NEW YORK, Nov. 14, 2019 /PRNewswire/ -- Foresight
Autonomous Holdings Ltd. (NASDAQ: FRSX) and (TASE: FRSX) is a
technology company engaged, through its wholly-owned subsidiaries,
Foresight Automotive Ltd. and Eye-Net Mobile Ltd., in developing
both "in-line-of-sight" vision systems and "beyond-line-of-sight"
cellular-based applications. The company's systems are designed to
improve driving safety by enabling highly accurate and reliable
threat detection while ensuring the lowest rates of false alerts.
FRSX is also a 24.12% shareholder in Rail Vision Ltd., a leading
provider of cutting-edge cognitive vision sensor technology and
safety systems for the railway industry. We initiate coverage on
Foresight at an ADS target price of USD
2.77.
Equity research is published in the framework of Frost's
Independent Equity Research Program. You can
contact us at no cost to learn more about the companies we cover or
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Summary of Highlights (read the full report
here)
It is now a critical point for OEMs and other service providers
to identify systems that are robust yet cost effective and capable
of operating in varying environments. Beyond these hardware
requirements, OEMs will also require a level of flexibility at the
software and supply chain level due to the lack of maturity of this
value chain. The need of the hour is to have software modules that
are cross functional with other sensors in the vehicle while having
the flexibility to be procured either as processed information
blocks from sensors or as raw data points depending on the overall
data fusion strategy of the OEM. In essence, to create software
that the OEMs can adapt to their needs and not a "black box"
solution.
Foresight's technology is derived from field-proven homeland
security technology that has been deployed worldwide, for almost
two decades, in critical international facilities including
borders, nuclear plants, and airports.
Foresight's QuadSight system is a key component that will enable
Level 3, 4 and 5 autonomy by solving the two main challenges of
detecting any obstacle and allowing autonomous vehicles to safely
endure extreme weather and lighting conditions. Foresight's
solution enables 24/7 operation in harsh weather conditions and
complete darkness for a complete 3D image of the driving
environment. Frost & Sullivan believe that the market
opportunity ranges in the hundreds of billions of dollars.
The company targets vehicle manufacturers (OEMs), system
integrators (Tier One suppliers) and strategic suppliers, allowing
them to adapt Foresight's core technology to their specific needs
in order to enable vehicle autonomy. Foresight has sold 8 systems
for testing to leading OEMs and Tier One suppliers in the US,
Europe, China, Israel, and Japan.
Taking into consideration the activities of Foresight
Automotive, Eye-Net Mobile, and Rail Vision Ltd. we evaluate
Foresight at $85.6M / 299.7M NIS; price target range of 1.7 NIS to 2.2 NIS;
an average of 1.9 NIS (or 2.77
ADS).
Read the full report
here
Media Contact:
Tiran Rothman
Head of Frost Israel
Frost & Sullivan
+972 (0)9-950-2888
equity.research@frost.com
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SOURCE Frost & Sullivan