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IPO Report: voxeljet AG (VJET)

By  +Follow October 17, 2013 1:00PM
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voxeljet AG (VJET) makes and sells large 3D printing systems.   VJET’s new product represents a volume that is more than six times the volume of the next largest commercially available 3D printer.

Five IPOs are scheduled for this week. The full IPO calendar can be found at IPOpremium.

voxeljet AG (VJET) is based in Friedberg, DE, and scheduled a $91 million IPO with a market capitalization of $218 milliion million at a price range mid-point of $14, for Friday, October 18, 2013.

The S-1was filed October 7, 2013.  Manager, Joint Managers:  Piper Jaffray/ Citigroup.  Co Managers:  Cowen/ Stephens

Summary

VJET makes and sells large 3D printing systems.   VJET’s new product represents a volume that is more than six times the volume of the next largest commercially available 3D printer.

Valuation

Valuation Ratios

Mrkt

Price /

Price /

Price /

Price /

% offered

annualizing June 6 mos

Cap (mm)

Sls

Erngs

BkVlue

TanBV

in IPO

voxeljet AG (VJET)

$218

4.7

-42.0

3.1

3.1

42%

Compare

Valuation Ratios

Mrkt

Price /

Price /

Price /

Price /

Gross

annualizing June 6 mos

Cap (mm)

Sls

Erngs

BkVlue

TanBV

Profit %

voxeljet AG (VJET)

$218

4.7

-42.0

3.1

3.1

34%

ExOne

$687

19.9

-114.5

8.2

8.2

59%

3D Systems (DDD)

$5,470

12.3

182.3

6.4

13.3

52%

Glossary

Recommendation

Buy VJET on the IPO, based on industry growth and comparative valuations.

Business

VJET is a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers.

VJET’s  3D printers employ a powder binding, additive manufacturing technology to produce parts using various material sets, which consist of particulate materials and proprietary chemical binding agents.

VJET offers customers the highest volumetric output rate in the industry due to the combination of large build boxes and print speeds.  3D printers and on-demand parts services are provided to industrial and commercial customers serving the automotive, aerospace, film and entertainment, art and architecture, engineering and consumer product end markets.

Products & services

VJET currently offers five different 3D printer platforms, and plans to offer a sixth prior to the end of 2013, with build boxes that range from 300 × 200 × 150 millimeters to 4,000 × 2,000 × 1,000 millimeters, with various print speeds, which produce volumetric output rates ranging from 0.7 liters per hour to 123.0 liters per hour.

All platforms support VJET’s commercialized material sets, sand and plastics, along with their respective proprietary chemical binding agents.

VJET is currently in varying stages of developing new material sets, including shell molding and chromite sands, PMMA-based plastics, ceramics, silicon carbide, tungsten carbide, wood powder and cement.

Two business segments: Systems and Services.

Systems
In the Systems segment, VJET focuses on the development, production and sale of 3D printers. In addition, VJET sells refurbished 3D printers which were produced for and used in the Services segment. VJET also provides consumables, including particulate materials and proprietary chemical binding agents, maintenance contracts and spare parts to customers.

Historically, to project and development partners, VJET sold and leased test machines, which are smaller printers with limited functionality designed to provide full flexibility to change parameters for the purpose of testing materials and processes.

In 2012, VJET introduced the VX200, a fully functional 3D printer with similar flexibility for process optimization and materials development. As a result, VJET does not plan on selling test machines in the future.

Services
In the Services segment, VJET prints on-demand custom parts for customers. At the service center, which VJET believes is one of the largest additive manufacturing service centers in Europe, VJET creates parts, molds, cores and models based on designs produced using 3D computer-aided design, or CAD, software.

Recent innovations

VJET believes that its recent innovations in 3D printers will continue to increase customer adoption of VJET’s additive manufacturing technology in industrial and commercial applications. Recent key innovations include:

        •The VX4000 system, which offers a build box of 4,000 × 2,000 × 1,000 millimeters, representing a volume that is more than six times the volume of the next largest commercially available 3D printer. The VX4000 prints at a speed of 75 seconds per layer, yielding a volumetric output rate of 123.0 liters per hour, the highest in the industry. This printer enables the user to print cost-effectively either a single, large-scale part or large quantities of customized smaller parts in a single batch.

