Industry Insight: Vision Technology - Comparison of vision technology subsectors Q3 2021
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INTERNATIONAL TECHNOLOGY M&A ADVISORY FOR 20 YEARS Q3 2021 Industry Insight: Vision Technology Comparison of vision technology subsectors
Introduction to ARTHOS Vision Technology Sector Report
We are pleased to present the ARTHOS Vision Technology Sector Report. This Table of content
report provides comments and analysis on current market trends, valuation
developments as well as M&A transactions within the vision sector.
03 Personal note
In 2021, valuations of vision technology companies across all sectors continued to
04 Comparison of vision technology sub-sectors
increase, despite reaching all-time highs already in 2020. We compare
developments of vision technology sub-sectors and provide insights into differences 07 Sub-sector: Laser Systems
including underlying assumptions of analysts going forward.
10 Sub-sector: Machine Vision
ARTHOS is an international M&A advisory firm focusing on international technology
transactions. Its managing partners have closed more than 200 M&A transactions 14 ARTHOS: International tech M&A advisory
over the past 20 years. In 2020 ARTHOS and its international AICA M&A alliance
19 Appendix: Public comps by vision sub-sector
partners have advised on almost 50 technology M&A transactions.
A R T H O S T E C H N O L O GY T E A M
Arne Tödt Arno Pätzold Johannes Ludsteck Lukas Beckmann
Managing Partner Managing Partner Senior Associate Analyst
2
Vision Technology M&A market: Fair valuation is not easy
Personal note Market trends
I am flooded with promising market studies that project nice growth scenarios of different 11.4% expected CAGR* of laser
market segments on a regular basis and I assume you receive those reports as well. Most market from 2021-2028
market studies about vision market segments forecast nice growth rates between 6% and 10% (Meticulous Market Research)
p.a., but the core question is, how do I benefit from them?
Machine Vision growth is driven, e.g., by embedded vision, vision-guided robots, 3D-testing, infrared systems, X-ray
solutions and many others. Some laser markets grow clearly above 10% p.a. including optical sensors for face Laser for healthcare are
recognition, advanced driver-assistance systems (ADAS), femtosecond pulse lasers and many more. When market projected to grow at the highest
trends are published, it’s often too late for small and medium enterprises to react and keep up with big CAGR (Meticulous Market Research)
competitors as they invest heavily in new technologies. Owners of SMEs need to either have an early intuition
about promising products and applications or an excellent market understanding of what will drive future demand,
which of course is not easy. Machine Vision camera market
I am frequently asked, which price can I expect for my business, what is a fair valuation, what is the right time to to reach $5.5 billion in 2026
sell and how can I ensure a transaction after receiving an offer? Such answers are neither easy and depend on (Yole Developement)
market growth, product performance, management and employees, on client structures, on historical and future
financial performance and last not least on identifying the right partner and a proper approach. Applications for agriculture and
Stock markets provide answers to present valuations of listed companies, and we derive valuable insights about autonomous driving forecasted
the valuations of private businesses. Also analyzing M&A transactions in the same market segment is very helpful.
highest growth rates;
The information laid down in this report answers many questions and hopefully, you will find some being useful to
within industrial 3D and
you. If not, please do not hesitate to give me a call. I assume that I can provide more insights.
multispectral imaging are
By the way, the answer about a fair valuation of private companies is in the end only provided when you sell a accelerating growth
business. Don’t forget that such a process is stressful, very time-consuming and in a globalized world never easy. (Yole Developement)
* CAGR: Compound annual growth rate
3
Very high valuation multiples of vision technology companies across all sub-sectors
NTM EV/Sales* 5y. EPS p.a.
Vision technology sub-sectors growth Important players
NTM EV/EBITDA*
Laser Systems
Laser System technology companies utilize laser components for applications in 3,1x
material processing, communications, sensing, medical, instrumentation & many 15%
other segments. Highest valuation level compared to other sub-sectors, which is 19,0x
interestingly not supported by higher growth expectations.
Machine Vision
Machine Vision companies provide imaging-based automatic inspection and 3,5x
analysis for process control historically, mainly in industry but increasingly also in 21%
other markets. Despite high valuation multiples, analysts believe the market still 18,1x
holds high potential, reflected in high 5-year EPS growth.
Semiconductor Manufacturing Equipment (SME)
Semiconductor Manufacturing Equipment companies included in this segment 4,8x
master high-end vision technologies, including metrology, nano inspection and/or 20%
lithography. Shortage in semiconductor supply led to long-term high growth 15,4x
expectation and high valuation multiples, however below other vision sectors.
Vision Components
Vision Component companies include optoelectronic components & semiconductor 2,9x
companies offering components for vision applications. Valuation multiples and 15%
corresponding growth expectations vary a lot in this sub-segment resulting in lower 11,2x
median multiples. Note: the stronger the focus on vision, the higher valuations are.
