Template for HA Research Notes - ISRA VISION AG

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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
ISRA Vision Shareholder structure The major shareholder, Enis Ersü, is the founder and CEO of ISRA Vision AG. The free float of 70% is calculated excluding the stakes of the CEO of Vision GbR. Other shareholdings are included in the free float. The company is publicly listed in the Prime Standard of the Frankfurt Stock Exchange. Shareholder structure other 55% Henderson 2% Argos 3% Vision GbR 5% Source: Bigdough, Hauck & Aufhäuser Fidelity 10% Enis Ersü (CEO) 25% 25 Hauck & Aufhäuser Institutional Research
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