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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
20 Aug 14 15:08:00
RT @3DPrintingStock: $DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index", which rose 0.1% today @ ht…
Bidness Etc
20 Aug 14 13:44:51
#3dprinting : Sell-side Expects #stocks To Recover Despite Recent Slump http://t.co/2QHDb095w8 $SSYS $DDD $XONE $VJET
3DPrintingStocks.com
20 Aug 14 13:25:42
$DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index", which rose 0.1% today @ https://t.co/hIyS3gk32g
3DPYellow
20 Aug 14 12:30:52
$VJET voxeljet AG #stockaction #chart : Partner for Digital Production - #Germany #3DP #stocks #investing http://t.co/reLUfbJzBh
Financial Headlines
20 Aug 14 10:54:57
$VJET: European ADRs at 10-day Highs Buoyed By Growth in Banks http://t.co/SIhdAOd3sz http://t.co/7Pyr5xIVvB
Investors Hangout
20 Aug 14 10:47:34
clayton: $VJET 15.16 http://t.co/lqLXPQ9JSu
Investors Hangout
20 Aug 14 10:47:18
clayton: $VJET 15.16 http://t.co/J0qx6bM1Nx
clayton
20 Aug 14 10:39:09
$VJET 15.16 http://t.co/exhmMzHbFg
lookn4wins
20 Aug 14 10:14:34
$DGLY Candlesticks $DGLY Most recent stock chart and technical analysis. $XLK $GBGM $ACHN $VJET $XOM $QTMM htt http://t.co/mse2hkdaKJ
Lucretia
20 Aug 14 10:01:38
$VJET Stocks In News: Voxeljet AG (ADR) (NYSE:VJET), Energy XXI (Bermuda) Limited ... http://t.co/oFWnEcM0pQ
leahanne
20 Aug 14 08:17:17
$HPQ Hewlett-Packard Company (HPQ) 35.37 -0.11 (-0.31%) $VJET $VTI $CMG http://t.co/5tRTyNEycN
Investors Hangout
20 Aug 14 08:09:11
lookn4wins: $VJET Stock Chart $VJET Most recent stock chart http://t.co/mhBWXZO0hG
Investors Hangout
20 Aug 14 08:09:08
lookn4wins: $VJET Stock Chart $VJET Most recent stock chart http://t.co/RL11td0bwj
lookn4wins
20 Aug 14 07:56:44
$VJET Stock Chart $VJET Most recent stock chart and technical analysis. $QTMM $GE $AAPL $SWKS $SWKS $BBRY http http://t.co/RZzyqr6rjT
Stock News Headlines
20 Aug 14 07:54:19
$VJET: Movers to Watch - Rent-A-Center Inc (RCII), Voxeljet AG (ADR) (VJET), KEYW ... http://t.co/kJCBAebC2d http://t.co/bRQUDty9Gg
lookn4wins
20 Aug 14 07:36:59
$GDX Chart $GDX Most recent stock chart and technical analysis. $XOM $WAG $NQ $VJET $XLF $YELP http://stockcha http://t.co/07tW9pd3kG
BullTrade Corp.
20 Aug 14 07:30:34
Is 3-D about to take off again? It looks ready. $ONVO $DDD $SSYS $VJET
Investors Hangout
20 Aug 14 07:06:10
danrocks: $FBCD Alert $LOW $VJET $HNU.TO $HERO $QTMM http://t.co/2IXR89Fux6
Investors Hangout
20 Aug 14 07:06:09
danrocks: $FBCD Alert $LOW $VJET $HNU.TO $HERO $QTMM http://t.co/KsqQV7gsBG
danrocks
20 Aug 14 06:44:35
$FBCD Alert $LOW $VJET $HNU.TO $HERO $QTMM http://t.co/TPMQzbqasJ
3DMFGNews
19 Aug 14 12:14:26
#3DPrinting - The Next Big Thing Coming to the ASX http://t.co/sxzH1R7YBj $DDD $SSYS $XONE $VJET #Investments #TheFuture
BUZZ
19 Aug 14 12:05:06
Commented on: "The 3-D Space Is Still Too Rich For Long-Term Investors" http://t.co/Abs2l7kPiX $DDD $SSYS $VJET $XONE
Stock Updates
19 Aug 14 09:54:11
$VJET: Voxeljet Plummets On Earnings Miss http://t.co/tmvmlI1hbi http://t.co/wnc88NMQE6
Investors Hangout
19 Aug 14 09:12:49
Emylers: $VJET Up to date company activities and other http://t.co/SWnFeFpm1C
Investors Hangout
19 Aug 14 09:12:48
Emylers: $VJET Up to date company activities and other http://t.co/mR2dE3k3NR
chartguy89
19 Aug 14 09:03:50