Sources: Capital IQ (as of 27 July 2021)
* NTM EV/Sales; NTM EV/EBIDTDA: Current enterprise value / next twelve months median estimates
4
Performance between vision technology sub-sectors changed with the pandemic market crash
Stock market performance by vision technology sub-sector indices since January 2018
300
Beginning 2020: The corona pandemic-induced stock
ARTHOS Semiconductor +161%
market crash has been turning rapidly into a heavy, Manufacturing Equipment (SME)
ongoing share price growth of all vision sub-sectors.
250
Interestingly, notable differences are now observed
between sub-sectors and, in our view, driven by the
NASDAQ-100 +127%
shortage of supply. SME companies were winning most, but
their valuation multiples are still below other segments.
200 Jan-18 to Mar-20:
Business models of different vision sub-
sectors differ substantially. Nevertheless, ARTHOS Machine Vision +98%
they are showing a similar stock market
150 performance over the two years prior to
the pandemic.
ARTHOS Vision Components +97%
100
ARTHOS Laser Systems +65%
50
Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21
Sources: Capital IQ (as of 27 July 2021)
The composition of ARTHOS vision indices is outlined in the appendix, p. 20ff.
5
Laser Systems & Machine Vision EBITDA multiples are moving in line since years
EV/NTM EBITDA multiple development NTM EV/EBITDA* multiple development since January 2018
The next twelve months’ EBITDA valuation multiples Multiple
between Laser Systems and Machine Vision companies 24,0x
did not differ much from each other over the past three
years. The setback of laser companies in the second half
of 2020 is caused by a strong share price decrease of the
20,0x
“median” company and is therefore a statistical effect.
EV/ NTM EBTIDA multiples were already high (14x-16x) in
2018 followed by a small decrease prior to the pandemic. 16,0x
In 2020 investors already realized that Laser Systems
and Machine Vision companies are becoming winners
of the pandemic, bringing valuation multiples back to 12,0x
historic highs of around 16x.
In 2021 multiples reached all times high above 20x 8,0x
NTM EBITDA, which are notably above past
performances. This is attributable to the increased
expectation of long-term-growth for applications, e.g., in
embedded vision, vision-guided robots, 3D testing, face 4,0x
recognition, ADAS, medical surgery and many, many more. Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21
ARTHOS Laser Systems Index ARTHOS Machine Vision Index
Sources: Capital IQ (as of 27 July 2021)
* NTM EV/EBITDA: Current enterprise value / next twelve months EBITDA estimates [median]
6
Laser Systems sub-sector analysis: II-VI & MKS are the most active buyers
ARTHOS Laser Systems peers No. of acquisitions per year of most active buyers
Annual
in € mn Ex p. 5Y EBITDA N TM 2021 2020
C om pany N am e EV LTM Sales EPS Growth M argin EV/Sales EV/EBITDA 9
2019 2018
Bystronic AG 1.958 1.186 NM 6% 2,0x 18,0x
Coherent, Inc. * 5.461 1.119 NM 9% 4,2x 22,6x
1 8
EL.En. S.p.A. 846 453 NM 9% 1,7x 13,5x
Gooch & Housego PLC 439 144 NM 15% 3,0x 18,9x
Hamamatsu Photonics K.K. 7.398 1.129 13% 25% 6,1x 23,6x
3 3 6 6
Han's Laser Technology Group 5.113 1.764 27% 13% 2,8x 20,3x
II-VI Incorporated 7.004 2.594 15% 21% 2,6x 9,9x
1 1 5 5
IPG Photonics Corporation 7.885 1.105 42% 29% 6,3x 19,1x
Jenoptik AG 1.576 779 14% 16% 1,8x 10,3x
1
Keyence Corporation 90.986 4.576 15% 54% 19,1x 34,7x
2 2
LPKF Laser & Electronics AG 598 89 79% 2% 4,4x 20,5x
3 3 3
Lumentum Holdings Inc. 4.390 1.462 15% 30% 3,1x 8,9x
Lumibird SA 361 130 NM 13% 2,2x 11,9x 1
MKS Instruments, Inc. 8.357 2.272 15% 27% 3,4x 12,2x 4 2
NeoPhotonics Corporation 395 285 15% 4% 1,6x 24,8x 1
NKT A/S 1.618 1.602 NM 3% 0,9x 12,8x 2 2 2
nLIGHT, Inc. 846 205 30% -2% 3,7x 30,2x 1 1
Novanta Inc. 4.042 508 13% 17% 7,3x 35,5x
Prima Industrie SpA 351 340 NM 6% 0,9x 9,1x
Wuhan Raycus Fiber Laser Tech. 3.524 360 NM 18% 8,2x 41,4x
M ean 24% 16% 4,3x 19,9x
M edian 15% 14% 3,1x 19,0x
Sources: Capital IQ (as of 27 July 2021)
* Coherent, Inc in takeover process with II-VI Incorporated
7Notable Laser Systems M&A transactions in 2021 (1 of 2)
Date Buyer Target Comment Country
MKS Instruments entered into an agreement to acquire Atotec (public), a leader for process
