Template for HA Research Notes - ISRA VISION AG

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ISRA Vision Table of Contents Company background 3 Investment case 4 Competitive Quality 4 Growth 6 Valuation 12 Theme 12 ROCE Decomposition 15 Valuation 19 Company background 21 Financials 26 Contacts: Hauck&Aufhäuser Investment Banking 32 2 Hauck & Aufhäuser Institutional Research
ISRA Vision Company background Products Industrial Automation Surface Vision Group Robot guidance systems for difficult tasks such as positioning, assembly (e.g. car glass or tires), handling or paint finishing. Visual Inspection of glass, foils, and plastics at high speeds or complex paint finished surfaces (such as car bodies, home appliances, components) - Control of objective criteria. Service accounts for c. 10% of sales. Average selling price per system € 150,000. Sales 2009/10 (€ m) 11.5 53.3 64.8 Sales share 18% 82% 100% End markets Market positions Customers Competitors Raw Materials Suppliers Sales split (2009/10) by regions... NAFTA 15% Rest of Europe 24% Corporate sites metal, glass, plastic, paper / specialty paper, automotive, print, solar & photovoltaics, packaging, film & foils, nonwovens ISRA Vision claims a global #1 position in surface inspection systems for continuous production processes and a European #1 in 3D machine vision systems. By markets, ISRA Vision claims a #1 position in glass, metal, plastics/nonwoven and automotive and a position among the top 3 in paper and solar glass. No single customer accounts for more than 2% of sales: Daimler, VW, Ford, GM, Nissan, Hyundai, Renault, Saint-Gobain, NSG Group, Pilkington, Asahi Glass, Schott, SolarWorld, WürthSolar, Q.Cells, Solarwatt, Epcos, aleo, First Solar, JFE, Nippon Steel, Bao Steel, posco, riva, Corus, ThyssenKrupp, ArcelorMittal, ChinaSteel, Constantia Packaging, MAN, UPM, M-real, Kimberly- Clark, StoraEnso, International Paper, manroland, Du Pont, Bayer Cognex, Perceptron, Advanced Vision Technology, Dr. Schenk, GP Solar, Vitronic, BST/Elexis, KLA Tencor, Orbotech, VAI/Voestalpine Asia Pacific, ROW 38% Germany 23% Personal computers, digital cameras, components Sony, various electronic component manufacturers Surface Vision 82% ... divisions... IndustrialAutomation 18% ...and customer industries Paper 14% Print 6% Plastics 18% Subsidiaries and offices in over 15 countries in Europe, North and South America and Asia. EBIT 2009/10 (€ m) 1.9 9.6 11.5 margin 16.3% 18.0% 17.7% ROCE n.a. n.a. 9.5% Source: company data, Hauck & Aufhäuser Metals 25% Source: H&A estimates Automotive 14% General Industries 2% Glass 21% 3 Hauck & Aufhäuser Institutional Research
Page 1: ISRA Vision Germany - High-tech Eng
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 and 14: ISRA Vision ISRA Vision - Quarterly
Page 15 and 16: ISRA Vision ROCE Decomposition Stro
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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