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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
Briefing.com
31 Jan 15 17:21:07
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3DFinancing
30 Jan 15 13:40:48
RT @3DPrintingStock: $DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index" which rose 0.5% this week @ h…
3DPrintingStocks.com
30 Jan 15 13:29:01
$DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index" which rose 0.5% this week @ https://t.co/85G7vTNUpa
Jodi Lessmann
30 Jan 15 10:34:14
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Briefing.com
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Maleah
29 Jan 15 21:42:04
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Jodi Lessmann
29 Jan 15 13:33:12
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Blanca Civit
29 Jan 15 08:17:25
RT @ForesightInvstr: #3DPrinting will enter a mass, consumer, market in the coming years. #disruptivetech http://t.co/CK5bQK538N $DDD $SSY…
Briefing.com
29 Jan 15 08:03:07
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First Canadian
29 Jan 15 07:50:35
RT @3DPrintingStock: Expecting high demand for graphene-enhanced filaments, which are now a reality: https://t.co/3RIcFc87vJ $DDD $SSYS $VJ…
GB_NINER
29 Jan 15 07:12:25
$VJET 50 day still owns this
3DFinancing
29 Jan 15 06:50:48
RT @3DPrintingStock: Expecting high demand for graphene-enhanced filaments, which are now a reality: https://t.co/3RIcFc87vJ $DDD $SSYS $VJ…
3DPrintingStocks.com
29 Jan 15 06:43:44
Expecting high demand for graphene-enhanced filaments, which are now a reality: https://t.co/3RIcFc87vJ $DDD $SSYS $VJET $XONE $ONVO $PRLB
Maleah
29 Jan 15 06:13:08
Tip #4 How to identify a HOT trading SECTOR? http://t.co/jnfUIrz2zo $VJET $EVR $DTV $BLUE $BLDR $CECO $SIMO $CBPX $CRH
Harry Walkman
28 Jan 15 14:04:00
$VJET Better Buy in 2014: Voxeljet AG (ADR) vs. ExOne Co. http://t.co/nXIagxYeUP
Stocks News&Markets
28 Jan 15 12:01:20
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28 Jan 15 10:53:08
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iHangout
28 Jan 15 08:57:14
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The Fly
28 Jan 15 07:54:53
Stratasys shares at 'compelling entry point' after pullback, says Canaccord $SSYS $DDD $VJET $MTLS $XONE: Full Story http://t.co/2C0QwMPgSW
Briefing.com
28 Jan 15 05:33:12
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FP
28 Jan 15 00:45:18
Watchlist: $WWE, $RGLS, $VJET, $MY, $CSCO, $BOX, $XNPT, $CARA
zolile sokhela
28 Jan 15 00:05:14
RT @CasinoTrades: I am however bullish on these plays: $ANV, $JNUG, $GDX, $EXXI, $RTGN, $ECIG, $ZIOP, $HABT, $IFON, $MNKD, $CGRW, $SIMG, $V…
Tyler Durden
28 Jan 15 00:01:31
I am however bullish on these plays: $ANV, $JNUG, $GDX, $EXXI, $RTGN, $ECIG, $ZIOP, $HABT, $IFON, $MNKD, $CGRW, $SIMG, $VJET, $BCLI, $EYES
Matthew Kracht
27 Jan 15 23:40:53
RT @GB_Niner: $VJET 5mda has moved through 30mda on daily for first time since 11/3/14. Next stop 50mda
Matthew Kracht
27 Jan 15 23:39:45
RT @paulwoll: $VJET best as scalper.... but it is coiled. https://t.co/4gIQpn9LPN
Matthew Kracht
27 Jan 15 23:39:32
