Template for HA Research Notes - ISRA VISION AG
Template for HA Research Notes - ISRA VISION AG
Template for HA Research Notes - ISRA VISION AG
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<strong>ISRA</strong> Vision<br />
Cash flow analysis<br />
90%<br />
80%<br />
70%<br />
60%<br />
50%<br />
40%<br />
30%<br />
20%<br />
10%<br />
0%<br />
2006/07 2007/08 2008/09 2009/10 2010/11E 2011/12E 2012/13E<br />
w/c / sales (%) Cash conversion cycle (days)<br />
Source: company data, Hauck & Aufhäuser<br />
Operating efficiency<br />
Operating efficiency looks set to increase moderately going <strong>for</strong>ward, driven by<br />
rising capacity utilisation and increasing productivity in terms of sales per<br />
employee which is supported by 2-digit sales growth.<br />
Cost base and leverage<br />
100%<br />
80%<br />
60%<br />
40%<br />
20%<br />
0%<br />
2006/07 2007/08 2008/09 2009/10 2010/11E 2011/12E 2012/13E<br />
Opex / sales (%) Personnel costs / sales (%) Sales / Employee (€k)<br />
Source: company data, Hauck & Aufhäuser<br />
Capital employed turnover<br />
On the basis of <strong>ISRA</strong> Vision’s healthy average sales growth of 12% annually<br />
and declining working capital-to-sales ratio, sales growth looks set to exceed<br />
capital employed growth, resulting in rising capital turnover.<br />
400<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
300.0<br />
250.0<br />
200.0<br />
150.0<br />
100.0<br />
50.0<br />
0.0<br />
17 Hauck & Aufhäuser Institutional <strong>Research</strong>
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