Template for HA Research Notes - ISRA VISION AG

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