logo
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

 


IPO Report: voxeljet AG (VJET)

By  +Follow October 17, 2013 1:00PM
Share:
Tickers Mentioned:

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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for vjet
Spartan Stocks
28 Mar 15 14:28:29
New Post: Video Lesson 106: $VJET $GBSN $ORMP $LBIO $CNAT 3/28/15 http://t.co/BxjbCgERxs
Ophir Gottlieb
28 Mar 15 12:34:50
$DDD vs. $SSYS vs. $VJET Compared Across 9 Critical Measures Chart: http://t.co/ppTlDDyZ36
Bazooka Tech
28 Mar 15 10:16:52
RT @CVCResearch: $VJET $DDD $SSYS $XONE #3dprinting #stocks Voxeljet's Q4 'Beat' Is Not Nearly As It Appears http://t.co/WxU10ybIrc
CVC Research
28 Mar 15 09:55:17
$VJET $DDD $SSYS $XONE #3dprinting #stocks Voxeljet's Q4 'Beat' Is Not Nearly As It Appears http://t.co/WxU10ybIrc
CVC Research
28 Mar 15 09:49:36
$VJET Extremely questionable accounting, silly valuation. #stocks Voxeljet's Q4 'Beat' Is Not Nearly As It Appears http://t.co/WxU10ybIrc
jjsmith77
28 Mar 15 09:17:21
$VJET SGLB and Honeywell present 3D GEOMETRY compliance tool at Rapid 2015: http://t.co/ekKdMuIct3 http://t.co/CFvQtdKN0u
StockNews
28 Mar 15 09:16:14
$VJET - Voxeljet's Q4 'Beat' Is Not Nearly As It Appears http://t.co/qLOY9M8KoI
john smith
28 Mar 15 09:16:12
$VJET - Voxeljet's Q4 'Beat' Is Not Nearly As It Appears http://t.co/NcTgD9Rr48
NASDAQ
28 Mar 15 09:16:08
$VJET - Voxeljet's Q4 'Beat' Is Not Nearly As It Appears http://t.co/yu6x1gRYqG
Quantpost Technology
28 Mar 15 09:05:26
$DDD News: "Voxeljet's Q4 'Beat' Is Not Nearly As It Appears $SSYS $XONE $DDD $VJET" http://t.co/sVcGh9WF0E Quote: https://t.co/XfYXxOo6JU
Tech Stocks SA
28 Mar 15 09:05:23
Voxeljet's Q4 'Beat' Is Not Nearly As It Appears http://t.co/brmwU0hhhZ $SSYS $XONE $DDD $VJET
Long & Short Ideas
28 Mar 15 09:05:23
Voxeljet's Q4 'Beat' Is Not Nearly As It Appears http://t.co/jX4kXfDjH3 $SSYS $XONE $DDD $VJET
Seeking Alpha
28 Mar 15 09:05:22
Voxeljet's Q4 'Beat' Is Not Nearly As It Appears http://t.co/t5BJEiGlfq $SSYS $XONE $DDD $VJET
Greg Rieben
28 Mar 15 06:43:46
Dentists will soon be able to 3D print you a new tooth in minutes http://t.co/WNi2R9Spux #3dprinting $ddd $vjet $onvo $ssys
BentonvilleLiving
28 Mar 15 02:02:23
MakerBot and Sam’s Club Ink 300 Store Deal http://t.co/ScQQp6x49F $WMT $SSYS $DDD $VJET $XOM #BENTONVILLE
Sleek Money
27 Mar 15 22:35:14
Voxeljet AG Sees Large Volume Increase Following Earnings Beat $VJET http://t.co/hq22NfSfWa
ProVesting
27 Mar 15 22:25:02
$VJET: Voxeljet AG Sees Large Volume Increase Following Earnings Beat ...: http://t.co/vW88hw9LRS
jjsmith77
27 Mar 15 19:19:37
$SGLB $AMAVF $VJET $XONE $ONVO $SSYS $DDD SGLB and Honeywell present 3D GEOMETRY compliance tool at Rapid 2015: http://t.co/4lqTDwYlz4
3D_Genuity
27 Mar 15 18:04:59
RT @3DPrintingStock: #3DPrinting stock $VJET (voxeljet) Q4 numbers MUCH better than expected with 87% revenue growth http://t.co/gJatQkE31K…
kingphisher
27 Mar 15 18:04:59
RT @3DPrintingStock: #3DPrinting stock $VJET (voxeljet) Q4 numbers MUCH better than expected with 87% revenue growth http://t.co/gJatQkE31K…
Small Cap Strategist
27 Mar 15 17:19:57
Small-cap stocks with strong volume gains Fri Mar 27th - $OLN $OXM $VJET $GLOB $ROLL $BLDR $CCIH - More: http://t.co/1znvSOIJVT - #smallcap
Ophir Gottlieb
27 Mar 15 17:04:54
$DDD vs. $EFII vs. $SSYS vs. $VJET Compared Across 9 Critical Measures Chart: http://t.co/vgDLYCYn2s
naomihn2000
27 Mar 15 15:32:47
#OIL saved me today. Yellen n $$ is becoming a bears best friend :-).....YIPPEE!! still short $SPY $WTI. $SDRL $RIG $OIH $NUAN $VJET $CHK
