Template for HA Research Notes - ISRA VISION AG

ISRA Vision
By end markets, Cognex claims a leading position as a supplier to the
semiconductor and electronics industries since its inception in the early 1980s
as a provider of wafer ID solutions. Since then, Cognex has expanded its
offerings into all industries and provides specific solutions for the food and
beverage sectors, packaging industry, solar production and vision guided
robotics solutions.
Perceptron, USA, Foundation in 1981; Market cap €39.3m;
Employees 223
Perceptron was founded as a supplier of high technology, laser-based, noncontact
measurement systems for industrial manufacturers to reduce process
variation that occurs in the manufacturing process. Today Perceptron has two
diverse lines of business – the Industrial Business Unit and the Commercial
Products Business Unit.
The Industrial Business Unit provides highly-configurable measurement
solutions that are used by manufacturers to monitor part quality. Perceptron
primarily supplies to the automotive industry, mainly to assembly and
fabrication plants.
The Commercial Products Business Unit was formed to diversify Perceptron’s
experience into different market segments. Perceptron’s first commercial
product was initially launched in the spring of 2007. In strategic partnerships
with Snap-on, Rothenberger, Greenlee and Bosch, Perceptron sells visual
inspection products and a line of accessories to mechanics, plumbers,
electricians, heating & cooling contractors, and construction trades people
along with do-it-yourself homeowners.
Additionally, the company offers value-added services comprising training,
field services, launch support services, consulting services, maintenance
agreements, repairs, and software tools. The company operates in the
Americas, Asia and Europe.
AVT, Israel; Foundation in 1992; Market cap €24,6m;
Employees 205
Advanced Vision Technology Ltd. seems to be competitor only in the print end
market. AVT provides products for automatic inspection of printed materials
and press control, closed loop colour control, colour management, and
reporting software. The company's main product is used to automatically
detect defects and variations unrecognisable by the human eye in various
printing processes. AVT's vision inspection systems improve output quality
and labour efficiency, and reduce material waste. Further, installation, training
and support services are offered. Advanced Vision Technology sells its
products directly to end users as well as through distributors and strategic
partners in the United States and Europe.
Elexis AG, Germany; Foundation in 1995; Market cap €180.3m;
Employees 776
Elexis AG manufactures and sells industrial automation systems. Elexis seems
to compete vs. ISRA Vision only in its printing division. Its Factory Automation,
Steel, and Printing division involves the manufacture and sale of web and strip
guiding systems that automatically control the strip running of fast moving
materials, such as metal, paper, foil, and rubber. The company’s Factory
Automation, Plastics division produces automated handling systems for fast
moving production processes, which ensure the material flow of moulded
plastic components. It sells its products in Europe, America and Asia. On May
9, 2011, SMS Group, a private group manufacturing machinery and complete
plants for the steel and plastics extrusion industries, placed a takeover bid of €
19 per Elexis share. The offer price values Elexis at 13.3x PER 2011E and
6.8x EV/EBIT 2011E, based on our assumptions.
24 Hauck & Aufhäuser Institutional Research