July chemicals technology and advanced electroplating solutions. (EV of $6.5 bn; EV/EBITDA: 19.2x)
2021 MKS intents to exploit the complementary expertise of both companies to optimize the PCB
Interconnect, a significant enabling point of next generation advanced electronics
Novanta Inc. entered into an agreement to acquire ATI Industrial Automation, a leading developer
July for end-of-arm tooling, including robotic changing systems and a variety of sensors. The
2021 consideration amounts to $172 million
Novanta intents to expand its presence in robotics and its intellectual property portfolio
MKS Instruments acquired Photon Control (public) for approx. CAD$343 million corresponding to
July an EV/EBITDA multiple of 15.6x and an EV/revenue multiple of 5.3x. Photon Control is a leader in
2021 optical sensing solutions for temperature control in the semiconductor industry
MKS adds key technologies and enhances offerings of optical sensors for temperature control
Sensirion Holding AG acquired the remaining 67% stake in IRsweep, an expert for optical
May spectroscopy solutions in mid-infrared for nondestructive investigation of molecular composition
2021 Sensirion intends to strengthen their portfolio of optical sensor solutions and accelerate the
development of cost-efficient optical sensing solutions
Innoviz technologies successfully completed an IPO through a merger with a SPAC. The company
April is a leading developer and manufacturer of high-performance LiDAR sensors and perception
2021 software for autonomous vehicles
Access to new capital levels the path to become one of the dominant players in the industry
II-VI signed an agreement to acquire Coherent (public), a leading global provider of lasers and
April laser-based technology, after a bidding war between Lumentum, MKS and II-VI. The consideration
2021 to the shareholders amounts to $7 billion, corresponding to an LTM EV/EBITDA multiple of 59.6x
II-VI intends to accelerate growth by scale, increase competitiveness and achieve cost synergies
8Notable Laser Systems M&A transactions in 2021 (2 of 2)
Date Buyer Target Comment Country
Lumibird signed an agreement to acquire SAAB’s defense laser rangefinder business (public)
March which comprises manufacturing and supplying operations (revenue €10 million)
2021 Lumibird intends to expand the laser and rangefinder portfolio as well as the customer base
especially in Europe and consolidate its position in the European defense market
TRUMPF agreed to acquire Lantek Sheet Metal Solutions (FY20 revenue €21.3 million). The
March company develops software solutions for machining and manufacturing applications
2021 TRUMPF is not going to integrate Lantek but intends with this partnership to comprehensively
map the sheet metal process chain, even with machines from different manufacturers
Iridex Corporation completed the acquisition of assets related to PASCAL® laser products (EV $13
March million), while Topcon Corporation (public) completed a $10 million dollar equity investment and
2021 the purchase of exclusive rights to distribute Iridex products in ASIA Pacific and EMEA regions
Iridex intends to broaden its retina product line and distribution network
TRUMPF agreed to acquire the remaining 45% steak of TRUMPF SISMA, a joint venture founded in
February 2014 with SISMA to develop and produce metal 3D printing machines with laser metal fusion
2021 technology
TRUMPF aims to strengthen its additive manufacturing business division
HLD Europe, a French PE company, agreed to acquire Photonis, a leader in design and production
February of image intensification tubes and scientific detection systems, after the French government
2021 blocked the bid of Teledyne
With the support of HLD, Photonis will be able to accelerate growth organically and inorganically
Elexis AG acquired a minority interest in Lase, a leading company for laser-based sensor
January applications by combining state-of-the-art laser technology with sophisticated software applications
2021 The intention of this strategic partnership is to exploit synergies in joint product development in the
steel industry and give Lase access to the global distribution and service network
9Machine Vision sub-sector analysis: Hexagon is by far the most active acquiror
