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


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Results for vjet
WatchTheFunds
4 Jul 15 05:00:02
$VJET Institutional ownership up 17.58% Q/Q, with 428,403 net purchase http://t.co/SDdOuA6MiE http://t.co/gUPLAc9Fjk
Samuel Brown
3 Jul 15 10:43:58
$VJET 2 Reasons to Avoid Voxeljet AG (ADR) http://t.co/b2vs1Pv6y8
Thomas Collins
3 Jul 15 10:43:47
$VJET Voxeljet AG (ADR) Earnings: What to Expect Thursday http://t.co/HFCcYrazBl
iamanonymous
3 Jul 15 09:07:29
http://t.co/dx8MHML79y 3D printing is neat- new tech-- would I own the stocks?? NO $VJET $DDD #stocks #trading … http://t.co/l9rov4plCK
CandidBanter
3 Jul 15 09:06:23
3D printing is neat- new tech-- would I own the stocks?? NO $VJET $DDD #stocks #trading #money $SPY $QQQ http://t.co/BvfaTgyMYG
J.Malaguti
3 Jul 15 08:57:25
RT @candidbanter: The world's first 3D-printed supercar does 0-60 mph in 2.2 seconds http://t.co/1HtyC7kKq3 $DDD $VJET #stocks #trading #mo…
1st Penny Stocks
3 Jul 15 08:39:37
RT @candidbanter: The world's first 3D-printed supercar does 0-60 mph in 2.2 seconds http://t.co/1HtyC7kKq3 $DDD $VJET #stocks #trading #mo…
CandidBanter
3 Jul 15 08:37:21
The world's first 3D-printed supercar does 0-60 mph in 2.2 seconds http://t.co/1HtyC7kKq3 $DDD $VJET #stocks #trading #money $SPY $QQQ
Irma Doucet
2 Jul 15 13:38:30
$VJET 2 Reasons to Avoid Voxeljet AG (ADR) http://t.co/IHp52MF1UY
ProTradersNews
2 Jul 15 08:39:04
$VJET: Will voxeljet AG (NYSE:VJET) Keep up with Analyst Expectations?: http://t.co/KEdAeLPGZS
freetimer
2 Jul 15 07:04:07
$vjet how did this become a public company really wall street pros
Sai Sharma
1 Jul 15 04:10:07
RT @MichaelSDeVries: "@SentimentWatch: $VJET Institutional ownership up 17.58% Q/Q, with 428,403 net purchase => http://t.co/JfDrODc8LS #Vo…
I-ShopTheWorld
1 Jul 15 02:37:15
RT @MichaelSDeVries: "@SentimentWatch: $VJET Institutional ownership up 17.58% Q/Q, with 428,403 net purchase => http://t.co/JfDrODc8LS #Vo…
TheVCF
1 Jul 15 02:33:38
RT @MichaelSDeVries: "@SentimentWatch: $VJET Institutional ownership up 17.58% Q/Q, with 428,403 net purchase => http://t.co/JfDrODc8LS #Vo…
MichaelSDeVries
1 Jul 15 02:32:11
"@SentimentWatch: $VJET Institutional ownership up 17.58% Q/Q, with 428,403 net purchase => http://t.co/JfDrODc8LS #Voxeljet #3DPrinting
James P Worthy
30 Jun 15 14:42:07
$VJET 2 Reasons to Avoid Voxeljet AG (ADR) http://t.co/jAIQBdiz7p
Capital Market Labs
30 Jun 15 14:13:39
Technical Collapse -> http://t.co/BCPS2Z8LWh $VJET Down -1.30% to New Low http://t.co/wbFcxkRGNk
StockNewsWires
30 Jun 15 04:27:58
$DDD $SSYS $XONE $VJET $MTLS: A Review of Motif Investing and Motifs: http://t.co/L89ZZ4roH5
Jack Trader
29 Jun 15 15:10:12
$VJET Voxeljet AG (ADR) Earnings: What to Expect Thursday http://t.co/l91fH6qwco
Penny Stock Secret
29 Jun 15 13:34:23
The Most Accurate Stock Alert Service Made $240,000 Yesterday http://t.co/SVqoMkrw2z .. $VIV $VJET $VKQ
Thomas Collins
29 Jun 15 09:48:02
$VJET 2 Reasons to Avoid Voxeljet AG (ADR) http://t.co/umyLUw6Vvv
Samuel Brown
29 Jun 15 09:47:59
$VJET Voxeljet AG (ADR) Earnings: What to Expect Thursday http://t.co/XUtjNaEfh6
Clair Voight
29 Jun 15 07:35:48
$VJET Voxeljet AG (ADR) Earnings: What to Expect Thursday http://t.co/JF3xYplKty
WatchTheFunds
29 Jun 15 06:42:01
$VJET Institutional ownership up 17.58% Q/Q, with 428,403 net purchase http://t.co/SDdOuA6MiE http://t.co/KfofmSPPpE
Lucky Jimmy
29 Jun 15 00:51:09
VJET voxeljet AG Exchange http://t.co/fwzmPorgJa $VJET $BIDU $FLT $NTEK #VJET #invest #share
leahanne
29 Jun 15 00:50:35
XLK Technology Select Sector SPDR Filings http://t.co/JcYG9soLjS $XLK $DRN $WDC $VJET #XLK #tradeideas #nasdaq
