Foresight Autonomous Holdings (FRST)

Business description

Foresight Autonomous (FRST) is a development-stage technology company in Israel, developing ADAS systems based on technology developed by its parent company and the Israeli military. FRST also has a stake in rail ADAS specialist, Rail Vision.

Stock data

Market cap.NIS378.5m
Last closeNIS4.33
High / Low (52 weeks)NIS4.3 / NIS1.7
Stock market listingTel Aviv Stock Exchange, AIM Italia
Forecast net debt (NISm)0
Forecast gearing ratio (%)0
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual38.177.5108.1
Relative *35.574.9103.9

* % Relative to local index

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Y/E Dec Revenue (NISm) EBITDA (NISm) PBT (NISm) EPS (NIS) P/E (x) P/CF (x)
2015A N/A N/A N/A N/A N/A N/A
2016A 0.0 (9.1) (9.8) (0.14) N/A N/A
2017E 0.0 (13.0) (16.0) (0.17) N/A N/A
2018E 0.6 (15.4) (16.6) (0.18) N/A N/A

Last updated on 24/04/2017

Investment summary

Foresight Autonomous Holdings (FRST) shares have performed very strongly over the last month. Key influences have been the high valuation implied by the Intel acquisition of Mobileye, the successful completion of a round of equity fund-raising ahead of the group’s planned Nasdaq listing and positive feedback from Deutsche Bahn’s testing of Rail Vision’s safety systems. Positively, the Q117 equity issues of NIS42.7m ($11.7m) put the company on track for self-financing and we have also increased our earnings forecasts to reflect what we see as Rail Vision’s improved near-term order prospects, boosting our DCF valuation from NIS3.11 to NIS3.30 per share.

Last updated on 24/04/2017

Industry outlook

ADAS is one of the fastest-growing markets in the auto industry. ABI Research forecasts total spending in the ADAS market to grow at a 29% CAGR over the next decade, with sales of vulnerable user (cyclists/pedestrians) detection systems, which are principally reliant on forward camera systems, forecast to achieve a 49% CAGR during this period. From 2020, the growth of FA vehicle production should further boost forward camera demand.

Last updated on 04/04/2017

Key management

Eli Yoresh, CFO
Ariel Dor, COO

Company address

3 Golda Meir
Nes-Tziona,
Israel
+972 (0)77 9709030
View website