        •The VXC800, which we believe is the only continuous build 3D printer currently on the market, has a build envelope of 850 × 500 millimeters, with the third dimension being theoretically unlimited. Unlike other additive manufacturing systems, the VXC800 utilizes a conveyer platform which permits the manufacturing of products that are not constrained by the length of a build box. VJET believes this process, enabled by proprietary design, creates new opportunities in the direct digital manufacturing of parts, as this 3D printer can be integrated into customers’ workflows in a manner that allows for uninterrupted production.

Backlog

The backlog as of June 30, 2013 was $5.7 million.  VJET estimates that the vast majority of systems in the backlog will ship prior to December 31, 2013, with the remainder expected to ship prior to June 30, 2014.

Seasonality

Historically, results of operations have been subject to seasonal factors. Purchases of VJET’s  3D printers often follow a seasonal pattern owing to the capital budgeting cycles of customers. Generally, 3D printer sales are higher in the second and fourth fiscal quarters than in the first and third fiscal quarters. Sales in the Services segment generally are not affected by seasonality

Intellectual property

As of June 30, 2013, VJET owned or co-owned 20 issued U.S. patents and 13 pending U.S. patent applications. In addition, VJET owns or co-owns patent rights in Europe, Asia and Canada. In total, as of June 30, 2013 VJET’s patent portfolio consisted of over 170 U.S. and international patents and patent applications. Currently issued patents will expire at different times in the future, with the earliest expiring in 2017 and the latest expiring in 2029.

Competitors

ExOne (XONE)
3D Systems (DDD)

Employees

As of June 30, 2013, VJET had a total of 87 employees

5% stockholders pre-IPO

Franz Industriebeteiligungen AGn, 16.9%
Startkapital-Fonds Augsburg GmbH, 16.9%
AleSta Beteiligungs GmbH, 12.5%
Technologie Beteiligungsfonds Bayern GmbH & Co. KG, 11.3%
Dr. Ingo Ederer, 37.7%

Use of proceeds

VJET expects to net $70 million from its IPO.  Selling shareholders will receive $11.6 million at the price range mid-point.  IPO proceeds are allocated as follows:

$40.0 million for expansion of on-demand parts service center in Europe and establishment of new on-demand parts service centers in North America and Asia;

$10.0 million for research and development and sales and marketing initiatives; and
the remainder for general corporate purposes, including, without limitation, potential acquisitions.

Note:  Each ADS represents one-fifth of an ordinary share.