ARTHOS Machine Vision peers No. of acquisitions per year of most active buyers
Annual
in € mn Ex p. 5Y EBITDA N TM 2021 2020
C om pany N am e EV LTM Sales EPS Growth M argin EV/Sales EV/EBITDA 31
2019 2018
AMETEK, Inc. 27.029 3.880 10% 29% 5,9x 20,8x
2
Antares Vision S.p.A. 856 121 38% 18% 5,1x 21,4x
Basler Aktiengesellschaft 970 181 28% 21% 4,3x 18,7x
Bruker Corporation 9.198 1.805 18% 20% 4,8x 23,1x
Carl Zeiss Meditec AG 13.706 1.388 21% 19% 8,3x 35,7x
12
Cognex Corporation 11.271 751 28% 33% 13,3x 37,1x
Datalogic S.p.A. 1.207 496 NM 13% 2,1x 13,6x
FARO Technologies, Inc. 1.024 272 30% 2% 3,5x 31,7x
Hexagon AB (publ) 33.098 4.031 13% 35% 7,9x 20,4x 15
14
Jenoptik AG 1.576 779 14% 16% 1,8x 10,3x
6 1 13
Kapsch TrafficCom AG 419 505 NM -14% 0,8x 103,1x 2 1
4
Nynomic AG 234 79 32% 17% 2,4x 12,9x
Olympus Corporation 24.220 5.628 41% 22% 4,0x 16,7x 1 4 8
8
7
OMRON Corporation 11.030 5.299 10% 14% 2,1x 14,4x 3 2
OPT Machine Vision Tech Co., Ltd. 3.549 97 NM 41% 27,6x 59,1x 11 3
Oxford Instruments plc 1.303 374 NM 19% 3,3x 15,8x 8 4
6 3
Stemmer Imaging AG 174 108 116% 10% 1,4x 15,1x 4 1
Teledyne Technologies Inc. 16.022 2.943 15% 22% 3,9x 18,1x 1 1
TKH Group N.V. 2.156 1.289 NM 11% 1,6x 10,2x
Varex Imaging Corporation 1.186 614 8% 5% 1,8x 12,4x
Viscom AG 136 62 NM -5% 1,8x 12,7x
M ean 28% 17% 5,1x 24,9x
M edian 21% 18% 3,5x 18,1x
Sources: Capital IQ (as of 27 July 2021)
10Notable Machine Vision M&A transactions in 2021 (1 of 3)
Date Buyer Target Comment Country
Cellink acquired Discover Echo, a specialist for the development, manufacturing and sales of
June unique hybrid automated microscopes that easily transform between upright and inverted
2021 configurations for $110 million (expected revenue in FY21 of $20 million)
Cellink aims to exploit cross-selling synergies and strengthen its bioscience market position
Excelitas entered into an agreement to acquire PCO, a market-leader for high-end scientific CMOS
June cameras for biomedical and high-speed industrial imaging applications (FY19 revenue: €13.2m)
2021 Excelitas intends to expand its photonic portfolio for scientific research and industrial quality
control
Oxford Instruments agreed to aquire WITec, a leading provider of Raman microscopy imaging
June solutions, for €42 million including earn-out payments (EV/revenue: 2.3x)
2021 Oxford intents to enhance its solutions for a range of applications in the semiconductor and life
science industry
Faro Technologies acquired Holo Builder, a leading photogrammetry-based 3D platform for
June hardware agnostic image capture, registration and viewing. The consideration amounts to $34
2021 million corresponding to revenue multiple of 8.5x.
Faro intents to create the industry’s first end-to-end digital twin solutions
Nynomic acquires a 51% steak of Image Engineering, a technology expert for the development
June and manufacturing of test- and calibration equipment for cameras and multi-sensor-systems
2021 Nynomic follows its implemented buy-&-build strategy with this acquisition to become the
technology leader in the fast-growing business environment of calibration
Mycronic AB acquired atg Luther & Maelzer GmbH, a leading PCB testing equipment developer,
June manufacturer and supplier. The consideration for the acquisition amounts to approx. $125 million
2021 on a cash and debt-free basis (EV/revenue: 2.5x)
Mycronic intents to broaden its product portfolio with a platform for electrical testing
11Notable Machine Vision M&A transactions in 2021 (2 of 3)
Date Buyer Target Comment Country
Microsoft and 3D camera manufacture Orbbec entered into a collaboration to develop new 3D
May imaging products and technologies
2021 The new cameras should be able to run advanced depth vision algorithms using onboard
computing and a secure connection to Azure to transform raw data into precise depth images
Zebra Technologies Corporation acquired Adaptive Vision, a Machine Vision software developer
May which enables easy use of MV and deep-learning applications
2021 Zebra intents to implement new data capture methods to meet evolving customer needs for
automatization and data-powered environments
Teledyne Technologies acquired FLIR Systems (public), a global imaging & sensing company
May providing solutions to enhance human perception for an aggregated consideration of approx.
