Template for HA Research Notes - ISRA VISION AG

More documents

Recommendations

Info

ISRA Vision Cash flow statement (EUR m) 2006/07 2007/08 2008/09 2009/10 2010/11E 2011/12E 2012/13E Net profit/loss 5.5 8.0 6.4 7.0 8.2 9.7 11.7 Depreciation of fixed assets (incl. leases) 0.5 0.6 0.6 0.6 0.9 1.1 1.7 Amortisation of goodwill 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Amortisation of intangible assets 4.3 5.0 5.4 5.5 6.2 6.4 6.7 Others -3.0 0.8 4.3 5.2 0.0 0.0 0.0 Cash flow from operations before changes in w/c 7.3 14.4 16.7 18.4 15.2 17.2 20.1 Increase/decrease in inventory -3.2 -1.3 2.2 0.4 -2.0 -2.2 -2.8 Increase/decrease in accounts receivable -5.1 -7.9 2.0 -10.9 0.1 -1.6 -3.5 Increase/decrease in accounts payable 7.6 1.1 -4.5 -0.2 1.0 1.1 1.4 Increase/decrease in other working capital positions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Increase/decrease in working capital -0.6 -8.1 -0.3 -10.6 -0.9 -2.7 -4.9 Cash flow from operating activities 6.7 6.4 16.4 7.7 14.3 14.5 15.2 CAPEX 8.5 9.0 8.9 8.3 9.0 9.3 10.4 Payments for acquisitions 17.9 13.5 1.9 1.6 0.0 0.0 0.0 Financial investments 0.0 0.0 0.0 0.2 0.0 0.0 0.0 Income from asset disposals 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash flow from investing activities -26.3 -22.5 -10.8 -10.2 -9.0 -9.3 -10.4 Cash flow before financing -19.6 -16.1 5.5 -2.4 5.3 5.2 4.8 Increase/decrease in debt position 27.2 9.0 -9.2 4.7 0.0 0.0 0.0 Purchase of own shares 0.0 0.5 0.6 0.6 0.0 0.0 0.0 Capital measures 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Dividends paid 0.7 0.7 0.6 0.7 0.9 0.9 1.1 Others 0.3 -1.5 -0.4 -0.4 0.0 0.0 0.0 Effects of exchange rate changes on cash -0.4 0.0 -0.1 0.3 0.0 0.0 0.0 Cash flow from financing activities 26.8 6.3 -10.8 3.0 -0.9 -0.9 -1.1 Increase/decrease in liquid assets 6.8 -9.7 -5.4 0.9 4.4 4.3 3.7 Liquid assets at end of period 22.3 12.5 7.2 8.0 12.5 16.8 20.5 Source: Company data, Hauck & Aufhäuser Regional split (EUR m) 2006/07 2007/08 2008/09 2009/10 2010/11E 2011/12E 2012/13E Domestic 0.0 0.0 15.6 15.1 16.2 17.2 19.7 yoy change n/a n/a n/a -3.4 % 7.4 % 6.3 % 14.8 % Rest of Europe 28.0 34.3 11.2 15.3 17.9 20.1 23.4 yoy change 21.4 % 22.4 % -67.5 % 37.2 % 17.2 % 11.9 % 16.5 % NAFTA 10.9 10.2 8.4 10.0 11.7 13.1 14.7 yoy change -6.1 % -6.3 % -17.2 % 19.0 % 16.7 % 11.9 % 11.8 % Asia Pacific 12.4 23.8 23.0 24.5 28.3 33.7 39.3 yoy change -4.8 % 92.1 % -3.5 % 6.4 % 15.8 % 18.8 % 16.8 % Rest of world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 yoy change n/a n/a n/a n/a n/a n/a n/a TTL 51.3 68.3 58.2 64.8 74.1 84.0 97.1 yoy change 7.5 % 33.1 % -14.8 % 11.5 % 14.3 % 13.3 % 15.5 % Source: Company data, Hauck & Aufhäuser 28 Hauck & Aufhäuser Institutional Research