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for vjet
3D Printing Tweets
25 Nov 14 13:27:11
RT @3DPrintingStock: $DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index" which lost 0.6% today at: ht…
3DPrintingStocks.com
25 Nov 14 13:26:36
$DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index" which lost 0.6% today at: https://t.co/85G7vTNUpa
chartseer
25 Nov 14 12:29:44
Relative weakness / short setups http://t.co/055w3ccbRD $RTRX $BIIB $VJET $DQ
Clair Voight
25 Nov 14 11:02:02
$VJET Better Buy in 2014: Voxeljet AG (ADR) vs. ExOne Co. http://t.co/HNip0JsOVI
4-traders.com
25 Nov 14 10:40:02
voxeljet : EuroMold premiere: 3D printing with Phenolic-Direct-Binding (PDB) http://t.co/VVobdKc8U4 $VJET
Stocks News&Markets
25 Nov 14 10:37:22
$VJET - voxeljet AG: EuroMold premiere: 3D printing with Phenolic-Direct-Binding (PDB) http://t.co/qSiYRlBHFw
StockNews
25 Nov 14 10:37:21
$VJET - voxeljet AG: EuroMold premiere: 3D printing with Phenolic-Direct-Binding (PDB) http://t.co/dtwO9npq5h
john smith
25 Nov 14 10:37:19
$VJET - voxeljet AG: EuroMold premiere: 3D printing with Phenolic-Direct-Binding (PDB) http://t.co/2zHk7GjmWW
Pzaa...Guy
25 Nov 14 10:37:18
$VJET - voxeljet AG: EuroMold premiere: 3D printing with Phenolic-Direct-Binding (PDB) http://t.co/E48yNwapvW
NASDAQ
25 Nov 14 10:37:04
$VJET - voxeljet AG: EuroMold premiere: 3D printing with Phenolic-Direct-Binding (PDB) http://t.co/xqfovdMSOU
Zac Reid
25 Nov 14 06:40:49
Bought $VJET.
Estep
25 Nov 14 05:17:05
$CAMT Extremely successful testing of new 3D printers @ high end client site. Client already started with training. $DDD $VJET $XONE
Zac Reid
24 Nov 14 23:29:10
I like $VJET, will likely buy in the morning.
Future Tech Investor
24 Nov 14 12:37:46
$MXWL updated chart+DD $TSLA $FB $MU $JD $BABA $SSYS $ONVO $PLUG $BLDP $FCEL $SUNE $VJET $XONE $MY $GILD $HURC $HYGS http://t.co/5Wf7WnVYBb
Samuel Brown
24 Nov 14 12:01:26
$VJET Better Buy in 2014: Voxeljet AG (ADR) vs. ExOne Co. http://t.co/Jm6LJVtKLL
Large Void Bot
24 Nov 14 11:51:13
New 52wk Lows: $VJET
@GoatInvestor
24 Nov 14 11:21:17
@3DFool Thinking of buying $vjet, you think it's reached the bottom yet?
Brian Lum
24 Nov 14 10:52:18
3D printing industry hampered by regulatory concerns http://t.co/I418Noin0U $SSYS $DDD $VJET $XONE
roberto pedone
24 Nov 14 08:41:08
$VJET worst chart in the 3D complex, but if the sector catches heat it will likely go too - http://t.co/0fOcpo0YTj
Trader Gang
24 Nov 14 07:58:35
Just added 450 shares of $SSYS for a sympathy swing play. $DDD $VJET $XONE
Kansas City Traders
24 Nov 14 07:55:42
3ds getting some mojo $VJET $DDD $SSYS $XONE
strategynode
24 Nov 14 07:02:02
Short $VJET 11.45 add more at 11.58
FonsieTrader
24 Nov 14 04:39:58
Parabolic Sar Sell Signals $ABCB $AEH $AINV $EXPE $GME $GTIM $KMI $LION $MOLG $MYY $OXM $RGC $TSLA $TASR $VJET http://t.co/Uy7Rdy1oY5 $STUDY
FonsieTrader
24 Nov 14 01:05:35
Parabolic Sar Sell Signals $SBSI $TASR $TAST $TCPC $TSLA $VJET $AEH $EXPE http://t.co/Q9DzK2X2ob #trading #money #stockmarket #premarket
Adrian Turman
23 Nov 14 17:21:15
3D printing industry hampered by regulatory concerns $SSYS $DDD $VJET $XONE $ONVO $CAMT $AMAVF http://t.co/vf62uKKJHz
Investors Hangout
23 Nov 14 15:57:12
Emylers: VJET Stock 11.32 Voxeljet Ag $VJET Hit a 52 week http://t.co/XcOyvVebIU
