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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
Clair Voight
2 Sep 14 09:31:21
$VJET Stocks In News: Voxeljet AG (ADR) (NYSE:VJET), Energy XXI (Bermuda) Limited ... http://t.co/hoX6U7xWVw
Dave
2 Sep 14 07:42:38
really feels like $DDD and $VJET are being artificially held down. . .
Chart Freak
2 Sep 14 07:10:34
$QQQ $GDX $GOLD $GLD $RUT $IWM Many trade ideas and lots of charts at http://t.co/Y111ZJ4kUZ $WEAT $VJET $RALY $RENN http://t.co/ha7PhapsEf
Stock Headlines
2 Sep 14 06:54:26
$VJET: Tech Today: Cisco Slumps, NetApp Jumps, Cheers for Aruba, XONE, VJET Margins Hit http://t.co/xDzh42R48A http://t.co/3AiDxupQNW
OPTIONS/STOCK EXPERT
2 Sep 14 06:18:07
$DDD $FB holding pre amrket, we have long view in them as posted last week, going to lock some $$ ! $vjet $xone $SSYS
Seeking Alpha
2 Sep 14 05:15:34
Should You Still Invest In 3D Printing Stocks? http://t.co/QLi5HTW8UB $HP $VJET $XONE $DDD
Lin/林莹君
31 Aug 14 20:05:55
"@Stockoptionexpert: $DDD Global Technology Conference to be held in New York on September 3 $VJET $XONE $SSYS $DDD"
OPTIONS/STOCK EXPERT
31 Aug 14 19:56:33
$DDD Global Technology Conference to be held in New York on September 3 $VJET $XONE $SSYS $DDD
Igor Tsukerman
31 Aug 14 15:26:07
Small 3D Printers Fill In The Gaps|Seeking Alpha http://t.co/v7ZllPUSoR $AMAVF, $DDD, $SSYS, $VJET, $XONE #3dprinting #investing #PassedPawn
Financial Updates
31 Aug 14 13:54:21
$VJET: Stratasys Q2 Earnings Beat Helped By Consumer Unit http://t.co/7iM42CjVhG http://t.co/CdXAiu2dru
LloydCreekStocks
31 Aug 14 13:34:46
Small 3D Printers Fill In The Gaps $AMAVF $DDD $SSYS $VJET $XONE http://t.co/cTMyeggP4A
3DPrinting24_7
31 Aug 14 05:50:35
Small 3D Printers Fill In The Gaps http://t.co/cso6aEFZPR $AMAVF, $DDD, $SSYS, $VJET, $XONE
Joe Attrux
30 Aug 14 17:06:24
RT @SeekingAlpha: Small 3D Printers Fill In The Gaps http://t.co/We0zJi2ArJ $AMAVF $DDD $SSYS $VJET $XONE
Johnny Trades
30 Aug 14 15:27:16
RT @SeekingAlpha: Small 3D Printers Fill In The Gaps http://t.co/We0zJi2ArJ $AMAVF $DDD $SSYS $VJET $XONE
PrivateCapBlogger
30 Aug 14 14:30:05
RT @SeekingAlpha: Small 3D Printers Fill In The Gaps http://t.co/We0zJi2ArJ $AMAVF $DDD $SSYS $VJET $XONE
Kelley M. Goes
30 Aug 14 14:23:49
RT @SeekingAlpha: Small 3D Printers Fill In The Gaps http://t.co/We0zJi2ArJ $AMAVF $DDD $SSYS $VJET $XONE
Alysia Sarkisian
30 Aug 14 14:21:54
RT @SeekingAlpha: Small 3D Printers Fill In The Gaps http://t.co/We0zJi2ArJ $AMAVF $DDD $SSYS $VJET $XONE
Seeking Alpha
30 Aug 14 14:19:51
Small 3D Printers Fill In The Gaps http://t.co/We0zJi2ArJ $AMAVF $DDD $SSYS $VJET $XONE
Derald Muniz
30 Aug 14 08:56:09
50/50 Basket to end the week: $DRL $GLUU $JRJC $LEJU $PBYI $TKMR $VJET
Abhishek Shetty
30 Aug 14 08:33:55
3D PRINTING STOCKS HAVE FORMED A BOTTOM HERE ..$XONE $VJET $DDD COULD BE BOUGHT HERE...ESECIALLY $XONE AND $VJET LOOKING EXTREMELY HOT...
