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Foresight’s (FRSX) 24.8%-owned associate, Rail Vision (RV), has announced that it is considering a Nasdaq listing. RV is one of relatively few developers of advanced driver assistance systems (ADAS) for the rail industry and it has had a number of successful trials of its 1.5km range obstacle identification systems with major European railways. We therefore see strong potential for future sales of its ADAS, as well as attractive revenue streams from big data collected from its train-mounted equipment. In our recent note on Foresight, Well placed for China’s coming ADAS revolution, published on 31 October 2017, we valued RV at $79.3m (see discussion below), equating to $19.6m or NIS0.65 per FRSX share for Foresight’s stake. With increased accounts and management transparency, we see potential for the market to derive a significantly higher DCF-based value for RV with positive impact for FRSX’s valuation.

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