dailystockplays.com
27 Mar 15 13:09:53
MACD Bullish http://t.co/NHyPMd7TOd $TRGP $HRS $CLR $HABT $FGP $PWRD $BOX $NVDQ $FTF $VJET $ASPN $GIM $DWCH $WTI $ECT $QTWW $GBSN $GBTZF
BreakingStocksNews
27 Mar 15 11:00:02
$VJET: Voxeljet AG Sees Unusually-High Trading Volume on Better-Than ...: http://t.co/M6nE6tladf
Sentiquant
27 Mar 15 10:59:57
#volumeshiftup $OLN $GBSN $FES $OHRP $ALE $FINL $CCL $ROLL $MOLG $VJET #sentiquant 20150327 14:00:04:883
ARK Indu Innovation
27 Mar 15 10:57:00
2/2 Doesn't make sense to us that $VJET compares itself to competitors w/ diff #3DP technologies. Different applications, no?
StockNewsWires
27 Mar 15 10:40:01
$VJET: Voxeljet AG Sees Strong Trading Volume on Earnings Beat (VJET): http://t.co/tAvQ11dn5r
ARK Indu Innovation
27 Mar 15 10:37:22
1/2 $VJET boasts largest build volume of any #3Dprinting machine: http://t.co/UqfC7YjJ7d
WKRB News
27 Mar 15 10:33:25
Voxeljet AG Sees Strong Trading Volume on Earnings Beat $VJET http://t.co/Jsc2J22640
Jonathan G. Meyer
27 Mar 15 10:32:40
RT @3DPrintGirl: Voxeljet $VJET Reports Blowout 4th Quarter 2014 Earnings http://t.co/erD6znmJxx http://t.co/eLF3IrpynZ
fuinhaz
27 Mar 15 10:27:42
$VJET making me go hmmmm.
Domenico Traverso
27 Mar 15 10:12:07
RT @3DPrintingStock: $VJET Q4 numbers better than expected with 87% revenue growth + big bottom line improvement: http://t.co/gJatQkE31K $D…
naomihn2000
27 Mar 15 10:11:52
There is a glut of $WTI n yet gamblers (investors) rush in to catch a bottom. Still short $WTI $SPY $SPX. Long $NUAN $VJET
Spartan Stocks
27 Mar 15 10:09:43
New Post: Mid-Day Update 3/27/15 http://t.co/qObbCmUqe9 $CCIH $VJET $GBSN
Spartan Stocks
27 Mar 15 09:11:05
$VJET catching some support and picking up here
3DPrintingStocks.com
27 Mar 15 09:01:33
$VJET - morning gap filled. #3dprinting #stocks
Sentiquant
27 Mar 15 08:59:57
#volumeshiftup $OLN $GBSN $OHRP $ALE $FINL $CCL $MOLG $VJET $BMRN $CONN #sentiquant 20150327 12:00:04:426
Sajjad Alizadeh
27 Mar 15 08:57:40
RT @3DPrint_com: Voxeljet $VJET Reports Blowout 4th Quarter 2014 Earnings http://t.co/h2k61TbSo8 http://t.co/6XPnhZq6eK
Sarcasm Bot
27 Mar 15 08:39:21
$VJET NOBODY BUYING OR SELLING VJET
Stoxline Investing
27 Mar 15 08:05:26
$VJET TA looks great with potential to begin ripping higher. six months target: 11.15. http://t.co/irLgQoKagh
naomihn2000
27 Mar 15 07:50:29
@DIRT2GOLD @Chrisyahahha @gene70 @JohnBrick2 @dave_meadows tho im bearish on $SPY $SPX im bot $VJET . good luck to me
austinmartin1
27 Mar 15 07:38:48
RT @smbcapital: Some stocks from the SMB Radar: (In-Play) $VJET $BMRN $GME (Strong Today) $KRFT $RCL (Weak Today) $HPQ $ALGN
SMB Capital
27 Mar 15 07:38:17
Some stocks from the SMB Radar: (In-Play) $VJET $BMRN $GME (Strong Today) $KRFT $RCL (Weak Today) $HPQ $ALGN
John Ablemann
27 Mar 15 07:31:54
$VJET 2 Reasons to Avoid Voxeljet AG (ADR) http://t.co/E4N0869fLA
Mark Taylor
27 Mar 15 07:27:33
$VJET earns still can’t get out of its own way
John Meckler
27 Mar 15 07:09:03
RT @3DPrint_com: Voxeljet $VJET Reports Blowout 4th Quarter 2014 Earnings http://t.co/h2k61TbSo8 http://t.co/6XPnhZq6eK
Wu Weed
27 Mar 15 07:04:36
ok $vjet word
James DiPlata
27 Mar 15 07:01:05
RT @JulianClose_MIC: Critical Alerts for $LINE, $RHT, $VJET, $TASR and $SWHC from InvestorsObserver today: http://t.co/4GjmaKlALM #OptionsT…
James DiPlata
27 Mar 15 07:01:05
RT @IOOptionsTrades: Critical Alerts for $LINE, $RHT, $VJET, $TASR and $SWHC from InvestorsObserver today: http://t.co/c9ERL8oarD #OptionsT…
				
				
By  +Follow October 17, 2013 1:00PM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.