INITIATION OF COVERAGE – 09.08.2023

iVision Tech SpA is an Italian company, as well as an Innovative SME, operating in the B2B eyewear sector. The core activities are carried out through the production plant of Martignacco (UD), an historical plant redesigned by Safilo Industrial Srl for the production of moulds and equipment for the production of eyewear and acquired by the Fulchir family in 2020. In this production hub, which covers an area of about 5,000 square meters, 150 highly qualified resources are employed, allowing the Company to combine an artisanal know-how with a high degree of process automation and technological innovation, and consequently to ensure the Company’s clients a final product Made in Italy, designed, produced and delivered with an exceptionally short lead time. In carrying out these activities, iVision Tech operates through two divisions: iVision Eyewear, active in the design, prototype development, industrialisation and mass production phases, and iVision R&D, specialised in research and development with a focus on product and process innovations concerning the eyewear market. iVision Tech is an italian company active in the eyewear market. At an international level, the industry has recorded a strong recovery trend in recent years. After slowing down in 2020 following the COVID-19 pandemic shutdown, in 2021, thanks to the recovery of production activities and of the international trade market, the eyewear industry recorded a growth of 49.5% reaching a value of $ 157.9 billion, higher than the pre-crisis value ($ 138.7 billion in 2019). Continuing this growth trend, the market is estimated to reach a value of $ 169.80 billion in 2022 and the prospects are for continued growth until 2030, with an expected CAGR of 8.4% for the 2022-2030 period. We conducted the assessment of iVision Tech’s equity value based on the DCF methodology and the multiples of a sample of comparable companies. The value resulting from the application of the DCF methodology  is equal to € 30.2 million, while that resulting from the multiples method, applying a 25% discount, is equal to € 24.0 million. The average equity value of iVision Tech is therefore equal to € 27.1 mln. The target price is € 3.90, BUY rating, MEDIUM risk.

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