Frost & Sullivan Begins Coverage of Foresight Autonomous Holdings (FRSX): A Game Changing Company Targeting Autonomous Vehicles

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.

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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  

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Frost & Sullivan
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SOURCE Frost & Sullivan