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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
Greg Rieben
1 Mar 15 10:05:08
Keep an eye on $DDD $XONE $VJET all holding above the lows and basing. #stocks #trading #3dprinting
Trader AC
1 Mar 15 05:33:30
My love and obsession continues for Voxeljet $VJET, simply amazing! http://t.co/1boHHUjHY5
JM
28 Feb 15 11:10:07
@Newsweek $vjet?
3D Printing Tweets
28 Feb 15 01:15:55
RT @3DPrintingStock: $DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index" which lost 1.7% this week @ h…
3DFinancing
27 Feb 15 14:32:41
RT @3DPrintingStock: $DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index" which lost 1.7% this week @ h…
3DPrintingStocks.com
27 Feb 15 14:25:03
$DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index" which lost 1.7% this week @ https://t.co/MenCmhQBXs
Capital Market Labs
27 Feb 15 13:58:47
$VJET Revenue and Earnings Trends #CML http://t.co/xsQiTRywzG
Capital Market Labs
27 Feb 15 13:31:43
$VJET Earnings and Advertising Margin Trends #CML http://t.co/eMBBU5hlye
Capital Market Labs
27 Feb 15 13:27:42
$VJET Debt Level Trend #CML http://t.co/bde3ivPZjO
Capital Market Labs
27 Feb 15 13:18:40
$VJET Earnings and Inventory Management Trends #CML http://t.co/r81coEHR7J
Quantcha
27 Feb 15 11:46:36
Synthetic Long Discount Alert: VOXELJET AG $VJET trading at a 11.10% discount for the 20-Jan-2017 expiration http://t.co/Htyoy7y0W3
Scott Spencer
27 Feb 15 09:15:03
@3DPrintingStock @super_trades $DDD $30.82 $XONE $15.76 $VJET $8.86
ARK Indu Innovation
27 Feb 15 07:14:35
.@muhannadtaslaq $ADSK, $ADBE, $MTLS, $ANSS, $XONE, $GE, $HPQ, $PRLB, $ONVO, $DDD, $SSYS, $VJET, #Eos to name a few
Peter Bardens
27 Feb 15 06:02:29
$VJET Better Buy in 2014: Voxeljet AG (ADR) vs. ExOne Co. http://t.co/5sawX64CaI
FonsieTrader
27 Feb 15 05:37:33
Stocks to watch $ENTA, $SCLN, $SALT, $NM, $BBRY http://t.co/SNzFocMrnP Also $IAG $NUAN $HCA $STNG $GOOG $AUY $ANV $VJET #stocks #premarket
Stockwiz
27 Feb 15 04:19:46
RT @FonsieTrader: $VJET is gaining Momentum! Long Idea over $9.10 #stocks #trading #premarket http://t.co/9SrkMVohQB
Ben Silverberg
27 Feb 15 04:18:07
Yesterday $DDD lifted its peers despite earnings miss, will momentum continue? $SSYS $XONE $VJET
FonsieTrader
27 Feb 15 04:06:32
$VJET is gaining Momentum! Long Idea over $9.10 #stocks #trading #premarket http://t.co/9SrkMVohQB
Lucretia
26 Feb 15 13:33:46
$VJET Voxeljet AG (ADR) Earnings: What to Expect Thursday http://t.co/mlb24Wumog
Analyze
26 Feb 15 10:27:50
Like $vjet swing long
Edward Gofsky
26 Feb 15 10:15:30
RT @chart_freak: $VJET broke above & then tested the 50sma &trend lines-Pretty low risk entry with a tight stop $XONE $DDD $SSYS http://t.…
Chart Freak
26 Feb 15 09:49:10
$VJET broke above & then tested the 50sma &trend lines-Pretty low risk entry with a tight stop $XONE $DDD $SSYS http://t.co/QXd4OohbGp
Stocks On The Move
26 Feb 15 09:44:48
Voxeljet rallies following 3D Systems' earnings http://t.co/2Jws4EJhax $VJET
Tech Stocks SA
26 Feb 15 09:44:47
Voxeljet rallies following 3D Systems' earnings http://t.co/exCagsinSM $VJET
SA Breaking News
26 Feb 15 09:44:47
Voxeljet rallies following 3D Systems' earnings http://t.co/sEwmVPW246 $VJET