VJET Stock Chart $VJET $GPRO $GBGM $SSYS http://t.co/DVPv7Eb2rt http://t.co/tgZdnNNMjC
Thomas Herbert
19 Aug 14 08:58:51
Doing well on our current swing trades. $KATE UP $VJET mixed mostly up $SFTBY up $BEAT flat
chartguy89
19 Aug 14 08:55:31
GTAT Stock Chart $GTAT $VJET $JNK $UUP http://t.co/3vUo3KC1Mh http://t.co/vXOwkbmEAN
Seeking Alpha
19 Aug 14 08:44:47
The 3-D Space Is Still Too Rich For Long-Term Investors http://t.co/I68G2uRkcl $DDD $SSYS $VJET $XONE
Emylers
19 Aug 14 08:41:38
$VJET Up to date company activities and other important information about $VJET http://t.co/3FQ2R3l8xC
Investors Hangout
19 Aug 14 08:03:44
danrocks: $DRYS Starting to get interesting $TZA $VJET $XLV http://t.co/Q58q82r9Ty
Investors Hangout
19 Aug 14 08:03:44
danrocks: $DRYS Starting to get interesting $TZA $VJET $XLV http://t.co/hjNVWuH5ZA
Stocks in News
19 Aug 14 07:54:01
$VJET: Short Interest Jumps Again in 3D Printing Stocks http://t.co/dNyAFu9Ybg http://t.co/2gyhqMdt5g
danrocks
19 Aug 14 07:53:44
$DRYS Starting to get interesting $TZA $VJET $XLV $GTAT $TKM.TO http://t.co/1nvvPZnuyZ
leahanne
19 Aug 14 07:28:20
$SLW Silver Wheaton Corp (SLW) 25.62 -0.18 (-0.70%) $XLB $VJET $ABX http://t.co/2Di32n3uoO
lookn4wins
19 Aug 14 07:07:07
$FCX 200 Simple Moving Average $FCX Most recent stock chart and technical analysis. $QIHU $GDXJ $IBM $VJET $EZ http://t.co/NX4ZwJYURS
chartguy89
18 Aug 14 23:53:01
VJET 15.27 Stock Charts $VJET voxeljet AG ADS (NYSE) Last Updated: 08/19/2014 01:53:01 VJET Stock Chart - 1 Mo http://t.co/5KpI0c6gug
Jeffrey Blake
18 Aug 14 15:31:10
$VJET Voxeljet Plummets On Earnings Miss http://t.co/dFzhtOtbIt
Business Headlines
18 Aug 14 11:54:12
$VJET: European ADRs at 10-day Highs Buoyed By Growth in Banks http://t.co/qLhTboE6S7 http://t.co/wo1w9J8LNd
Larry
18 Aug 14 11:34:45
long $VJET 15.00, sold more $LGND 58.23 (55.75)
Stockguy22
18 Aug 14 09:25:00
$VJET testing $15 .. which is also the secondary offering price — so could be good base down here .. even if dips below may be short lived
Stephens Inc
18 Aug 14 07:25:01
Morning Brief: Stephens releases research reports on $AAP $NBHC $OKSB $PE $SJM $VJET $WIN $WMT http://t.co/BTpMubAOG8 #SIResearch
Thomas Herbert
18 Aug 14 06:48:13
$KATE up nicely $VJET staying above key $15 level. If it can hold will add more.
Thomas Herbert
18 Aug 14 05:57:33
Watching $KATE for move up this week, still holding 4000 shares from 9000 purchased. Also looking to add to $VJET on last weeks pullback.
Stocks in News
15 Aug 14 11:54:13
$VJET: Stratasys Reports Second Quarter Beat And Guidance Hike; 3D Sector Also Higher http://t.co/z2maPpbKNl http://t.co/xn2mjERIel
Harry Walkman
15 Aug 14 11:01:01
$VJET Voxeljet Plummets On Earnings Miss http://t.co/nX86MRkOC8
Investors Hangout
15 Aug 14 10:04:52
Emylers: $VJET Up to date company activities and other http://t.co/F4wEbeqZbd
Investors Hangout
15 Aug 14 10:04:38
Emylers: $VJET Up to date company activities and other http://t.co/q1Aagg6R01
Wall Street Monitor
15 Aug 14 09:55:07
$VJET: Stratasys Reports Second Quarter Beat And Guidance Hike; 3D Sector Also Higher http://t.co/28Hm4dqqHN http://t.co/HAe28zRgNJ
Emylers
15 Aug 14 09:43:05
$VJET Up to date company activities and other important information about $VJET http://t.co/CuogldtAoK
				
				
By  +Follow October 17, 2013 1:00PM
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