2021 $8.2 million corresponding to an EV/EBITDA multiple of 17.3x
Teledyne intents to enhance its offering portfolio through complementary products
Datalogic acquired Mictro Detectors, a designing and manufacturing specialist for a variety of
February industrial sensors for a total consideration of €37 million (EV/revenue: 1.5x; EV/EBITDA: 9.3x)
2021 Datalogic intents to increase its market share in the high valued industrial sensor market by
expanding the company's product portfolio
Olympus acquired Quest, a fluorescence imaging systems developer specialized in the medical
February
industry (EV: €50 million)
2021
Olympus intents to expand its surgical endoscopy capabilities with the acquisition
Carl Zeiss acquires the remaining stake of Bosello High Technology, an industrial 2D radioscopy X-
December
ray and incline tomography solution provider for €70.6 million (EV: €101 million)
2020
Zeiss intents to enhance services for non-destructive measurement and testing technologies
12Notable Machine Vision M&A transactions in 2021 (3 of 3)
Date Buyer Target Comment Country
July Hexagon AB acquired Immersal Oy, a leading provider of spatial mapping and visual positioning solutions
2021 used in augmented reality applications
July Hellma Materials GmbH signed an agreement to acquire Photonic Sense, a specialist for synthetic crystals
2021 and optical ceramics for various applications in optic and laser technology
June Brady Corporation acquired The Code Corporation, an expert for high-performance barcode readers and
2021 scanning software, for a consideration of approximately $173 million
May
Carl Zeiss AG agreed to acquire Capture 3D, a leading provider for 3D non-contact measurement solutions
2021
May 3D Systems Corporation signed an agreement to acquire Additive Works GmbH, a software solution provider
2021 for simulation-based 3D printing workflow and print preparation optimization
May Deep Imaging Technologies acquired Engineering Seismology Group, an expert in microseismic acquisition,
2021 processing and analysis services, for a consideration of $4 million CAD
April TagMaster AB acquired Citilog S.A.S., a video analytics company with strong expertise in AI and deep
2021 learning software for a consideration of approx. $3.4 million
April Hexagon AB acquired CADLM SAS, which focuses on computer-aided engineering (CAE) through AI and
2021 machine learning
February Solid State PLC acquired Active Silicon, a specialist for computer imaging and processing of image data. The
2021 consideration amounts to £6.3 million
January PLX Inc. acquired Reflex Imaging to strengthen the market position by implementing expertise of active
2021 optics devices, such as scanning mirrors
January LMI Technologies acquired FringeAI, an expert for AI and industrial IoT/5G inspection. The transaction was
2021 financed by TKH Group N.V., a shareholder of the LMI Group
January Cox Automotive acquired Fyusion, a leader in immersive vehicle imaging solutions for the automotive
2021 industry and various other sectors
13ARTHOS – International tech M&A-advisory
14ARTHOS – International M&A advisory focusing on technology transactions
Partner-led and global M&A 360° Technology
ARTHOS Corporate Finance is an independent, With our 360° approach we can advise our Our focus on digital media, information technology
owner-managed M&A advisory firm based in Munich customers in a targeted and comprehensive and high-tech industries provides several powerful
and part of a global alliance of 40 M&A advisory manner – from the initial planning through the advantages to our customers: we know the M&A
firms with 200 managing partners. All our projects detailed preparation to the efficient execution of terms and conditions, business models and
are managed by an experienced managing partner a transaction. That is why we see ourselves not decision-makers within these industry sectors.
who has successfully closed more than 100 only as deal makers, but rather as competent With this knowledge, we are able to implement
company disposals, acquisitions or fund raisings. M&A experts, experienced process managers and sustainable, creative solutions. This is why our
The majority of ARTHOS transactions have a volume financial advisers for our client’s long-term goals. M&A projects achieve above average results.
of between 10 and 100 million euros.
A R T H O S T E C H N O L O GY T E A M
Arne Tödt Arno Pätzold Johannes Ludsteck Lukas Beckmann
Managing Partner Managing Partner Senior Associate Analyst
15ARTHOS – 20-year track record in international technology M&A transactions
16ARTHOS worldwide – partner within the global AICA alliance
Global reach – international cooperation Transactions by sector in 2020
AMERICA EMEA ASIA & OZEANIA
USA Belgium Australia
Canada Czech China
Finland India
Argentina France Japan Other
Brazil Germany Korea sectors 24% Technology
Bolivia Italy Singapore
Ecuador Ireland Thailand 7% Industrials
Colombia Israel Vietnam
Mexico Netherlands
Paraguay Norway Business Services
Poland 13%
South Africa Healthcare
Spain
17%
Sweden Consumer Products
Switzerland
Turkey 11%
UK Financial Services
15%
250+ 40+ 30+ 6 195 $5.8bn ~$30m
M&A professionals M&A advisories countries continents deals closed Total transaction Ø deal value
worldwide value
17INTERNATIONAL TECHNOLOGY M&A ADVISORY FOR 20 YEARS
Contact us for technology M&A advice
Arno Pätzold
Managing Partner
+49 89 2429 4352
arno.paetzold@arthos.de
ARTHOS Corporate Finance GmbH
Knöbelstraße 28 | D-80538 München
www.arthos.de
Disclaimer: The material in this report is for information purposes only and is not intended to be relied upon as financial, accounting,
tax, legal or other professional advice. This report does not constitute and should not be construed as soliciting or offering any
investment or other transaction, identifying securities for you to purchase or offer to purchase, or recommending the acquisition or
disposition of any investment. ARTHOS does not guarantee the accuracy or reliability of any data provided from third-party resources.
Although we endeavor to provide accurate information from third-party sources, there can be no guarantee that such information is
accurate as of the date it is received or that it will continue to be accurate in the future.
