ELECTRONICS & AUTOMATION
Automation is key to digitalization and progressing towards Industry 4.0, which communicates data from manufacturing and production processes with integrated IT systems across the entire value chain. Megatrends, such as globalization, health awareness, environmental protection and an increasing level of prosperity will be significantly enabled by a continuously increasing degree of automation in all areas of daily life. M&A activities play a central role for companies in the automation sector: not only to protect competitive advantages, but also to increase innovative strength and strengthen inorganic growth globally and in the home market through the acquisition of key technologies and skilled employees.
Applications of automation solutions can be found almost everywhere: from process plants to production lines, from ventilators and the monitoring of vital parameters to building control (smart home) and household appliances; from autopilots in cars, aircraft, ships and trains to safety equipment and maintenance monitoring.
Thanks to our network, partly due to the former activity of Dr. Jürgen Kuttruff as head of the RFID business at Infineon, as well as our contacts from our Senior Advisors, we have been able to successfully execute a considerable number of projects for both medium-sized and large companies. As experts in the industry and regular partners in transactions, almost every door opens for us in the course of an active M&A process.
ELECTRONICS & AUTOMATION – FACTS, FIGURES, BACKGROUND
The chart visualizes the development of the median EV/EBITDA multiple of listed companies in the industrial automation sector. It also shows the interquartile range (IQR), which comprises 50% of all EV/EBITDA multiples observed. It can be seen that the median multiple has stabilized at a level above the initial level of 2020 despite ongoing uncertainties after the peak of the corona pandemic. This indicates continued confidence in the future performance of the industry.
Constituents: (i) Components: Gefran S.p.A., Renishaw plc, Spectris plc, TT Electronics plc, TE Connectivity Ltd., ams-OSRAM AG, Interroll Holding AG, Komax Holding AG, Sensirion Holding AG, Infineon Technologies AG, Jenoptik AG, INFICON Holding AG, Analog Devices, Inc., Ambarella, Inc., Coherent, Inc., Novanta Inc., Amphenol Corporation, Belden Inc., CTS Corporation, Rockwell Automation, Inc., Regal Rexnord Corporation, Silicon Laboratories Inc.; (ii) Plant Construction: Atlas Copco AB, Hexagon AB, Bystronic AG, Kardex Holding AG, Mikron Holding AG, Aumann AG, Dürr AG, KION GROUP AG, MAX Automation SE, ATS Automation Tooling Systems Inc.; (iii) OEMs: KUKA AG, Teradyne, Inc., Lincoln Electric Holdings, Inc., Cognex Corporation, FARO Technologies, Inc., Keysight Technologies, Inc.; (iv) All in One: Schneider Electric S.E., ABB Ltd, Siemens AG, Eaton Corporation plc, Emerson Electric Co., Fortive Corporation, Roper Technologies, Inc.
Quelle: Aquin Research, Capital IQ
The chart illustrates the above-average performance of listed companies in the industrial automation sector compared to the market as a whole since the beginning of 2019. From 2023, the curve shows a significant increase, indicating a strong upward trend. The Aquin Industrial Automation Index shown was calculated using the Laspeyres Index method.
Constituents: Gefran S.p.A., Renishaw plc, Spectris plc, TT Electronics plc, TE Connectivity Ltd., ams-OSRAM AG, Interroll Holding AG, Komax Holding AG, Sensirion Holding AG, Infineon Technologies AG, Jenoptik AG, INFICON Holding AG, Analog Devices, Inc., Ambarella, Inc., Coherent, Inc., Novanta Inc., Amphenol Corporation, Belden Inc., CTS Corporation, Rockwell Automation, Inc., Regal Rexnord Corporation, Silicon Laboratories Inc., Atlas Copco AB, Hexagon AB, Bystronic AG, Kardex Holding AG, Mikron Holding AG, Aumann AG, Dürr AG, KION GROUP AG, MAX Automation SE, ATS Automation Tooling Systems Inc., KUKA AG, Teradyne, Inc., Lincoln Electric Holdings, Inc., Cognex Corporation, FARO Technologies, Inc., Keysight Technologies, Inc., Schneider Electric S.E., ABB Ltd, Siemens AG, Eaton Corporation plc, Emerson Electric Co., Fortive Corporation, Roper Technologies, Inc.
Quelle: Aquin Research, Capital IQ
SUB INDUSTRIES
The field of automation covers all plants and components that function completely or partially without human intervention. At Aquin, this sector consists mainly of sensor technology, communication technology as well as control and measurement technology, as evidenced by impressive references and long-term cooperation with industry experts. In addition, the automation industry also includes machine vision technology and robotic components, such as positioners, drives and associated control software. Aquin serves companies at every point in the value chain: from component manufacturers to integrators and solution developers to OEMs.
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EDMS, EMS
“E(D)MS and electronic assembly development companies manufacture and design electronic devices in all industries.” |
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Cable & Connectors
“Robust cables and connectors between the individual machine components and modules are essential for proper functioning.” |
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Sensor & Measurement Technology
“Sensor technology and associated components are needed to measure and process physiochemical parameters: Mechanical and electronic sensors, (electro-)magnetic sensors, MEMS, optical sensors & cameras, acoustic sensors, (bio-)chemical sensors and others. Thus, sensors enable the detection of a wide variety of environmental conditions for evaluation and interpretation within the overall system.” |
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Network and telecommunication technology
“Complex systems need information exchange and storage capabilities. This requires network technology for data transmission between machine components (wired and wireless), control cabinets (e.g. for power, 19″ network components, servers, etc.), and industrial distribution boards.” |
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Control and drive technology
“Electric motors, drives or actuators in all shapes, sizes and performance characteristics convert the electric current back into motion to drive machines. The areas of application are almost infinite and so motors can be found in almost all automation solutions. They are complemented by suitable industrial control systems (PLCs) and control components.” |
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Professional Power Supplies
“Nothing works without the right power: professional power supplies and (programmable) power supplies are essential for numerous applications such as in research laboratories, production and testing environments (e.g., automotive, semiconductors).” |
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Robotik
“Industrial production is now highly automated by industrial robots, cobots, AGVs and handling technology, and as intelligent multi-body systems, these not only relieve production workers of hazards and monotony, but also work more efficiently and precisely. The manufacturing of high-tech products such as consumer electronics and automobiles would be almost unthinkable without modern robotics.” |
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Industrial Software
“Software can be found in numerous solutions in industrial automation, e.g., for the store floor for production control and machine monitoring, ERP systems in goods and material flow control, but also in logistics & SCM. This also includes user software for component configuration and implementation services.” |
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Automation Services & Maintance
“Inspection, preventive (remote) maintenance or the rapid supply of spare parts – service companies in industrial automation have to cover a wide range of services.” |
SELECTED TRANSACTIONS
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PUBLICATIONS
11.2022
- Dr. Jürgen Kuttruff in: INDUSTRY.forward Jahrbuch der Industrie HAKAHAKA 2022
03.2022
- Dr. Jürgen Kuttruff, Thomas Grauvogl, Bennet Former in: Automation & Digitalisierung
