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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
Woll Street
21 Sep 14 22:24:15
$VJET looks like it needs to hold 15 or retest of lows possible. Descending triangle. https://t.co/bBibRfsRkA
Igor Greenwald
21 Sep 14 21:57:44
@Jesse_Livermore $LNKD my white whale. Also usual suspects in $CHUY $VJET $MNKD $GRPN $NUS
takethisbet
21 Sep 14 07:31:20
@biggercapital Way to go! Here is why http://t.co/GAHd0H65RJ you are leading your $VJET $DDD dd686 #takethisbet
Timothy Collins
20 Sep 14 13:30:08
some bearish looks: all things gold or silver or offshore drilling plus $MOV $JOY $SCTY $SWN $TCK $VJET $WAV $YELP
FinancialTrader
20 Sep 14 11:34:16
$VJET this isn't looking so hot either
BUZZ
19 Sep 14 14:03:54
$TKAI $RGR $SDRL $RIG $DDD $SWHC $VJET UGH!
3DPrintingStocks.com
19 Sep 14 13:30:37
$DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index", which lost 2.6% today @ https://t.co/zvTJ6VVQK0
Derald Muniz
19 Sep 14 11:36:56
50/50 Basket: $JRJC $PBYI $VJET will be exited today. This will leave $DGLY $TKMR
MichaelSDeVries
19 Sep 14 09:44:40
@3DFool: "Why 3D printing stocks could have a tremendous runway for growth: http://t.co/1a66gkPaCH $DDD $SSYS $XONE $AMAVF $MTLS $VJET #MTLS
NYCPunter
18 Sep 14 11:20:05
RT @OMillionaires: $SSYS chart i posted yesterday, already at the avg volume - set to close above $130 - $DDD $XONE $VJET http://t.co/PMHHW…
Option Millionaires
18 Sep 14 10:58:11
$SSYS chart i posted yesterday, already at the avg volume - set to close above $130 - $DDD $XONE $VJET http://t.co/PMHHWmsRNt
takethisbet
18 Sep 14 08:42:12
@abigger87 Here is why http://t.co/GAHd0H65RJ you are trailing your $VJET $DDD ce000 #takethisbet
Becky Hiu
18 Sep 14 07:19:00
3D printers not so hot today. $SSYS $DDD $VJET $XONE http://t.co/UYBau1rars
Memphisto Pheles
17 Sep 14 22:36:48
RT @OMillionaires: Bullish setup for $SSYS after today’s action, all-time high coming very soon($138.10) - $DDD $XONE $VJET $PRLB http://t.…
Beau Mori
17 Sep 14 22:21:55
RT @OMillionaires: Bullish setup for $SSYS after today’s action, all-time high coming very soon($138.10) - $DDD $XONE $VJET $PRLB http://t.…
tony sidhu
17 Sep 14 17:12:44
RT @OMillionaires: Bullish setup for $SSYS after today’s action, all-time high coming very soon($138.10) - $DDD $XONE $VJET $PRLB http://t.…
Option Millionaires
17 Sep 14 17:09:39
Bullish setup for $SSYS after today’s action, all-time high coming very soon($138.10) - $DDD $XONE $VJET $PRLB http://t.co/dt9d36qg8S
Option Millionaires
17 Sep 14 12:10:03
Last not least, $SSYS is still down 3.3% YTD ~~~ $DDD $XONE $VJET
Anthony
17 Sep 14 08:44:06
RT @OMillionaires: Watch this $128.58 break on $SSYS - will see $130+ very quickly $DDD $XON$ $VJET $PRLB
Memphisto Pheles
17 Sep 14 08:27:51
RT @OMillionaires: Watch this $128.58 break on $SSYS - will see $130+ very quickly $DDD $XON$ $VJET $PRLB
Option Millionaires
17 Sep 14 08:16:04
Watch this $128.58 break on $SSYS - will see $130+ very quickly $DDD $XON$ $VJET $PRLB
Uncle Buccs
17 Sep 14 07:07:23
RT @RaginCajun: Potential Intraday Runners | Momentum Trading with RaginCajun http://t.co/5n3t0MwavQ $TSL, $FEYE, $ACI, $GOGO, $AEGR, $CSUN…
gc leap
17 Sep 14 07:05:24
RT @RaginCajun: Potential Intraday Runners | Momentum Trading with RaginCajun http://t.co/5n3t0MwavQ $TSL, $FEYE, $ACI, $GOGO, $AEGR, $CSUN…
RC
17 Sep 14 07:03:13