ISRA Vision Key ratios (EUR m) 2006/07 2007/08 2008/09 2009/10 2010/11E 2011/12E 2012/13E P&L growth analysis Sales growth 7.5 % 33.1 % -14.8 % 11.5 % 14.3 % 13.3 % 15.5 % EBITDA growth -26.7 % 70.1 % -18.4 % 16.2 % 17.0 % 14.6 % 16.5 % EBIT growth -36.7 % 110.3 % -28.4 % 24.0 % 18.3 % 19.3 % 18.1 % EPS growth -22.1 % 48.8 % -13.5 % 6.5 % 16.5 % 19.0 % 19.9 % Efficiency Total operating costs / sales 38.9 % 33.5 % 35.6 % 35.2 % 34.9 % 33.8 % 34.3 % Sales per employee 179.0 203.2 154.9 170.0 176.8 183.9 191.2 EBITDA per employee 38.2 55.4 40.5 46.3 51.4 54.0 57.2 Balance sheet analysis Avg. working capital / sales 70.2 % 64.2 % 79.6 % 77.4 % 73.4 % 66.9 % 61.9 % Inventory turnover (sales/inventory) 3.2 4.0 3.9 4.6 4.6 4.6 4.6 Trade debtors in days of sales 225.3 202.0 232.9 263.8 230.0 210.0 195.0 A/P turnover [(A/P*365)/sales] 87.3 93.1 69.2 84.4 84.4 84.0 86.0 Cash conversion cycle (days) 369.1 302.7 359.1 348.4 315.8 295.5 282.0 Cash flow analysis Free cash flow -1.7 -2.6 7.4 -0.6 5.3 5.2 4.8 Free cash flow/sales -3.4 % -3.8 % 12.8 % -0.9 % 7.1 % 6.2 % 5.0 % FCF / net profit -34.2 % -34.6 % 115.2 % -8.6 % 64.7 % 53.2 % 41.4 % FCF yield -2.3 % -3.5 % 10.1 % -0.8 % 7.0 % 6.8 % 6.4 % Capex / depn 176.5 % 158.8 % 150.4 % 138.7 % 127.7 % 124.5 % 122.8 % Capex / maintenance capex 11.6 % 11.6 % 11.1 % 9.3 % 9.3 % 9.9 % 10.2 % Capex / sales 16.5 % 13.2 % 15.3 % 13.2 % 12.2 % 11.1 % 10.7 % Security Net debt 7.1 25.8 22.0 26.5 22.0 17.7 14.0 Net Debt/EBITDA 0.6 1.4 1.4 1.5 1.1 0.7 0.5 Net debt / equity 0.1 0.3 0.3 0.3 0.2 0.2 0.1 Interest cover 999.0 6.5 8.2 12.2 11.9 11.6 13.7 Dividend payout ratio 12.7 % 8.5 % 9.9 % 12.4 % 10.6 % 11.2 % 11.2 % Asset utilisation Capital employed turnover 0.5 0.6 0.5 0.5 0.5 0.6 0.6 Operating assets turnover 1.2 1.4 1.2 1.1 1.3 1.4 1.5 Plant turnover 18.5 25.8 21.6 23.1 28.6 37.7 72.6 Inventory turnover (sales/inventory) 3.2 4.0 3.9 4.6 4.6 4.6 4.6 Returns ROCE 7.2 % 11.7 % 8.0 % 9.5 % 10.4 % 11.6 % 12.8 % ROE 7.5 % 10.2 % 8.0 % 7.9 % 8.5 % 9.2 % 10.1 % Other Interest paid / avg. debt 0.0 % 5.9 % 3.4 % 3.0 % 3.3 % 4.1 % 4.1 % No. employees (average) 287 336 376 382 402 438 482 Number of shares 4.3 4.3 4.3 4.3 4.3 4.3 4.3 DPS 0.2 0.2 0.2 0.2 0.2 0.3 0.3 EPS reported 1.18 1.76 1.52 1.62 1.88 2.24 2.69 Valuation ratios P/BV 1.1 1.0 0.9 0.9 0.8 0.7 0.7 EV/sales 1.6 1.5 1.7 1.6 1.3 1.1 0.9 EV/EBITDA 7.7 5.5 6.4 5.8 4.8 4.0 3.3 EV/EBITA 8.1 5.7 6.7 6.1 5.0 4.2 3.5 EV/EBIT 13.7 7.9 10.6 9.0 7.3 5.9 4.8 EV/FCF -48.1 -39.1 13.1 -172.1 18.8 18.4 18.9 Dividend yield 0.9 % 0.9 % 0.9 % 1.1 % 1.1 % 1.4 % 1.7 % Source: Company data, Hauck & Aufhäuser 29 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 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: ISRA Vision Balance sheet (EUR m) 2
Page 31 and 32: ISRA Vision Important Disclosures T

Template for HA Research Notes - ISRA VISION AG

Create successful ePaper yourself

Delete template?

Save as template?