Bobby, Alliances
29 Aug 14 14:12:39
RT @WallStNYC: These tech stocks are looking #bubbly $VIPS $TSLA $SCTY $XONE $VJET $ONVO #ANYIPO $QQQ $IWM $SPY $VXX Would not be surprised…
3D Printing Tweets
29 Aug 14 14:05:44
RT @3DPrintingStock: $DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index", which rose 1.1% today @ htt…
Business Headlines
29 Aug 14 13:54:33
$VJET: Stratasys Beats on Q2 Earnings & Revenues; Ups FY14 Outlook http://t.co/zbXHclm7VO http://t.co/3wJwk9reX2
3DPrintingStocks.com
29 Aug 14 13:34:25
$DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index", which rose 1.1% today @ https://t.co/zvTJ6VVQK0
Stockguy22
29 Aug 14 13:11:54
if we get a push on the 3D printers in Sept will be great .. would sell them again on any further pops- Key resist. $VJET $DDD $SSYS $XONE
DC
29 Aug 14 12:12:44
These tech stocks are looking #bubbly $VIPS $TSLA $SCTY $XONE $VJET $ONVO #ANYIPO $QQQ $IWM $SPY $VXX Would not be surprised to see 20% drop
DC
29 Aug 14 12:11:29
RT @CDMCapital: Novel Century, trying to get out of $XONE, 10% owner. Much more downside pressure for $XONE.. $DDD $VJET $DDD $SSYS http://…
Thomas Herbert
29 Aug 14 11:24:53
So my current swing trade holdings: $RGR $WFM $BEAT $VJET $UCO $SDRL $RIG most doing very well 2 are flat no losses yet.
CDM Capital LLC
29 Aug 14 10:28:56
Novel Century, trying to get out of $XONE, 10% owner. Much more downside pressure for $XONE.. $DDD $VJET $DDD $SSYS http://t.co/6iReyI38os
Stocks in News
29 Aug 14 09:54:36
$VJET: Why Many Argue There's Still A Fortune To Be Made In 3D Printing Stocks http://t.co/9uW6yBu4ts http://t.co/JKfuX19bJY
Foresight Investor
29 Aug 14 09:20:20
Will #3DPrinting be the next #Industrial #Revolution? http://t.co/CeEMRx71zL $DDD $SSYS #XONE $VJET #Manufacturing
John Ablemann
29 Aug 14 09:01:11
$VJET Voxeljet Plummets On Earnings Miss http://t.co/KGfaS3x4SU
Dave
29 Aug 14 08:52:03
$DDD & $VJET disappointing fades
StockChats
29 Aug 14 07:52:24
3D stocks doing well today $ddd $vjet $xone $stss http://t.co/yqQJg8xYnK
Mrudula
29 Aug 14 07:33:10
$VJET call in the chat from $17.38s to $25 working
Thestockwhisper
29 Aug 14 07:27:15
$vjet on weekly watch for long pos
Companies in News
29 Aug 14 06:54:31
$VJET: Worth Watching Stocks-Endocyte, Inc. (NASDAQ:ECYT),Voxeljet AG (ADR ... http://t.co/GL6WxiSMdD http://t.co/SWXV0drXVl
Thomas Herbert
29 Aug 14 06:48:01
$VJET nice up today to the 50 day MA. If we can hold above $18 it looks good to $20. 6000 remaining shares from 15.05
Stock007
29 Aug 14 06:44:15
Ok $VJET let's dance... calls ;)
CandidBanter
29 Aug 14 06:43:19
$DDD $VJET both moving higher, breakout we spoke of yesterday. Charts appears in good positions to go higher. #stocks #trading
dantes trading
29 Aug 14 06:41:28
3d printers starting to ramp up again $SSYS $DDD $VJET etc
Jack Trader
29 Aug 14 06:30:22
$VJET Stocks in the Spotlight - Voxeljet AG (ADR) (VJET), Sodastream International ... http://t.co/uJflwn0sGc
Mr.3Deeprint
29 Aug 14 01:43:08
RT @NaregKhoshafian: The Future Looks Bright For 3D Printing R&D Company Sigma Labs Inc. (SGLB) https://t.co/aqgBxlRnex $SGLB $DDD $SSYS $X…
Market News
28 Aug 14 22:54:15
$VJET: Stratasys Beats on Q2 Earnings & Revenues; Ups FY14 Outlook http://t.co/rq3BLwZn08 http://t.co/3Aph9U8oVU
Hereitfirst
28 Aug 14 22:13:16
How to trade $USU $CMG $MNKD $JPM $DRL$WHX$BBY,$TSLA $YHOO $RSO $SPY $VJET $ACRX $DDD $AAPL http://t.co/uTZpFW8a4K
CandidBanter
28 Aug 14 18:29:16
$VJET acts as if it might be ready to run again. Need a close above $18 with some volume to push it. #stocks #trading
Americanbulls
28 Aug 14 15:00:48
$VJET may go up 63% if the bull pattern is confirmed. Chk confirmation [40%] @ http://t.co/E9IVDbYrcQ. Buy level:17.7200.
Cousin_Vinny
28 Aug 14 11:36:02
$VJET price stays abv 4 hr http://t.co/pPJiuaNnnQ chikou about to emerge,bullish,kijun-sen turningup http://t.co/v0IB6LeoMS
Business News Now
28 Aug 14 10:54:33
$VJET: 3D Printing Stock Roundup: Q2 Earnings in Focus http://t.co/HVicAOcNcN http://t.co/bKChsDAHDf
Nishanth Godalla
28 Aug 14 10:53:10
DDD prinitng space at critical Point here , without any distribution days on mkt higher Imo $DDD $SSYS $XONE $VJET $PRLB
				
				
By  +Follow October 17, 2013 1:00PM
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