Potential Intraday Runners | Momentum Trading with RaginCajun http://t.co/5n3t0MwavQ $TSL, $FEYE, $ACI, $GOGO, $AEGR, $CSUN, & $VJET
Anthony
17 Sep 14 07:02:45
RT @OMillionaires: $SSYS $128.59 next resistance here ~~ $DDD $XONE $VJET
Option Millionaires
17 Sep 14 06:47:47
$SSYS $128.59 next resistance here ~~ $DDD $XONE $VJET
Arkady Litvak
16 Sep 14 12:05:09
World’s First #3D Printed Car Took Years to Design, But Only 44 Hours to Print http://t.co/vEhi6kusrH #3Dprinting $DDD $SSYS $HPQ $VJET
Irma Doucet
16 Sep 14 10:30:56
$VJET Stocks in the Spotlight - Voxeljet AG (ADR) (VJET), Sodastream International ... http://t.co/YxIiSkIhZe
Baltic3D.eu
16 Sep 14 09:54:21
RT @3DPrinters24_7: Can The Expected Growth Justify Voxeljet's High Valuation? http://t.co/09PGhe56u2 $VJET
Eternity101
16 Sep 14 08:26:06
while looking @ the 3DDs $DDD $SSYS $VJET $XONE -- $PCLN took off...lol .. GO BABY GO ! ;) :)
3DPrinting24_7
16 Sep 14 07:20:20
Can The Expected Growth Justify Voxeljet's High Valuation? http://t.co/09PGhe56u2 $VJET
Thomas Herbert
16 Sep 14 07:06:07
Market pullback presents some buying opportunity in $SFTBY $RIG $RGR $SWHC $SDRL $VJET
Peter Bardens
16 Sep 14 05:31:43
$VJET Voxeljet Plummets On Earnings Miss http://t.co/ZxNiiiiT8H
CandidBanter
15 Sep 14 16:29:54
$VJET and $DDD continue in direction mentioned last week-- downhttp://scharts.co/1uBD1Ln http://t.co/CmMiVD1pMJ #stocks #trading
bluefeather
15 Sep 14 15:45:09
3D stocks were setting up real nice till today, then kasplat $DDD $SSYS $ZONE $VJET
Jack Trader
15 Sep 14 14:31:56
$VJET Plenty Of Long-Term Upside In 3D [3D Systems Corporation, ExOne Co, Google ... http://t.co/BN1Qn58xrm
Stockguy22
15 Sep 14 10:31:21
#3dprinters can't seem to bottom out today $VJET -5% , $XONE -8%+ $DDD -5% .. Only $SSYS only down 2.22% -- ugly candles today
lookn4wins
15 Sep 14 10:26:50
$XLV Volume $XLV Most recent stock chart and technical analysis. $EOX $ERBB $IYT $CSCO $TNA $VJET http://stock http://t.co/qodGIxiK2w
Investors Hangout
15 Sep 14 10:15:50
jim50: $VJET Low Date=Sept-15-2014 Open=16.94 High=16.94 http://t.co/7eo4zOhsSZ
Investors Hangout
15 Sep 14 10:15:46
jim50: $VJET Low Date=Sept-15-2014 Open=16.94 High=16.94 http://t.co/7r8Zgdy4M7
jim50
15 Sep 14 10:10:39
$VJET Low Date=Sept-15-2014 Open=16.94 High=16.94 Low=16.41 Close=16.48 Volume=142593 http://t.co/TZUslyQPXX
Stockguy22
15 Sep 14 10:01:19
stepped out for a bit .. I see #3DPrinters got much weaker since I left .. down under 20day sma on $XONE $DDD $VJET .. only $SSYS holding up
leahanne
15 Sep 14 09:22:26
$JAZZ Jazz Pharmaceuticals (JAZZ) 161.43 -7.97 (-4.70%) $SDRL $ERF $VJET http://t.co/k4jcVNqmyw
chartguy89
15 Sep 14 08:55:23
NEM Stock Chart $NEM $BAC $HYG $VJET http://t.co/1UV0vXUv2T http://t.co/v4GPnJmaf2
Stock007
15 Sep 14 08:46:38
today is a good example of why I favor $VJET over $XONE...
3DPrinting24_7
15 Sep 14 08:41:05
Can The Expected Growth Justify Voxeljet's High Valuation? http://t.co/09PGhe56u2 $VJET
Investors Hangout
15 Sep 14 07:18:42
danrocks: $VJET On Radar $JCP $X $IBM $SCTY $FXI http://t.co/06HlAStOAV
Investors Hangout
15 Sep 14 07:18:38
danrocks: $VJET On Radar $JCP $X $IBM $SCTY $FXI http://t.co/oeTKSlXqPC
Brian Bolan
15 Sep 14 07:10:50
3D printing stocks are looking like they are falling on re-entry to the planet $DDD $VJET $XONE
danrocks
15 Sep 14 06:54:17
$VJET On Radar $JCP $X $IBM $SCTY $FXI http://t.co/3WWaWFMaK7
				
				
By  +Follow October 17, 2013 1:00PM
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