18Appendix: Public comps by sub-sector
19Public comps – Laser Systems
An n u al
Currency in EUR NTM E xp. 5Y M argi n NTM M u l t i pl es
Share P ri c e M arket Cap EV Cas h EPS
Compan y Name HQ E mpl oyees € € mn € mn € mn Sal es E BITD A G rowt h G ros s E BITD A E V/Sal es E V/E BITD A
Bystronic AG Switzerland 4.891 1.064,0 2.200 1.958 253 1.003 108,7 NM 52% 6% 2,0x 18,0x
Coherent, Inc. United States 4.875 217,8 5.343 5.461 313 1.294 241,8 NM 36% 9% 4,2x 22,6x
EL.En. S.p.A. Italy 1.626 45,3 899 846 124 508 62,7 NM 33% 9% 1,7x 13,5x
Gooch & Housego PLC United Kingdom 902 17,0 425 439 18 145 23,3 NM 34% 15% 3,0x 18,9x
Hamamatsu Photonics K.K. Japan 5.195 51,5 7.967 7.398 652 1.208 312,9 13% 48% 25% 6,1x 23,6x
Han's Laser Technology Group China 14.174 4,9 5.193 5.113 635 1.832 251,3 27% 38% 13% 2,8x 20,3x
II-VI Incorporated United States 22.969 57,5 6.035 7.004 1.308 2.685 710,3 15% 40% 21% 2,6x 9,9x
IPG Photonics Corporation United States 6.060 168,7 9.037 7.885 1.231 1.252 411,8 42% 46% 29% 6,3x 19,1x
Jenoptik AG Germany 4.401 24,1 1.378 1.576 212 887 153,5 14% 34% 16% 1,8x 10,3x
Keyence Corporation Japan 8.380 403,9 97.962 90.986 7.178 4.757 2.623,7 15% 82% 53% 19,1x 34,7x
LPKF Laser & Electronics AG Germany 681 24,9 609 598 18 136 29,2 79% 67% 9% 4,4x 20,5x
Lumentum Holdings Inc. United States 5.473 66,8 5.070 4.390 1.748 1.394 495,1 15% 49% 30% 3,1x 8,9x
Lumibird SA France 776 15,9 353 361 80 162 30,3 14% 61% 13% 2,2x 11,9x
MKS Instruments, Inc. United States 5.400 149,0 8.251 8.357 775 2.417 684,4 15% 45% 26% 3,5x 12,2x
NeoPhotonics Corporation United States 1.200 8,7 449 395 97 249 15,9 15% 28% 4% 1,6x 24,8x
NKT A/S Denmark 3.972 36,9 1.588 1.618 179 1.772 126,1 NM 36% 3% 0,9x 12,8x
nLIGHT, Inc. United States 1.275 23,0 984 846 158 229 28,0 30% 28% (2%) 3,7x 30,2x
Novanta Inc. United States 2.200 111,4 3.943 4.042 97 553 113,9 13% 42% 17% 7,3x 35,5x
Prima Industrie SpA Italy 1.734 23,7 245 351 59 404 38,5 NM 22% 6% 0,9x 9,1x
Wuhan Raycus Fiber Laser Tech. China 2.076 12,5 3.591 3.524 95 430 85,0 NM 29% 18% 8,2x 41,4x
M ean 24% 42% 16% 4,3x 19,9x
M edi an 15% 39% 14% 3,1x 19,0x
Abbreviations:
HQ: Headquarter; NTM: Next twelve months; EPS: Earnings per share; NTM multiples - EV/Estimates: EV as of July 27, 2021 devided by NTM estimates (mean of analysts)
EV: Enterprise Value = share price * outstanding shares + total debt + preferred stock + minority interest – cash & short-term investments
Sources: Capital IQ (as of 27 July 2021)
20Public comps – Machine Vision
An n u al
Currency in EUR NTM E xp. 5Y M argi n NTM M u l t i pl es
Share P ri c e M arket Cap EV Cas h EPS
Compan y Name HQ E mpl oyees € € mn € mn € mn Sal es E BITD A G rowt h G ros s E BITD A E V/Sal es E V/E BITD A
AMETEK, Inc. United States 16.500 112,1 25.878 27.029 957 4.549 1.302,0 10% 35% 29% 5,9x 20,8x
Antares Vision S.p.A. Italy 751 11,9 821 856 129 169 40,0 38% 81% 18% 5,1x 21,4x
Basler Aktiengesellschaft Germany 825 98,0 981 970 49 227 51,8 28% 53% 21% 4,3x 18,7x
Bruker Corporation United States 7.400 60,1 9.101 9.198 642 1.927 397,8 18% 49% 20% 4,8x 23,1x
Carl Zeiss Meditec AG Germany 3.371 151,9 13.586 13.706 17 1.661 383,8 21% 57% 19% 8,3x 35,7x
Cognex Corporation United States 2.055 65,5 11.569 11.271 328 846 303,6 28% 75% 33% 13,3x 37,1x
Datalogic S.p.A. Italy 2.996 20,7 1.171 1.207 112 584 88,8 NM 46% 13% 2,1x 13,6x
FARO Technologies, Inc. United States 1.364 62,9 1.142 1.024 145 293 32,3 30% 52% (1%) 3,5x 31,7x
