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alternative means of compliance for specific inspections that could significantly save time. A measurement with a PM200
device is expected to take less than 10 minutes as compared to the base line inspection methods that require strip and re-build.
SMS is in talks with several airlines to implement the CVMTM technology as part of their maintenance and inspection routine.
The sensors need to be installed at locations that are hard to access. This could effectively reduce the time and effort required to
inspect the locations with traditional NDT methods.
Picture 5 – CVMTM PM200 device for periodic monitoring
Source: company
© 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.
Sensors
Sensors for Metallic Structures
SMS has developed sensors from different materials, which can be used across diverse applications. The installation of sensors
is designed to be fairly simple and quick. The body surface of an aircraft is cleaned and the sensor is laid on the surface that is
to be monitored. The company’s original sensors were designed using silicone such as Pressure Sensitive Adhesive (PSA). PSA
allows the sensor to be removed from the storage box and installed directly onto the surface of an aircraft. Sensors can also be
manufactured from polymers such as polyimide to serve diverse applications across environmental and geographical
requirements. As per the design, sensors are identical whether they are for laboratory or on-sight usage. SMS is also assessing
the opportunities for incorporating CVM sensor technology directly into aircraft metallic structures for incorporation into newbuild
aircraft to enable design optimization and improved maintainability.
Sensors for Composite Structures (The Next Generation)
SMS has also designed sensors for structures constructed in composite fibre. This is an important development as aircraft
structure is increasingly being made in composite fibre and existing inspection technologies used on composites are
cumbersome and difficult to use. CVMTM sensors are specifically designed to detect Barely Visible Impact Damage (BVID).
In a composite structure, BVID is facilitated through standard components installed on the back face of an impacted structure
and also through disbond using the company’s unique Through The Thickness (TTT) sensor based on the CVM technology.
These sensors are developed to detect impact damage to aircraft from for example baggage handling, which is not uncommon
and also to detect disbonding composite structure caused by fatigue or from poor manufacturing processes. .
© 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.
Financial Forecast and Analysis
SUMMARY
We valued Structural Monitoring Systems (ASX: SMN) using the discounted cash flow (DCF) approach. Using the DCF
valuation technique, we arrived at a target price of A$0.50 per share over an investment horizon of 24–48 months. The target
price is significantly higher than the current market price.
DCF Approach
For the valuation, we made the following assumptions:
􀂃 Considering the patented technology portfolio of SMS, we expect the company to consistent revenue growth rates in the
near term. Also, the global aerospace market is anticipated to grow at a fairly high rate, further strengthening the
company’s prospects.
􀂃 We have assumed the revenue generated per aircraft annually as A$11,000 and have increased at a conservative growth
rate of 5% per annum.
􀂃 As the company matures in the future; R&D expenses and operating expenses would stabilize and average out.
Based on these assumptions, we projected the annual revenues and costs to arrive at the company’s net income over the
explicit forecast period. The table below outlines some of the key figures of the income statement.
Table 1: Income Statement 2008E-2013E (in ‘000 A$)
Source: Khandaker Research
We determined the free cash flows accruing to SMS during the forecast period. Beyond this period, projections were made
by assuming a terminal growth rate of 4%. We then discounted the free cash flows and terminal value by 10% or the cost of
equity. Our cost of equity was based on a risk-free rate of 6.18%, risk premium of 7.04%, and beta of 0.25. We then added
　
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