Dan Chapman
26 Feb 15 09:06:40
$VJET (Voxeljet) stock bounce off 8.31 triple support area, http://t.co/8UFEyOV8Dz http://t.co/PV8CaNbyjx
Matt Landman
26 Feb 15 08:48:09
$VJET earnings not till 3/26, love the company, could be a nice add under $10
StockNewsWires
26 Feb 15 08:46:04
$SSYS $XONE $VJET: 3D Systems Shows Signs Of Rebound With 2015 Forecast DDD ...: http://t.co/HlLvAjMrwm
Matt Landman
26 Feb 15 08:42:20
#3Dprinters making a comeback? $DDD $XONE $SSYS $VJET _ On the move today, this may be a bottom for some of the names. $VJET
Wu Weed
26 Feb 15 08:31:34
wu tang 3d printing $vjet $xone $ddd up up up
StockBoardAsset
26 Feb 15 08:21:13
Feb 11th-> 3D Printers Ready for btm? $VJET $XONE $DDD http://t.co/dstMaFwuGp http://t.co/gLag6MXJ9t
Michael Sanzo
26 Feb 15 07:46:19
RT @chessNwine: NEW POST: Sizing Up a Squeeze http://t.co/N3MaVIsDfR $DDD $PRLB $SSYS $VJET $XONE
ElPasoTom
26 Feb 15 07:35:35
3D printers up today $DDD up 6.83% and $VJET up 4.67% I'm still down on both of these though.
Stuart A. Brown
26 Feb 15 07:33:54
"@chessNwine: NEW POST: Sizing Up a Squeeze http://t.co/OI5umpTQTI $DDD $PRLB $SSYS $VJET $XONE"
Chess
26 Feb 15 07:27:06
NEW POST: Sizing Up a Squeeze http://t.co/N3MaVIsDfR $DDD $PRLB $SSYS $VJET $XONE
Greg Rieben
26 Feb 15 07:03:14
Will be watching the #3dprinting #stocks over the next few days. Moving on $DDD earnings. $VJET $XONE
Evan Medeiros
26 Feb 15 06:56:40
powerful candle in the making on that triple D "@RaginCajun: $DDD gaining momentum. Watch $VJET and $XONE here"
Stockguy22
26 Feb 15 06:56:17
#3D printers were down in #premarket $DDD $SSYS and made a strong push off the open .. $VJET $XONE also up
RC
26 Feb 15 06:55:21
$DDD gaining momentum. Watch $VJET and $XONE here
Andy
26 Feb 15 06:48:12
$spy $vjet please not as well the hgue hidden buy pattern on dail ychart.
Andy
26 Feb 15 06:47:37
$spy $vjet please, note, we had tow nr 7 bars which were as well insider bars in a row on dialy chart. name is poised for range exp.
Andy
26 Feb 15 06:46:35
$spy $vjet very very thin name, squeeze potentila even bigger here. as soon as u see hit the ask it should fly
Andy
26 Feb 15 06:44:46
$spy $vjet Consensus Price Target: $14.40 (66.86% upside), 20% short float, almost 50% shares hold by insiders. BUY BUY BUY.
Andy
26 Feb 15 06:42:03
$spy $vjet triyng to buy more here again insider ba spread. could run heavily here.
Andy
26 Feb 15 06:40:13
$spy $vjet long here
James P Worthy
26 Feb 15 06:31:16
$VJET 2 Reasons to Avoid Voxeljet AG (ADR) http://t.co/ENrQrrsHZI
Bhagjuize
26 Feb 15 05:07:15
$DDD misses on earnings and Rev. Will look to a vertical into June below the 50 Sma... $SSYS $xone $VJET
Ben Silverberg
26 Feb 15 05:03:52
$DDD plunges -3.4% quickly in PreM trading after reporting Q4 Adj. EPS $0.21 vs 0.25 Est., Sales 187.4M vs 202.3M Est; $SSYS $XONE $VJET
Ophir Gottlieb
25 Feb 15 16:30:17
Here is a Comparison of 3-D Printing Revenues --> http://t.co/PdHtqhmXKt $DDD $SSYS $VJET $XONE
Ophir Gottlieb
25 Feb 15 16:15:18
Here is a 3-D Printing Earnings Comparison Chart http://t.co/ieg7KOVq1v $DDD $SSYS $VJET $XONE #CML
				
				
By  +Follow October 17, 2013 1:00PM
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