Edison Initiates ADR Coverage on ifa systems

LONDON, December 4, 2014 /PRNewswire/ --

Edison Investment Research, a leading international investment research firm, announces the initiation of full coverage on the US-listed ADRs of ifa systems (OTC Pink:FYSSY), a German company providing software and clinical decision support systems for ophthalmology in clinics and hospital departments. 

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As an established player in healthcare IT, ifa systems is an opportunity for investors to gain exposure to an expanding area of IT spend. Furthermore, this growing IT spend is happening in multiple geographies, most notably in the US, Latin America and China, and is being driven by economic, political and social imperatives.

ifa systems provides software for ophthalmologists. The core of ifa systems' product is electronic medical records, but its software covers all areas of an ophthalmological practice including clinical decision support.

Our valuation work shows ifa's shares to be trading at revenue and earnings multiple discounts to both its US and European peer groups - discounts that we regard as unjustified. Our reverse DCF work finds the current share price can be seen as reflecting 3% revenue growth in the medium term, with ongoing operating margins at 21.5% - levels well below those suggested by ifa's opportunities in the US, Latin America and China.

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About Edison: Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals works with leading companies, fund managers and investment banks worldwide to support its capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority (http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584).

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

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SOURCE Edison Investment Research

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