depth Report Sales a
Page 39 and 40: ISRA VISION In-Depth Report CASH FL
Page 41: ISRA VISION In-Depth Report ADDITIO

MATELAN Research - ISRA VISION AG

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?