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UWFA Stock Pitch Competition: Avigilon (TSX: AVO). March 8, 2014. Presented by: Varun Bhambhani and Irene Liu. Introduction. Company Description. Key Financials.

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Presentation Transcript
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UWFA Stock Pitch Competition: Avigilon (TSX: AVO)

March 8, 2014

Presented by:

Varun Bhambhani and Irene Liu

introduction
Introduction

Company Description

Key Financials

Avigilon (TSX: AVO) is a Canadian-based manufacturer of high definition and megapixel network-based video surveillance systems and equipment for the security market worldwide. The company was incorporated in 2004.

Avigilon’s system is promoted by its sales staff and sold through a global network of security installers and dealers.

Product Lines

Normalized Performance

  • Video management software
  • High-definition IP cameras
  • Recording hardware
  • System accessories
company overview
Company Overview

YoY Revenue

Management Team

CAGR = 102%

Alexander Fernandez, Founder & CEO

Bryan Schmode,

COO

Brad Bardua,

CFO

Company Overview

Investment Thesis

Macro Outlook

Catalysts & Risks

Valuation

investment thesis
Investment Thesis

1. Strong revenue growth driven by expansion into US & other geographic regions

2. Avigilon’s recent acquisitions of VideoIQ and RedCloud will drive growth in 2014 and beyond

3. As one of the few end-to-end solution providers, Avigilon will maintain an edge over competitors

Company Overview

Investment Thesis

Macro Outlook

Catalysts & Risks

Valuation

macro outlook
Macro Outlook

The global market for video surveillance equipment is expected to grow by more than 12% in 2014, as per a study conducted by HIS, a global think tank

There is push towards video data analytics; the ability to differentiate products will be important in 2014.

The rising use of big data means that cloud computing would become more prevalent.

Governments across the globe have been increasing their budgets for video surveillance, which will drive growth in this industry in 2014.

180/360 degree panoramic network cameras will be high demand with global unit shipment forecast to increase by more than 60% YoY

Company Overview

Investment Thesis

Macro Outlook

Catalysts & Risks

Valuation

catalysts risks
Catalysts & Risks

Catalysts

Successful integration and synergy from acquisition of VideoIQ: VideoIQ provides analytics and active learning technology that detects intrusion from video surveillance without human involvement. This has the potential to become a selling factor for Avigilon.

Major contract wins and global expansion: Avigilon has been focusing on expanding the reach of its products in the US and EMEA.

End-to-end solution: Avigilon provides end-to-end solution to its customers, which is a significant advantage over competitors who only provide either the software or hardware for video surveillance.

Risks

Large competitors: Avigilon’s competitors have a much greater scale, which could impact its ability to compete at the global stage.

Ability to innovate: Given that video surveillance can essentially be considered a commodity, Avigilon needs to continue to innovate in order to set the brand apart from its competitors.

M&A Integration: There is a risk that the integration of VideoIQ and RedCloud (both acquired in 2013) might not go smoothly and it can impact Avigilon’s ability to leverage the synergies.

Company Overview

Investment Thesis

Macro Outlook

Catalysts & Risks

Valuation

valuation dcf
Valuation - DCF

Company Overview

Investment Thesis

Macro Outlook

Catalysts & Risks

Valuation

valuation dcf1
Valuation - DCF

Company Overview

Investment Thesis

Macro Outlook

Catalysts & Risks

Valuation

valuation trading comparables
Valuation – Trading Comparables

Comparables Universe

Company Overview

Investment Thesis

Macro Outlook

Catalysts & Risks

Valuation

recommendation
Recommendation

Football Field

Entry & Exit Strategy

1. Strong revenue growth driven by expansion into US & other geographic regions

2. Avigilon’s recent acquisitions of VideoIQ and RedCloud will drive growth in 2014 and beyond

3. As one of the few end-to-end solution providers, Avigilon will maintain an edge over competitors

Company Overview

Investment Thesis

Macro Outlook

Catalysts & Risks

Valuation