Investors Hangout
23 Nov 14 15:57:12
Emylers: VJET Stock 11.32 Voxeljet Ag $VJET Hit a 52 week http://t.co/O4B81Ib53h
Emylers
23 Nov 14 15:25:48
VJET Stock 11.32 Voxeljet Ag $VJET Hit a 52 week low of 11.25 Closing the day 11/21/14 at 11.32 -0.67 -5.59% W http://t.co/ji0XmtDpum
PJ Jakovljevic
23 Nov 14 11:37:35
#3Dprinting industry hampered by regulatory concerns http://t.co/vGw1HWGuPh $SSYS $DDD $VJET $XONE
L H Wood
23 Nov 14 11:33:21
3D printing industry hampered by regulatory concerns http://t.co/HX6pn5xY91 $SSYS $DDD $VJET $XONE
MarketCurrents
23 Nov 14 07:25:19
Regulatory concerns hampering 3D printing industry http://t.co/gZlzKtNkZf $SSYS $DDD $VJET $XONE
chartseer
22 Nov 14 10:11:34
$VJET looks like trouble to me http://t.co/gRAU0rByTv
FonsieTrader
22 Nov 14 07:15:26
Parabolic Sar Sell Signals 3/3 $RYAAY $SBSI $TASR $TAST $TCPC $TSLA $VJET http://t.co/4xWOOD7vcr $STUDY
FonsieTrader
22 Nov 14 03:39:15
Parabolic Sar Sell Signals $ABCB $AEH $AINV $DAL $EXPE $KMI $MBII $TSLA $VJET $TASR http://t.co/Q9DzK2X2ob #trading #money #stockmarket
Investors Hangout
21 Nov 14 18:36:18
Emylers: VJET Stock 11.32 Voxeljet Ag $VJET Hit a 52 week http://t.co/LaS3VY73ra
Investors Hangout
21 Nov 14 18:36:18
Emylers: VJET Stock 11.32 Voxeljet Ag $VJET Hit a 52 week http://t.co/LWxrAfBcaG
Investors Hangout
21 Nov 14 18:36:17
Emylers: VJET 11.32 Voxeljet Ag $VJET Hit a 52 week low of http://t.co/IklwnfVc5R
Investors Hangout
21 Nov 14 18:36:16
Emylers: VJET 11.32 Voxeljet Ag $VJET Hit a 52 week low of http://t.co/CUECKSVECb
Emylers
21 Nov 14 18:20:12
VJET Stock 11.32 Voxeljet Ag $VJET Hit a 52 week low of 11.25 Closing the day 11/21/14 at 11.32 -0.67 -5.59% W http://t.co/XxjE9dTTxh
Emylers
21 Nov 14 18:19:50
$VJET VJET 11.32 Voxeljet Ag $VJET Hit a 52 week low of 11.25 Closing the day 11/21/14 at 11.32 -0.67 -5.59% With a http://t.co/5EJYwviqNj
SwingTradeBot
21 Nov 14 15:02:07
Scan results - New 52 Week Low today: $WAIR $VJET $LQDT $JMEI $ENVA $SNR $NEOT $AM ... http://t.co/couUGDepvJ
James P Worthy
21 Nov 14 13:02:53
$VJET Voxeljet AG (ADR) Earnings: What to Expect Thursday http://t.co/8AViQCuZSw
Thomas Collins
21 Nov 14 10:31:15
$VJET Better Buy in 2014: Voxeljet AG (ADR) vs. ExOne Co. http://t.co/yTsFGJej1i
Jean Fonteneau
21 Nov 14 08:33:23
1 year ago in stock mkt history, $VJET hit $70 @CitronResearch release "$VJET is a total f#%$*g Joke" report, today $VJET $11 3D dream over
Large Void Bot
21 Nov 14 08:19:13
New 52wk Lows: $VJET
BankerBros
20 Nov 14 20:48:47
http://t.co/Iy7FzKCya3 $DDD $SSYS $ONVO $XONE $VJET $PCP $ADSK
Urbane_Gorilla
20 Nov 14 10:34:25
Astronauts install 3D printer on International Space Station - http://t.co/xtKbDv4cOm 88 $XONE $DDD $VJET $CAMT $ADSK $CIMT $PRCP $FARO
The Fly
20 Nov 14 09:00:47
Analyst sees new competition shaking up 3D printing market $DDD $SSYS $XONE $VJET $MTLS $HPQ $ADSK $CAJ $RICOY... http://t.co/kVwyE2G84y
DK1
20 Nov 14 07:41:01
$VJET showing signs of possible squeeze on close watch
Jeff Ki
20 Nov 14 07:10:21
RT @StockSignaling: Top Stocks (By Trading Liquidity): $CLDX $PXLW $ANV $INVN $GPRO $JKS $SNSS $CALL $SYNA $BITA $DANG $SINA $IFON $VJET $Y…
				
				
By  +Follow October 17, 2013 1:00PM
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