MATELAN Research - ISRA VISION AG

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ISRA VISION In-Depth Report Strongly diversified industry presence Crisis has given consolidation a further push Cognex is still ISRA’s main competitor - 22 - Revenue composition by customer industry 13% 15% 8% Source: MATELAN estimates, FY 2010/11e 16% We had already pointed out that the industry outlook in segments such as metal and glass is slightly less favourable compared to automotive or electronics. ISRA is, however, performing excellently in these areas, which might be a reflection of the company’s global presence, allowing it to follow customers when re-locating capacities around the globe, and its strong market position in these segments, allowing it to beat the competition. Moreover, the strongly performing automotive industry still plays an important role for ISRA and with the acquisition of Graphikon, ISRA has now a solid exposure to the strongly growing solar industry. Overall, with its broad and rather balanced industry mix we see ISRA well positioned to benefit from market growth and somewhat protected against an economic downturn as the different industries react a different points in time. DIFFERENTIATING FROM THE COMPETITION 6% The global economic crisis left its traces in the competitive landscape of the machine vision markets. Particularly smaller companies were hit hard and the market has experienced an increase in consolidation as some companies went bankrupt, withdrew from market segments, or were taken over by larger competitors. Some of the smaller companies are still struggling for survival. With only limited funds left for the development and marketing of new products, they mainly cause pressure on prices for older and less sophisticated vision applications. The following table shows ISRA’s main competitors in the relevant markets. From this, it becomes clear that Cognex remains ISRA’s number one competitor, addressing five of ISRA’s seven target markets. Competition of the other companies confines to just one or two market segments. 21% 21% Metal Glass Plastics Automotive Paper Solar Print
ISRA VISION In-Depth Report Automotive Industry: � Smaller companies compete on prices � Cognex offers simple, Perceptron more complex systems � ISRA’s focus on complex 3D system seems to pay off � Tackling Cognex with new products - 23 - Main competitors in ISRA’s market segments Indust. Autom. Automotive Perceptron Cognex HGV VMT Quiss Inos Glass Dr. Schenk Takano Kubotech Orbotech Metal Cognex VAI Source: ISRA VISION, MATELAN Research Plastics Cognex Electr. Sys. Futec OCS Surface Vision Paper ABB Measurex Cognex Futec In the automotive industry, ISRA competes in particular with Cognex, Perceptron, VMT, HGV, Inos and Quiss. While Cognex and Perceptron compete against ISRA on a global basis, VMT, HGV, Inos and Quiss are local players in Europe. Their limited size and lower global reach made them more crises prone and they compete currently rather on prices than new product developments. Cognex offers less specialized systems for robot guidance and quality control, which can be either customized by system integrators or – because of their improved ease of use – by end users themselves. Perceptron, on the other hand is specialized on more complex three-dimensional applications. The company’s unique selling proposition was its application for three dimensional gauging which allows car manufacturers to compare the digitalized manufactured parts with their CAD master. As opposed to ISRA’s solutions, Perceptron’s applications base on laser technology, which is the most common technique for 3D scanning. ISRA has a broader portfolio of quality assurance and robot guidance applications along the whole production line. With price competition for the more simple applications increasing, ISRA has stopped marketing these applications actively and is more concentrating on the more complex, particularly three dimensional applications, which are more interesting from a margin perspective. Most recently, ISRA has managed to win a larger (‘in the double-digit million Euro range’) long-term framework contract for the supply of three-dimensional applications to a Southern German car manufacturer. According to mgmt, this contract includes the supply of three dimensional car-body gauging, which is based on ISRA’s digital image processing technology and - just like Perceptron’s - allows car manufacturers to make the critical CAD comparison. ISRA uses its two own sensors for this, which include a digital camera and a projector. The software used was developed by Metronom, a company which ISRA had taken over a few years ago just for this reason. We expect that ISRA will use this first marketing success as entry ticket to win further customers and thus tackle Perceptron on this side. In addition, mgmt has announced that from FY2011/12 onwards it will offer four ‘ready to use’ 3D applications for simpler tasks, which include a selfdeveloped sensor as well as the software. These will compete against Cognex’s applications and it will be interesting to see if ISRA will be able to Solar Dr. Schenk Cognex ATM Vision GP Solar KLA Tecnor Intego Vitronic Print AVT BST Eltromat
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MATELAN Research - ISRA VISION AG

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