IndigoVision Sales Fall 29%

Author: John Honovich, Published on Sep 18, 2015

2015 is shaping up to be a tough year for video surveillance manufacturers.

Early IP leader IndigoVision has been hit the hardest of any publicly trade surveillance manufacturer, reporting a 29% drop in sales for H1 2015.

In this note, we examine the results, IV's future and why we see them as a high quality buyout target.

**** ** ******* ** ** ** * ***** **** *** video ************ *************.

***** ** ****** ************ *** **** *** *** ******* ** any ******** ***** ************ ************, ********* * **% **** ** sales *** ** ****.

** **** ****, ** ******* *** *******, **'* ****** *** why ** *** **** ** * **** ******* ****** ******.

[***************]

Financial *******

******* *********** $**.* ******* ** ** **** ** ~$**.* ******* ** H1 ****, * **** ** **%.

****, *** ******* *** ** ********* **** ** **** $* million, ******* **** ******* ****** *** ***** ********* ** *&*.

************ ***** ******** ******** ** **** ******* *** ***** *******, with *** ** ***** ****, ******* **%.

**** ** *** ********* *** ************ ** **** **** ** their ******* ***** **** ****** *****, ** ** ** **** more ******* * *** ***** ******* ** ****** ****************** ********* the *******'* ***** *****. *******, * **** ** $* ******* over * ******, *** * ******* ***** **** ****** ****** be ********* ** *** **** ** *** ******.

** **********, ** ******* *** ********** ****** ** ******* *******, as *** *********** ** ** ***** ********** *** ************* *** market ****** ******* ********* ** ******* ****** *** **** ****** ********** deals.

**** *****

** *** **** ** ******, ************ **** **** ~$* ******* cash ** **** $***,*** ** **** ********* $* ******* ** the *** **** ** ****. **** **** *** * **** overdraft ** $***,***.

Stock *****

** *** **** ****, *** ***** ***** ** **** **** than **% *** ** ** ****** ******* ** ***** ** was ** ***** ***. ***** ** * ***** ** *** stock ***** ***** ************ **** ******:

** *** ***** ***** ********, ************ *** *** ** *** early ******* ** *** ***** ** ** ***** *** *** company *** *** **** ****.

*** ****** ************** ***** ** ~$** ******* ***, ***** ** far **** **** ** *****, *** ** ***** **** ********** (2x ***** ** *****, ** ** ** ** ****** *** higher ******, ****** ****** ********* - ****, ********, *********, ***.)

Buyout ******

******* *** **********, ** ***** ************ ** ** ********** ****** target.

**** ***********, **** **** * ***** ********** *** *** ***** simply *** *** **** ** **** *** **** *** ******* ***** nor ***** ** *****. ******* **** **** ******* ****** ***** at *** $** ******* *** *****, *** *** ******* ****** certainly ** ***** $**+ ******* ** * ****** ******* **** wants / ***** * *** ******** (*.*., *** ****** ****** manufacturers ******* ***** *** ********** *** ********).

***** *** ******** ** *** ** ***** ****** *** ************'* tough ********, ** ** *** *** *** ****** **** *** be **** **** ************* *** ** ** ******* **** *** attractive ** ** ***********.

Comments (5)

*´* *** ********* **** ****... ************ *** * ******* ** providing ****** *********** *********, ********** ** ****** ***** *** ****** is ******* ****** ****** **** ********* **** ******** *******... **** the ******** ***´* **** ** ** ****** **** * ****** manufacturer, *** ******* ** ************ ********** **** *** ************* *** them ** ******* ***** ******** ****, ******** ****** ** **** more ********, **** *** ** **** ***** *** ******** ******** along **** ***** ******** *** *** ******* ***** ************** *** integration...

* **** ******** **** ******** ** *** ************ *****...

******** * ***** *** ****** ******** **** ********, ****'** ************ the **** ***** **** ******* **** *** **** ****** *** the **** ***** ******** **** ***** ******* ***** *** * years. ***** **** ***** *** **** ***** ********. ****'* *** bad. ************ ****** **** * ***** ******* *** * ******'* be ********* ** **** *** ****** ***.

*** ***** ***** ** **** **% **** **** ****. ****** cap ** ** ******* ***, ********* ** ****** *******, ***** is ****** ***.

**** ***** ** * **** ******** ******. **** **** **** strengths ********** ** **** *********.

**** ***** ** * **** ******** ******.

*** ****** *** ************, **** **** ***** **** *** ********* company *********, *********.

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