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Structural Monitoring Systems
(ASX: SMN)
Australia
An Aerospace Monitoring System Provider
Structural Monitoring Systems (ASX: SMN) is an Australian company
operating in the aerospace maintenance, repair and overhaul (MRO) industry.
The company focuses on the development and commercialization of
aerospace structural health monitoring systems, which are used for rapid
checking of fatigue critical locations in aircraft that are hard to access and
incur significant maintenance costs and aircraft down-time. Broadly, the
company’s product portfolio comprises products based on its leading edge
Comparative Vacuum Monitoring (CVMTM) technology that functions on the
principal of differential pressures to detect cracks in structures. SMS has
developed effective low-cost sensors for periodic and continuous monitoring
of commercial and military aircraft. Recently, the company achieved
accreditations from Boeing and Airbus, the two largest aircraft manufacturers
in the world, and also the Australia Defense Force (ADF) to install CVMTM
technology sensors on their aircraft.
• The company’s technology has been accredited for use in both the civil
and military aircraft maintenance sectors. SMS has received approvals
from the ADF and large aircraft manufacturers such as Airbus and
Boeing to install products based on CVMTM technology in their
aircraft. The company has also similar development arrangement with
Bombardier and Embraer. In addition, SMS has developed strategic
relations with defense organizations in military aerospace covering the
UK, Europe, the U.S. and China. The first fleet of military applications
(considered a major opportunity for SMS) is expected in 2008.
Recognition and product validation from these organizations is
expected to give the company a competitive edge.
• SMS developed its core patented technology platform CVMTM inhouse.
The company owns and controls the technology on a global
scale. Products based on the CVMTM technology provide simple, lowcost
monitoring set-ups, which are easy to install and durable. SMS is
the first company to develop sensors that replace manual Non-
Destructive Testing (NDT) inspections for aircraft strucrure; it was
recently awarded the Sandia National Laboratories award by the U.S.
Government for the maiden installation of these sensors on a
commercial aircraft. The company has also secured patents for CVMTM
in the U.S. and filed applications in 24 countries.
• SMS is also expected to benefit from dynamic macroeconomic factors.
The aerospace industry is witnessing robust growth due to
globalization. Consequently, the associated MRO industry is
anticipated to follow a similar pattern. Moreover, as the number of
aircraft fleet and their average age increases, the need for maintenance
is expected to rise.
• SMS has developed accredited monitoring technology for the
aerospace industry and plans to enter other industries, going forward.
The company is developing rationale and strategy in a bid to enter the
U.S. bridge monitoring market using its patented CVMTM technology
to detect cracks in aging steel bridges. Approximately 33.5% of U.S.
bridges are steel structures and require rehabilitation, amounting to a
repair liability of around US$ 400 bn for the U.S. surface transport
system.
Our target price and target market cap are aiming
at a 24–48 month investment period. For details,
please see financial forecasts and analysis.
http://www.smsystems.com.au
May 1, 2008
Initiation of Coverage
Equity Research
Analyst: Rishi Narang
(212) 513-1203
research@khandaker.com
www.khandakerpartners.com
Price (A$)
04/30/2008 0.11
Price Target * 0.50
52 week high 0.22
52 week low 0.08
Shares Outstanding (millions)
Basic Shares 254.02
Options & Warrants 0.00
Fully Diluted 254.02
Capitalization (million A$)
Current Market Cap 27.9
Target Market Cap* 127.65
Key Financial Ratios
Price/Equity (2008E) 11.57
Price/Sales (2008E) 46.57
Price/Book value (2008E) 11.57
　
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