Hexagon AB (publ) Sweden 21.078 12,1 30.970 33.098 413 4.191 1.619,5 12% 64% 35% 7,9x 20,4x
Jenoptik AG Germany 4.401 24,1 1.378 1.576 212 887 153,5 14% 34% 16% 1,8x 10,3x
Kapsch TrafficCom AG Austria 4.657 15,6 203 419 103 527 4,1 NM 50% (14%) 0,8x 103,1x
Nynomic AG Germany 425 37,6 214 234 22 98 18,2 32% 25% 17% 2,4x 12,9x
Olympus Corporation Japan 31.653 18,1 23.255 24.220 1.754 6.016 1.454,5 41% 63% 22% 4,0x 16,7x
OMRON Corporation Japan 28.254 62,5 12.601 11.030 1.932 5.231 767,2 10% 46% 13% 2,1x 14,4x
OPT Machine Vision Tech Co., Ltd. China 1.334 46,0 3.791 3.549 245 129 60,1 NM 73% 41% 27,6x 59,1x
Oxford Instruments plc United Kingdom 1.619 24,5 1.408 1.303 150 390 82,4 NM 52% 19% 3,3x 15,8x
Stemmer Imaging AG Germany 324 27,7 180 174 15 125 11,6 116% 37% 10% 1,4x 15,1x
Teledyne Technologies Inc. United States 10.670 346,4 15.903 16.022 2.751 4.147 886,5 15% 39% 21% 3,9x 18,1x
TKH Group N.V. Netherlands 5.583 43,6 1.811 2.156 122 1.380 211,4 NM 49% 11% 1,6x 10,2x
Varex Imaging Corporation United States 2.000 22,0 863 1.186 95 667 95,7 8% 27% 5% 1,8x 12,4x
Viscom AG Germany 462 14,2 126 136 6 76 10,7 NM 60% (5%) 1,8x 12,7x
M ean 28% 51% 16% 5,1x 24,9x
M edi an 21% 50% 18% 3,5x 18,1x
Abbreviations:
HQ: Headquarter; NTM: Next twelve months; EPS: Earnings per share; NTM multiples - EV/Estimates: EV as of July 27, 2021 devided by NTM estimates (mean of analysts)
EV: Enterprise Value = share price * outstanding shares + total debt + preferred stock + minority interest – cash & short-term investments
Sources: Capital IQ (as of 27 July 2021)
21Public comps – Semiconductor Manufacturing Equipment (SME)
An n u al
Currency in EUR NTM E xp. 5Y M argi n NTM M u l t i pl es
Share P ri c e M arket Cap EV Cas h EPS
Compan y Name HQ E mpl oyees € € mn € mn € mn Sal es E BITD A G rowt h G ros s E BITD A E V/Sal es E V/E BITD A
Advanced Process Systems Corp. South Korea 427 21,4 307 342 60 459 49,1 NM 17% 10% 0,7x 7,0x
AIXTRON SE Germany 719 21,7 2.434 2.157 348 395 90,0 38% 40% 15% 5,5x 24,0x
Applied Materials, Inc. United States 24.000 112,7 103.035 102.162 5.624 19.885 6.613,6 20% 46% 31% 5,1x 15,4x
ASML Holding N.V. Netherlands 27.777 571,2 236.059 236.038 5.373 18.681 6.620,6 25% 51% 36% 12,6x 35,7x
Camtek Ltd. Israel 356 31,4 1.359 1.219 145 207 54,8 NM 48% 19% 5,9x 22,2x
Circuit Fabology Microelectronics China 234 9,0 1.088 1.066 65 65 21,5 NM 42% 22% 16,4x 49,7x
CyberOptics Corporation United States 183 28,3 206 183 14 68 10,1 19% 45% 15% 2,7x 18,2x
Disco Corporation Japan 4.091 253,2 9.127 8.305 768 1.581 539,2 12% 59% 34% 5,3x 15,4x
EO Technics Co., Ltd. South Korea 540 79,5 971 918 69 329 74,7 NM 25% 17% 2,8x 12,3x
Fittech Co.,Ltd Taiwan 0 5,2 377 351 51 155 34,5 NM 37% 21% 2,3x 10,1x
FormFactor, Inc. United States 2.166 28,0 2.172 2.012 215 618 138,4 20% 41% 18% 3,3x 14,5x
KLA Corporation United States 10.600 262,4 40.227 41.131 2.104 6.359 2.810,8 17% 60% 41% 6,5x 14,6x
Lam Research Corporation United States 13.100 526,6 75.110 75.133 4.797 13.877 4.568,9 15% 47% 33% 5,4x 16,4x
Lasertec Corporation Japan 448 154,2 13.907 13.768 143 651 278,1 45% 50% 38% 21,1x 49,5x
MKS Instruments, Inc. United States 5.400 149,0 8.251 8.357 876 2.428 684,4 15% 46% 27% 3,4x 12,2x
NEXTIN, Inc. South Korea 51 45,4 434 416 19 74 28,0 NM 59% 43% 5,6x 14,9x
Nova Ltd. Israel 713 83,2 2.351 2.153 388 297 86,0 19% 57% 24% 7,2x 25,0x
