IndigoVision Sales Fall 29%

By: 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.

**** ** ******* ** to ** * ***** year *** ***** ************ manufacturers.

***** ** ****** ************ has **** *** *** hardest ** *** ******** trade ************ ************, ********* a **% **** ** sales *** ** ****.

** **** ****, ** examine *** *******, **'* future *** *** ** see **** ** * high ******* ****** ******.

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

Financial *******

******* *********** $**.* ******* ** H1 **** ** ~$**.* million ** ** ****, a **** ** **%.

****, *** ******* *** an ********* **** ** over $* *******, ******* cost ******* ****** *** board ********* ** *&*.

************ ***** ******** ******** in **** ******* *** Latin *******, **** *** UK ***** ****, ******* 22%.

**** ** *** ********* for ************ ** **** most ** ***** ******* comes **** ****** *****, so ** ** **** more ******* * *** deals ******* ** ****** disproportionately ********* *** *******'* total *****. *******, * drop ** $* ******* over * ******, *** a ******* ***** **** cannot ****** ** ********* by *** **** ** bad ******.

** **********, ** ******* the ********** ****** ** getting *******, ** *** combination ** ** ***** saturation *** ************* *** market ****** ******* ********* to ******* ****** *** less ****** ********** *****.

**** *****

** *** **** ** months, ************ **** **** ~$3 ******* **** ** just $***,*** ** **** decreased $* ******* ** the *** **** ** 2015. **** **** *** a **** ********* ** $776,000.

Stock *****

** *** **** ****, the ***** ***** ** down **** **** **% and ** ** ****** similar ** ***** ** was ** ***** ***. Below ** * ***** of *** ***** ***** since ************ **** ******:

** *** ***** ***** reflects, ************ *** *** of *** ***** ******* in *** ***** ** IP ***** *** *** company *** *** **** pace.

*** ****** ************** ***** is ~$** ******* ***, which ** *** **** than ** *****, *** is ***** **** ********** (2x ***** ** *****, 3x ** ** ** common *** ****** ******, higher ****** ********* - Axis, ********, *********, ***.)

Buyout ******

******* *** **********, ** think ************ ** ** attractive ****** ******.

**** ***********, **** **** a ***** ********** *** and ***** ****** *** not **** ** **** and **** *** ******* ***** nor ***** ** *****. Combine **** **** ******* annual ***** ** *** $40 ******* *** *****, and *** ******* ****** certainly ** ***** $**+ million ** * ****** company **** ***** / needs * *** ******** (e.g., *** ****** ****** manufacturers ******* ***** *** enterprise *** ********).

***** *** ******** ** the ** ***** ****** and ************'* ***** ********, we ** *** *** how ****** **** *** be **** **** ************* but ** ** ******* they *** ********** ** an ***********.

Comments (5)

I´m not surprised with that... IndigoVision has a history of providing closed proprietary solutions, especially in Brazil where the market is clearly moving toward open solutions from multiple vendors... Here the customer don´t want to be locked into a single manufacturer, and instead of IndigoVision partnering with VMS manufacturers for them to support their products line, allowing Indigo to sell more hardware, they try to push their own software solution along with their hardware and not opening their specifications for integration...

I just realized that BlueIris is not IndigoVision Light...

Recently I heard the entire Canadian team resigned, they've restructured the East Coast team meaning hire and fire people and the West Coast Regional left after working there for 5 years. Looks like there are some major problems. That's too bad. IndigoVision seemed like a solid company but I wouldn't be surprised if they got bought out.

The stock price is down 32% year over year. Market cap is 11 million GBP, according to Google Finance, which is really low.

They would be a good takeover target. They have some strengths especially at that valuation.

They would be a good takeover target.

Hik should buy IndigoVision, then they would call the resulting company Hikvision, naturally.

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