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Foresight (FRSX) is an innovator in automotive vision and cellular V2X accident prevention systems. In Q118, the group launched its QuadSight demo system at CES. It expects to have a prototype by mid-2018 and to launch live demonstrations, which should lead to pilot trials later this year. Also launched in Q118 and about to be spun into its own subsidiary, FRSX’s mobile phone-based Eye-Net solution further extends the safety theme, with real-time collision alerts to pedestrians and drivers. Despite this progress, we are concerned that the recent fatalities caused by autonomous vehicles and greater government scrutiny of the tech sector could increase industry caution and set back industry timelines, leading us to push back our FRSX revenue forecasts. We nevertheless see the company as well positioned to benefit from greater industry focus on safety and its primary orientation to ADAS rather than fully autonomous vehicles. We also note its stake in Rail Vision with its highly prospective rail ADAS products. Our DCF valuation remains at NIS4.99 per share.

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