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Foresight Autonomous (FRSX) continues to increase its profile in the autonomous vision systems market. This month, it showcased its ‘QuadSight’ vision system containing two infrared and two vision cameras for autonomous and semi-autonomous vehicles at CES in Las Vegas, as well as on CNBC. The group also increased its stake in Rail Vision (RV), which develops advanced safety systems for railways, by 7.9% to 32.6%. This took place at a favourable price via the exercise of warrants valuing the company at $28m vs our EV/revenue-based valuation of $77m. The exercise was the result of a successful test with a leading European railway, which has commissioned a paid pilot programme and has notified Rail Vision that it is considering procuring its technology for its locomotive fleet. We see the RV stake increase as mildly value-accretive (c 2%) in dollar terms, but this gain has been offset by recent NIS strength vs the dollar, leading us to maintain our valuation of NIS4.99 per share.

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