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Furthermore, having acquired valuable experience and authentication in the aerospace industry, SMS intends to exploit the
potential of monitoring systems in other sectors such as the U.S. Bridge Monitoring Sector. In recent years, the concern over
the national surface transportation system has considerably increased in the U.S. The transportation systems require
extensive repairing and rehabilitation once they are over their projected average age. In 2000, the U.S. Federal Highway
Administration (FHWA) reported that 165,218 bridges or nearly 28% of the total national bridge inventory is in need of
rehabilitation. Of these, around 83,630 are structurally deficient based on the FHWA guidelines. The U.S. Federal
government has estimated the average cost of maintenance for the deficient bridges to be around $2.6 million per bridge,
© Khandaker Partners. All rights reserved. The information and data contained herein is not warranted or represented to be accurate and complete.
This report is intended for U.S. residents and for information purposes only and should not be considered as advice or solicitation to buy or sell any
Security.
making the total budget exposure for more than US$384 billion. Thus, the bridge maintenance industry has developed into a
huge and lucrative industry. SMS intends to tap the fast growing market and deploy its patented CVMTM technology to detect
cracks in aging steel bridge structures and national surface transport systems.
We valued SMS using the discounted cash flow (DCF) analysis, wherein future cash flows were assumed up to 2013. We
forecasted the company’s revenues to realize healthy growth as the company has got product approvals from several
organizations and in addition, the global aerospace industry is expected to grow robustly in the future. Furthermore, the
recent product approval for CVMTM from Airbus is expected to generate positive earnings for the company 2008 onwards.
Future cash flows were discounted using a cost of equity of 10%. The DCF analysis yielded a target price of A$0.50 per
share as compared to the current stock price of A$0.11 per share.
© Khandaker Partners. All rights reserved. The information and data contained herein is not warranted or represented to be accurate and complete.
This report is intended for U.S. residents and for information purposes only and should not be considered as advice or solicitation to buy or sell any
Security.
Company Background & Business Strategy
Structural Monitoring Systems (ASX: SMN) is an Australia-based company involved in the development of structural crack
detector sensors and inspection products. Comparative Vacuum Monitoring (CVMTM) technology, the core patented
technology platform, helps perform critical structural integrity inspections. SMS commenced its operations in Australia in
1995. Since then, the company has developed products for monitoring operational stress and fatigue in critical structures
such as aircraft, ships and bridges.
The company’s product portfolio, based on its patented CVMTM technology, provides high quality monitoring data in
conjunction with software systems. CVMTM provides simple and cost effective means of monitoring through Condition
Based Maintenance (CBM) decision support systems. SMS has developed diverse Structural Health Monitoring (SHM)
sensors, which can be used in laboratories and on-field environments, offering periodic as well as continuous monitoring
services. The company’s technology platform has been approved as a suitable inspection technique for Australian Defense
Force (ADF) aircraft. Recently, SMS also received approvals from some of the major airline companies such as Airbus, the
major commercial aircraft manufacturer in Europe. In addition, the Boeing Company has included the company’s technology
in the Boeing Common Methods Non-Destructive Test (NDT) manual, a safety manual published by the Boeing Company
for operators of its aircraft. Moreover, SMS has supplied an initial order of CVMTM equipment to the People’s Republic of
China Air Force and has programs in place with the U.S., U.K., Australian, Dutch, Finnish, Polish, and Singapore Air Forces.
SMS’ qualified management team has significant expertise in the aerospace industry. The company’s Managing Director, Mr.
Mark Vellacott, has got an impressive track record. He has more than 25 years experience and has largely worked at
technical and managerial positions. Sir John Walker, Non-executive Chairman, is a former Air Marshal (RAF) with more
than 40 years experience with the Royal Air Force in the UK and was the Chief of Defence Intelligence during the first Gulf
War. They provide a strong base for the company’s future development.
Following are some of the striking features of the company’s business strategy.
　
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