Mobotix's 2010 Year End Financial Results Examined

Author: John Honovich, Published on Feb 25, 2011

For the second half of 2010, Mobotix recorded significant revenue growth at a far higher rate than the previous year and its best results since the start of the recession. In this note, we examine the key drivers and metrics driving those numbers. Let's start by examining the 56 page Mobotix Half Year Report:

  • 47% sales growth for calendar Q4 2010 year over year; Sales for H2 2010 at 34.6 Million Euros ($50 Million USD)
  • Domes now outselling fixed cameras: "A large part of revenue growth continued to be achieved through increased sales of dome cameras, which rose by 65.3% from €10.2 million to €16.9 million. Sales revenues for fixed cameras grew by 30.0% to €16 million in comparison with the same period last year."
  • Outside of Europe driving growth: "In Germany, revenue rose by 15.0% from €7.7 million to €8.9 million. In the rest of Europe (excluding Germany), revenue climbed 37.6% to €14.0 million. For the rest of the world, revenue rose from €6.0 million to €11.7 million, representing a 95.6% growth."
  • Hemispheric (Q24) sales cited as key driver: "The fact that the Company’s main competitors cannot offer any comparable products shows MOBOTIX AG’s innovative strength and enables the company to occupy a unique position in this product segment over the medium term."
  • Projecting 30% overall growth for calendar H1 2011
  • Mobotix notes minimal new products: "The Company’s product lines have not changed significantly in comparison to June 30, 2010."

The two most important drivers look to be international expansion (nearly doubling outside of Europe) and growth of dome camera sales (up by almost 2/3rds).

While these results are good, part of this is certainly the rebound in the overall video surveillance market - companies ranging from Anixter, Axis and Vicon all reported similar post recession highs in sales.

On the positive side, revenue outside of Europe, while nearly doubling, is still relatively small (not even $20 Million USD). Mobotix likely has significant room to grow in these regions. Also, development in new hemispheric offerings is quite limited. A big factor is the lack of 3rd party support. However, this plays well into Mobotix's focus on selling integrated end to end solutions.

The lack of new product developments and the expansion into a strange niche (door stations) do raise questions.

That noted, with their H2 2010 sales at 34.6 Million Euros, total revenue for their fiscal year ending June 2011 should be over $100 Million USD - a notable milestone for a megapixel only company.

Valuation and Stock Performance

Mobotix's stock price has nearly doubled in the past year - from less than 30 Euros per share to over 50 Euros currently. The current market valuation is ~ 230 Million Euros (about $300 Million USD) - about 3x revenue - an above average valuation for the security industry. However, it still is far from the stratospheric valuations on the Chinese surveillance companies like Infinova who have valuations of 20x revenue. While Infinova has less revenue and a lower growth rate than Mobotix, Infinova's market valuation is more than 300% greater than Mobotix's.

1 report cite this report:

Mobotix's 2011 Challenges and Future Plans Examined on Mar 20, 2011
While Mobotix's growth continued and accelerated at the end of 2010, we believe the company faces new challenges as competitors catch up to a...
Comments : PRO Members only. Login. or Join.

Related Reports

Dahua NA Consolidates Rep Firms Led By Ex-FLIR Team on Aug 01, 2018
When Dahua acquired Lorex / FLIR SMB, Dahua NA had 11 manufacturer rep firms and FLIR had another 6. Now, Dahua NA, led by the ex-FLIR team, has...
Wave Retorts: SDS 'Desperate' And 'Defeated' on Aug 01, 2018
Distributor SDS has sued Nortek and distributor Wave Electronics alleging bribery, conspiracy, antitrust violations and violations of state laws...
Security Sales Course January 2019 on Jul 31, 2018
The next IPVM Security Sales Course will be held in January 2019. Register now and save $50. This sales course is customized for the needs and...
Milestone / Canon Spinout Arcules Cloud Launch on Jul 30, 2018
Canon and Milestone's VSaaS Startup spinoff Arcules launched their platform at Google Cloud Next. IPVM spoke with CEO Andreas Pettersson about the...
Dahua Overseas Head Is Out on Jul 27, 2018
The long-time head of Dahua's overseas (i.e., International) business, VP and GM Michael Chen, has been quietly removed, amidst struggling...
Hikvision Strong Domestically, International Business Struggles on Jul 25, 2018
Hikvision's H1 2018 results are out. Overall revenue growth has sharply dropped, with the company acknowledging their "facing geopolitical...
Uniview Super Low Cost 4MP Tested on Jul 25, 2018
Even lower cost than Dahua and Hikvision, China's self-proclaimed 3rd place company, Uniview / UNV, is offering aggressive pricing including for...
Bribes Alleged, Nortek Sued For Antritrust Violation on Jul 23, 2018
A case of an unhappy distributor rival or did a manufacturer accept bribes?  Nortek Security and Control has been sued by distributor Security...
Eastern and SavvyTech Merge, Form ENS, Targets ADI on Jul 09, 2018
ADI, ENS is coming for you. Or, at least, they hope. Two US distributors, NY based EasternCCTV and California based SavvyTech have merged, to...
Arlo IPO Filing Reveals Key Financial and Competitive Details on Jul 09, 2018
Arlo is going to IPO at a projected valuation greater than Axis. Now, Arlo has released their 175-page Form S1 Registration Statement for its...

Most Recent Industry Reports

SimpliSafe Violating California, Florida, and Texas Licensing Laws on Aug 14, 2018
IPVM has verified that DIY security system provider SimpliSafe, founded in 2006 and acquired in June of 2018 at a billion dollar valuation, is...
Cut Milestone Licensing Costs 80% By Using Hikvision and Dahua NVRs (Tested) on Aug 13, 2018
Enterprise VMS licensing can be quite expensive, with $200 or more per channel common, meaning a 100 camera system can cost $20,000 in VMS...
Nortek Sues SDS, Battle Over Unpaid Bill and Cancelled Lines on Aug 13, 2018
Nortek and SDS legal battle continues. As IPVM reported, SDS sued Nortek alleging bribery and antitrust violation. However, Wave fired back at SDS,...
Uniview Intrusion Analytics and VMD Tested on Aug 13, 2018
IPVM's IP Camera Analytics Shootout featuring Avigilon, Axis, Bosch, Dahua, Hanwha, Hikvision created some ill will with a Uniview distributor who...
ADT Employees Protest ADT CEO on Aug 10, 2018
So many ADT employees were so upset with ADT's CEO speech reported on by IPVM, that ADT's CEO was forced to send a mass email to employees to...
Axis / Avigilon Legal Battle Rises on Aug 09, 2018
In what is shaping up to be high-powered, will-not-back-down battle, Axis and Avigilon are squaring off in multiple legal contests. In 2017, IPVM...
Camera Focusing Tutorial on Aug 09, 2018
A camera's focus is fundamental to quality imaging. Mistakes can cause important problems. In this guide, we explain focus issues and proper...
Dahua Ban Response: NOT Chinese Government Owned on Aug 08, 2018
Dahua has responded to the US Congress passing a US government ban on Dahua and Hikvision's products. While Dahua offered the now standard...
Bad Move: ADT Markets Rival Amazon on Aug 08, 2018
Amazon may be lining up ADT as its next victim but ADT is happy to promote Amazon. Amazon has made major moves recently, including acquiring...

The world's leading video surveillance information source, IPVM provides the best reporting, testing and training for 10,000+ members globally. Dedicated to independent and objective information, we uniquely refuse any and all advertisements, sponsorship and consulting from manufacturers.

About | FAQ | Contact