Template for HA Research Notes - ISRA VISION AG

More documents

Recommendations

Info

ISRA Vision Growth Average sales growth of 14% (CAGR 2010/11E – 2012/13E) Potentially adressable market of € 3.2 bn, actual market size possibly well below € 1bn The potential size of the market for machine vision technology focused by ISRA Vision is estimated at € 3.2bn sales per year. By application, more than half of the market is due to surface vision technology, followed by robot vision technology and quality vision systems. Based on the assumption that currently only 15% - 20% of the potentially adressable market is yet penetrated, the actual addressable market size is assumed between € 480m - € 640m sales per year. Machine Vision market focused by ISRA Vision - potential of € 3.2 bn p.a. Surface Vision 56% Source: Company data; Hauck & Aufhäuser Robot Vision 27% Quality Vision 17% 2-digit market growth Growth rates of machine vision technology vary by subsectors, but are typically assumed to be in the low 2-digit range, between c. 10% - 15% levels, driven by the substantial cost savings and quality improvements. VDMA expects 11% market growth this year, adding it could be exceeded The VDMA, the German association for engineering and plant engineering, is expecting that the market for industrial machine vision systems and components is set to grow by 11% yoy in 2011 in terms of revenues of suppliers located in Germany with customers located in Germany and abroad. The VDMA is adding that this is a conservative scenario. ISRA Vision’s growth is diversified by regions and customer industries During the economic crisis in 2008/09, ISRA Vision’s revenues declined 15% which is only one third compared to the German engineering sector decline of 45% (VDMA). This is the result of a broad sales exposure to end markets and regions: • By regions, the company generates nearly half of the revenues in Europe, followed by Asia and NAFTA. 6 Hauck & Aufhäuser Institutional Research
ISRA Vision ISRA Vision - Regional sales split (2009/10) NAFTA 15% Rest of Europe 24% Source: Company data; Hauck & Aufhäuser Asia Pacific, ROW 38% Germany 23% • By customer industry, growth is driven by several and often uncorrelated end markets including metals, glass, paper, print, plastics/nonwoven and automotive. ISRA Vision - Assumed sales split by industrial segement (2009/10) Metals 25% Paper 14% Print 6% Source: Hauck & Aufhäuser estimates Automotive 14% General Industries 2% Plastics 18% Glass 21% Automotive industry’s demand to accelerate in calendar H2 2011 The Automotive industry is one of ISRA Vision’s important end markets, accounting for c. 14% of 2009/10 group sales. During the Q2 2010/11 conference call on May 31, management said that in the summer months, when production in the automotive industry is seasonally slow, the sales momentum is expected to pick up significantly as new manufacturing lines or upgrades are typically being installed during that period. Major order win from Automotive industry published on June 15, 2011 ISRA Vision said it has finalized a new, long term framework agreement (2-digit €m volume) with a German premium automobile manufacturer for the supply of 3D measurement systems in quality control of car body manufacturing. 7 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: ISRA Vision o In the metals industr
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 and 28: ISRA Vision Balance sheet (EUR m) 2
Page 29 and 30: ISRA Vision Key ratios (EUR m) 2006
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?