Onto Innovation Inc. United States 1.247 60,5 2.967 2.663 333 604 158,8 NM 52% 22% 4,4x 16,8x
Photronics, Inc. United States 1.728 11,0 680 708 213 560 162,7 NM 23% 26% 1,3x 4,4x
PVA TePla AG Germany 546 23,0 499 467 32 152 21,5 24% 31% 16% 3,1x 21,7x
SÜSS MicroTec SE Germany 1.041 24,9 475 445 50 288 40,7 36% 35% 12% 1,5x 10,9x
Texas Instruments Incorporated United States 30.000 154,5 142.700 142.342 6.233 14.477 7.408,0 11% 65% 50% 9,8x 19,2x
Tokyo Seimitsu Co., Ltd. Japan 2.293 39,6 1.626 1.359 336 914 218,3 6% 38% 20% 1,5x 6,2x
TOWA Corporation Japan 1.633 16,1 403 384 82 306 51,4 NM 32% 18% 1,3x 7,5x
M ean 21% 44% 25% 5,6x 18,5x
M edi an 19% 45% 22% 4,8x 15,4x
Abbreviations:
HQ: Headquarter; NTM: Next twelve months; EPS: Earnings per share; NTM multiples - EV/Estimates: EV as of July 27, 2021 devided by NTM estimates (mean of analysts)
EV: Enterprise Value = share price * outstanding shares + total debt + preferred stock + minority interest – cash & short-term investments
Sources: Capital IQ (as of 27 July 2021)
22Public comps – Vision Components
An n u al
Currency in EUR NTM E xp. 5Y M argi n NTM M u l t i pl es
Share P ri c e M arket Cap EV Cas h EPS
Compan y Name HQ E mpl oyees € € mn € mn € mn Sal es E BITD A G rowt h G ros s E BITD A E V/Sal es E V/E BITD A
Advanced Optoelectronic Tech. Taiwan NM 0,8 121 101 32 - - NM 9% 5% NM NM
Ambarella, Inc. United States 786 79,9 2.897 2.549 362 251 40,0 15% 62% (21%) 10,2x 63,8x
ams AG Austria 29.753 17,1 4.456 6.087 1.605 5.176 923,5 20% 30% 19% 1,2x 6,6x
CEVA, Inc. United States 404 36,7 837 723 124 98 5,3 20% 90% 5% 7,4x 135,4x
Cree, Inc. United States 5.130 81,0 9.348 8.971 1.097 531 22,0 NM 27% (5%) 16,9x NM
Hamamatsu Photonics K.K. Japan 5.195 51,5 7.967 7.398 652 1.208 312,9 13% 48% 25% 6,1x 23,6x
Himax Technologies, Inc. Taiwan 2.000 11,5 1.995 1.929 209 1.147 363,8 NM 30% 16% 1,7x 5,3x
II-VI Incorporated United States 22.969 57,5 6.035 7.004 1.308 2.685 710,3 15% 40% 21% 2,6x 9,9x
Intel Corporation United States 110.600 47,2 190.435 200.268 20.813 58.785 25.534,4 4% 56% 45% 3,4x 7,8x
Lattice Semiconductor Corp. United States 746 41,8 5.710 5.722 158 400 121,9 13% 61% 21% 14,3x 46,9x
NeoPhotonics Corporation United States 1.200 8,7 449 395 97 249 15,9 15% 28% 4% 1,6x 24,8x
NVIDIA Corporation United States 18.975 143,2 356.894 352.843 10.530 20.839 8.082,5 26% 63% 36% 16,9x 43,7x
OFILM Group Co., Ltd. China 27.306 1,1 3.038 3.990 541 5.062 475,8 NM 11% 7% 0,8x 8,4x
ON Semiconductor Corporation United States 32.750 31,0 13.256 15.280 887 5.267 1.372,0 25% 34% 21% 2,9x 11,1x
Pixelworks, Inc. United States 197 2,9 151 136 22 49 FALSE NM 48% (65%) 2,8x NM
ROHM Co., Ltd. Japan 22.370 74,4 7.302 5.240 2.461 3.025 772,2 20% 33% 22% 1,7x 6,8x
STMicroelectronics N.V. Switzerland 46.016 31,1 29.028 28.226 3.538 10.143 2.520,3 5% 37% 23% 2,8x 11,2x
Xilinx, Inc. United States 4.890 105,9 26.023 24.761 2.619 2.927 891,9 7% 69% 30% 8,5x 27,8x
M ean 15% 43% 12% 6,0x 28,9x
M edi an 15% 39% 20% 2,9x 11,2x
Abbreviations:
HQ: Headquarter; NTM: Next twelve months; EPS: Earnings per share; NTM multiples - EV/Estimates: EV as of July 27, 2021 devided by NTM estimates (mean of analysts)
EV: Enterprise Value = share price * outstanding shares + total debt + preferred stock + minority interest – cash & short-term investments
Sources: Capital IQ (as of 27 July 2021)
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