lookn4wins
29 Jun 15 00:50:34
VJET voxeljet AG Investor Opinions http://t.co/vtACkQW0sY $VJET $KORS $BIDU $FB #VJET #tradeideas #stock
Stock Forums
29 Jun 15 00:50:15
TGTX TG Therapeutics, Inc. Ideas http://t.co/iWbFIZpXZk $TGTX $AVGO $VJET $DFS #TGTX #stocks #investing
jim50
29 Jun 15 00:50:07
XLP Consumer Staples Select Sector SPDR Last Price http://t.co/qyaHDVGAbJ $XLP $FCG $VJET $ASHR #XLP #nasdaq #stock
lookn4wins
29 Jun 15 00:50:06
VJET voxeljet AG Chart http://t.co/snXmrYo7im $VJET $SC $CENTRALBK.IN $GPRO #VJET #pennystocks #finance
lookn4wins
29 Jun 15 00:50:06
VJET voxeljet AG Chart http://t.co/Y53NzwB9OA $VJET $SC $CENTRALBK.IN $GPRO #VJET #pennystocks #finance
Jake13
29 Jun 15 00:49:21
VJET voxeljet AG Chart http://t.co/7ZGBflO9Y1 $VJET $SC $CENTRALBK.IN $GPRO #VJET #pennystocks #finance
Jake13
29 Jun 15 00:49:21
VJET voxeljet AG Chart http://t.co/YnEGz7aVYK $VJET $SC $CENTRALBK.IN $GPRO #VJET #pennystocks #finance
clayton
29 Jun 15 00:49:14
VJET voxeljet AG Bid Size http://t.co/2f8WY8y1zR $VJET $RXMD $TIF $NFLX #VJET #share #stockmarket
clayton
29 Jun 15 00:48:07
TVIX VelocityShares Daily 2x VIX Short Term ETN Ideas http://t.co/tp8Kr7Y3G0 $TVIX $VJET $SBIN.IN $GPRO #TVIX #tradeideas #stock
Investors Hangout
29 Jun 15 00:44:55
PMCB PharmaCyte Biotech, Inc. Current Price http://t.co/MIcfyPO3uu $PMCB $VJET $FEYE $FLT #PMCB #investing #stockmarket
Jake13
29 Jun 15 00:41:37
HCLP Hi-Crush Partners LP News http://t.co/PMwHls0lZm $HCLP $PFE $VCYT $VJET #HCLP #investing #finance
DennyT
29 Jun 15 00:35:10
BSQR BSQUARE Corp. Shares http://t.co/MzyQsRSwGx $BSQR $NFLX $VJET $SWKS #BSQR #share #nasdaq
IH News Desk
29 Jun 15 00:34:12
BLK Blackrock, Inc. Short Sales http://t.co/viQuaSfjQG $BLK $VJET $ULTA $XLI #BLK #tradeideas #share
IH NASDAQ OMX
29 Jun 15 00:34:11
BLUE Bluebird Bio Inc. Last Trade http://t.co/tUXUd57c0E $BLUE $AMGN $VJET $CELG #BLUE #tradeideas #finance
Investors Hangout
29 Jun 15 00:31:12
ABT Abbott Laboratories Short Sales http://t.co/qTVOvg7j98 $ABT $GUKYF $VJET $ANIP #ABT #share #investing
TheBurdetteLawFirm
28 Jun 15 17:05:23
Friday volume leaders: $BTU $WIN $TLN $LC $RCAP $SIR $ORIG $NSA $HGG $PACD $CEQP $CAFD $APIC $I $FOGO $FELP $AZUR $VJET $CBA $SXCP $OAKS
Sai Sharma
28 Jun 15 06:09:49
RT @MichaelSDeVries: I am looking at "bottom plays" next week on $ONVO $VJET $SWSH $RESN $MEIP $GALT What do you all think about Buying any…
I-ShopTheWorld
28 Jun 15 06:01:00
RT @MichaelSDeVries: I am looking at "bottom plays" next week on $ONVO $VJET $SWSH $RESN $MEIP $GALT What do you all think about Buying any…
TheVCF
28 Jun 15 05:59:05
RT @MichaelSDeVries: I am looking at "bottom plays" next week on $ONVO $VJET $SWSH $RESN $MEIP $GALT What do you all think about Buying any…
MichaelSDeVries
28 Jun 15 05:57:21
I am looking at "bottom plays" next week on $ONVO $VJET $SWSH $RESN $MEIP $GALT What do you all think about Buying any of those next week?
clayton
27 Jun 15 00:50:07
VJET Vanguard S&P 500 ETF Company Info http://t.co/WmJwXNmYBx $VJET $HEDJ $SLV $PG #VJET #stock #tradeideas
Investors Hangout
27 Jun 15 00:49:32
TWTR Under Armour, Inc. Exchange http://t.co/U7ZORftCPC $TWTR $CAC.V $VJET $XLU #TWTR #invest #stocks
IH NASDAQ OMX
27 Jun 15 00:49:15
VJET Voltari Corp. Day Low http://t.co/9iKyVW4R1o $VJET $AMBA $EWP $COG #VJET #pennystocks #stocks
IH NASDAQ OMX
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SIRGQ Schlumberger Ltd. Financials http://t.co/Sg1NtygskD $SIRGQ $HD $VJET $TCM.L #SIRGQ #stock #tradeideas
				
				
By  +Follow October 17, 2013 1:00PM
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