RT @tradermarket247: love $VJET daily chart. Low risk SWING trade here 8.50 target at 10.50. Tight stop at 8.20, loose stop at 7.79. #swing…
Stock Market Basics
27 Jan 15 17:01:48
RT @10Xtrading: Day Trading Chart Setups for January 28 http://t.co/Bz7hHQzZOJ $AAPL $X $YHOO $WWE $RGLS $VJET $DDD $SSYS $COMM
10X Trading
27 Jan 15 16:46:58
Day Trading Chart Setups for January 28 http://t.co/Bz7hHQzZOJ $AAPL $X $YHOO $WWE $RGLS $VJET $DDD $SSYS $COMM
Great Stockpix
27 Jan 15 16:16:20
Video of some chart setups I'll be watching tomorrow: $X $AAPL $YHOO $WWE $RGLS $VJET http://t.co/8FyUXkjUXh
3DFinancing
27 Jan 15 14:18:48
RT @3DPrintingStock: $DDD $SSYS $XONE $AMAVF $VJET $ONVO: My non #3DPrinting stock picks up 49% since December, fully documented: http://t.…
B3dgeable
27 Jan 15 14:07:41
RT @3DPrintingStock: $DDD $SSYS $XONE $AMAVF $VJET $ONVO: My non #3DPrinting stock picks up 49% since December, fully documented: http://t.…
3DPrintingStocks.com
27 Jan 15 13:59:27
$DDD $SSYS $XONE $AMAVF $VJET $ONVO: My non #3DPrinting stock picks up 49% since December, fully documented: http://t.co/74Xs9Yr3Ew
Tyler Durden
27 Jan 15 12:58:45
Get em for continuation Bullish: $EXXI, $RTGN, $ECIG, $ZIOP, $HABT, $IFON, $MNKD, $CGRW, $SIMG, $VJET
Jack Trader
27 Jan 15 12:31:14
$VJET Voxeljet AG (ADR) Earnings: What to Expect Thursday http://t.co/OB9NNcxkTf
Tyler Durden
27 Jan 15 11:40:53
Bullish: $EXXI, $RTGN, $ECIG, $ZIOP, $HABT, $IFON, $MNKD, $CGRW, $SIMG, $VJET Bearish: $FXCM
WallStChef
27 Jan 15 11:02:06
$VJET looking good for a #swingtrade
Tyler Durden
27 Jan 15 10:37:56
If You're still in $FXCM you might want to consider these instead: $EXXI, $ECIG, $ZIOP, $CGRW, $HABT, $IFON, $VJET, $BTCS
Tyler Durden
27 Jan 15 10:06:23
$EXXI, $ECIG, $ZIOP, $CGRW, $HABT, $IFON, $VJET, $BTCS
Steve L
27 Jan 15 08:27:29
love $VJET daily chart. Low risk SWING trade here 8.50 target at 10.50. Tight stop at 8.20, loose stop at 7.79. #swingtrade
Antonio Costa
27 Jan 15 02:31:32
$DDD downgraded by Jefferies to Hold.... $VJET $XONE
Louise Avery
27 Jan 15 01:27:58
RT $DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the 3D Printing Stock Index which rose 2.4% today @ https://t.co/ehQL4UtT5m
Steve L
27 Jan 15 00:03:23
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Woll Street
26 Jan 15 21:51:15
$VJET best as scalper.... but it is coiled. https://t.co/4gIQpn9LPN
Jodi Lessmann
26 Jan 15 20:33:04
Short-term #Technical #Patterns $NDRM $VJET http://t.co/ZlBZFxeuZX #charts #technicalanalysis #trading #lowrisk #highprobability #setups
Briefing.com
26 Jan 15 19:33:11
Short-term #Technical #Patterns $NDRM $VJET http://t.co/euPNeASgUV #charts #technicalanalysis #trading #lowrisk #highprobability #setups
Grail
26 Jan 15 16:57:16
Now you can pump up 3D $VJET with Bullish Technical chart http://t.co/YFOl9ZDOT4
swellsound
26 Jan 15 14:58:26
RT @SmartMoney777: This is why I believe 3D stocks may have found bottoms example $VJET weekly
Grail
26 Jan 15 14:47:30
@SmartMoney777 $VJET weekly http://t.co/6QV5WDnNYH
				
				
By  +Follow October 17, 2013 1:00PM
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