MATELAN Research - ISRA VISION AG

ISRA VISION In-Depth Report
CASH FLOW
0001
EURm 2008 2009 2010 2011e 2012e 2013e 2014e 2015e
EBIT 12.9 9.3 11.5 13.8 16.4 17.8 19.6 21.4
Depreciation and amortization 5.7 5.9 6.2 7.0 7.3 7.6 8.1 8.5
Change in other provisons 0.1 0.2 -0.2 0.3 0.2 0.1 0.2 0.2
Change in working capital -8.1 -0.3 -10.6 -3.1 -5.9 -3.1 -4.0 -4.3
Change in other assets & liabilities -2.5 -0.1 0.0 -1.7 -0.1 0.9 0.0 0.6
Financial result -1.5 -1.0 -0.9 -0.9 -0.9 -0.8 -0.8 -0.8
Extraordinary result 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxes -1.7 1.4 0.9 -4.0 -4.8 -5.2 -5.8 -6.4
Cash flow from operating activities 4.91 15.36 6.86 11.43 12.27 17.14 17.14 19.20
Net investments in intangible assets -8.5 -8.3 -7.9 -8.0 -9.1 -8.7 -9.4 -10.1
Net investments in tangiblel assets -0.5 -0.7 -0.5 -0.6 -0.7 -0.7 -0.7 -0.8
Net investments in financial assets 0.0 0.0 -0.2 0.0 0.0 0.0 0.0 0.0
Net investments in other fix assets -13.5 -1.9 -1.6 -2.1 0.0 0.0 0.0 0.0
Cash flow from investing activities -22.5 -10.8 -10.2 -10.7 -9.8 -9.4 -10.1 -10.8
Change in financial liabilities 9.0 -9.2 4.7 -3.1 -3.0 -6.1 -5.9 -5.8
Change in shareholder's equity -0.5 0.0 -0.1 0.0 0.0 0.0 0.0 0.0
Change in pensions and similar prov. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Dividend payments -0.7 -0.6 -0.7 -0.7 -0.7 -0.7 -0.7 -0.7
Other / Consolidation / Currency 0.0 -0.1 0.2 0.0 0.0 0.0 0.0 0.0
Cash flow from financing activities 7.9 -9.9 4.2 -3.7 -3.6 -6.7 -6.6 -6.5
Cash at the beginning of period 22.3 12.5 7.2 8.0 5.0 3.9 4.8 5.3
Change in cash -9.7 -5.4 0.9 -3.0 -1.1 1.0 0.4 1.9
Cash at the end of period 12.5 7.2 8.0 5.0 3.9 4.8 5.3 7.2
GROWTH
2008 2009 2010 2011e 2012e 2013e 2014e 2015e
Sales 33.1% -14.8% 11.5% 15.5% 10.0% 6.0% 6.0% 6.0%
EBITDA 70.1% -18.4% 16.3% 17.9% 13.8% 7.0% 8.9% 8.5%
EBIT 110.3% -28.4% 24.0% 20.3% 18.5% 8.5% 10.1% 9.4%
Net profit 48.0% -14.7% 7.5% 28.0% 19.8% 9.1% 10.8% 9.9%
MARGINS
2008 2009 2010 2011e 2012e 2013e 2014e 2015e
Gross 58.0% 57.8% 58.6% 59.4% 59.2% 59.2% 59.7% 60.0%
EBITDA 24.4% 23.0% 24.3% 25.1% 25.9% 26.4% 27.1% 27.7%
EBIT 16.9% 14.1% 15.8% 16.7% 17.9% 18.5% 19.2% 19.8%
Net 10.5% 9.7% 9.6% 10.8% 11.7% 12.2% 12.7% 13.1%
PROFITABILITY
2008 2009 2010 2011e 2012e 2013e 2014e 2015e
RoE 10.6% 7.9% 7.9% 9.3% 10.0% 9.9% 9.9% 9.9%
RoA 7.5% 7.5% 7.7% 5.9% 6.6% 6.9% 7.3% 7.6%
RoCE 10.7% 10.1% 10.5% 7.8% 8.6% 9.0% 9.5% 10.0%
CAPITAL STRUCTURE
2008 2009 2010 2011e 2012e 2013e 2014e 2015e
Equity ratio 50.6% 57.3% 54.8% 58.0% 61.0% 65.0% 69.0% 72.7%
Gearing 34.1% 27.1% 30.0% 27.3% 23.0% 14.9% 8.6% 2.4%
Average interest 6.2% 4.5% 3.3% 3.4% 3.5% 4.9% 7.5% 23.8%
Asset turnover 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
Net working capital / sales 98.6% 118.5% 133.7% 122.2% 122.7% 121.5% 121.6% 121.7%
Receivables days outstanding 202 233 264 245 245 243 243 244
Payables days outstanding 44 33 40 43 43 43 43 43
VALUATION
2008 2009 2010 2011e 2012e 2013e 2014e 2015e
Share price 6.0 11.6 17.1 17.4 17.4 17.4 17.4 17.4
x No of shares 4.3 4.3 4.4 4.3 4.3 4.3 4.3 4.3
= Market Cap 25.9 49.4 74.9 75.4 75.4 75.4 75.4 75.4
+ Net debt 25.8 22.0 26.5 26.4 24.6 17.5 11.1 3.4
+ LT provisions 1.8 1.8 1.9 2.2 2.4 2.5 2.7 2.8
+ Minorities 1.2 0.8 0.8 0.8 0.8 0.8 0.8 0.8
- Participations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.0
=Enterprise Value 54.7 73.9 104.0 104.7 103.1 96.2 90.0 81.4
EV / Sales 0.8 1.3 1.6 1.4 1.3 1.1 1.0 0.8
EV / EBITDA 2.9 4.9 5.9 5.0 4.4 3.8 3.3 2.7
EV / EBIT 4.2 8.0 9.1 7.6 6.3 5.4 4.6 3.8
PE 3.4 7.6 10.6 8.5 7.1 6.5 5.9 5.3
Dividend yield 2.5% 1.3% 1.2% 1.2% 1.3% 1.3% 1.4% 1.5%
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