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