Template for HA Research Notes - ISRA VISION AG

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ISRA Vision • ThyssenKrupp, one of ISRA Vision’s customers in the metals segment, on May 23, 2011, said it is planning to invest € 300m in three of its German sites to modernize the hot rolled manufacturing equipment, saying it mainly focuses on the improvement of the quality of the steel product while the investments are not expected to increase the total annual output. • DuPont, a customer, said it will invest € 12m this year in its German sites, to improve the efficiency of internal logistics and to introduce further automised robotics. 14 Hauck & Aufhäuser Institutional Research
ISRA Vision ROCE Decomposition Strong balance sheet ISRA Vision’s total assets of € 161m at the end of fiscal 2009/10 (30.9.2010) are mainly • Fixed assets (€ 84m, 52% of total assets), thereof o intangible assets of € 80.4m (50% of total asset), of which goodwill accounts for € 37m or 23% of total assets (mainly resulting from the acquisitions carried out in the past), internally produced and capitalised assets (€ 28m, 17% of total assets) and software and licenses (€ 15m, 9% of total assets). • Inventory and accounts receivable account for 38% of total assets. • Assets are financed to a large extent by equity (€ 88m, 54.4% of total assets) and • Bank debt (21%). • The equity ratio is 54% and 31% adjusted for goodwill. Balance sheet - Assets 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: company data, Hauck & Aufhäuser Other assets Fixed Assets Accounts Receivables Inventories Liquid Assets 2009/10 Balance sheet - Liabilities Source: company data, Hauck & Aufhäuser Solvency ISRA Vision’s solvency looks set to improve further, driven by the expected rising cash generation. Net debt / EBITDA looks set to decline in the foreseeable future to levels below 1x with interest cover at very comfortable levels of 12.8x by 2011/12E. Solvency 100% 80% 60% 40% 20% 0% 100% 2006/07 2007/08 2008/09 2009/10 2010/11E 2011/12E 2012/13E Net gearing (%) Equity ratio (%) Net debt / EBITDA (x) Source: company data, Hauck & Aufhäuser 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 4.0x 3.0x 2.0x 1.0x 0.0x Other liabilities Acct. payables Provisions Interest bearing liabilities Equity 2009/10 15 Hauck & Aufhäuser Institutional Research
Page 1 and 2: ISRA Vision Germany - High-tech Eng
Page 3 and 4: ISRA Vision Company background Prod
Page 5 and 6: ISRA Vision o In the metals industr
Page 7 and 8: ISRA Vision ISRA Vision - Regional
Page 9 and 10: ISRA Vision Reasons to invest in au
Page 11 and 12: ISRA Vision ISRA Vision - division
Page 13: ISRA Vision ISRA Vision - Quarterly
Page 17 and 18: ISRA Vision Cash flow analysis 90%
Page 19 and 20: ISRA Vision Valuation The valuation
Page 21 and 22: ISRA Vision Company background Busi
Page 23 and 24: ISRA Vision ISRA Vision France in L
Page 25 and 26: ISRA Vision Shareholder structure T
Page 27 and 28: ISRA Vision Balance sheet (EUR m) 2
Page 29 and 30: ISRA Vision Key ratios (EUR m) 2006
Page 31 and 32: ISRA Vision Important Disclosures T

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