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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
The Fly
31 Jul 15 08:10:59
Battleground: Analysts disagree on outlook for Stratasys $SSYS $DDD $XONE $VJET $MTLS: Full Story http://t.co/ElTyTCLxMG
Ani Anirudhan
31 Jul 15 03:56:42
RT @theflynews: Stratasys upgraded to Overweight from Neutral at Piper Jaffray $SSYS $DDD $VJET: Full Story http://t.co/50Pls8ei81
Paul
31 Jul 15 03:38:26
RT @theflynews: Stratasys upgraded to Overweight from Neutral at Piper Jaffray $SSYS $DDD $VJET: Full Story http://t.co/50Pls8ei81
The Fly
31 Jul 15 02:35:14
Stratasys upgraded to Overweight from Neutral at Piper Jaffray $SSYS $DDD $VJET: Full Story http://t.co/50Pls8ei81
ValueInvestorRN
30 Jul 15 20:47:30
More on #3D printing: $AFRMF (Alphaform AG) has filed for bankruptcy in Germany http://t.co/rKPRoU8XbZ $ARCW $DDD $SSYS $VJET $XONE $DASTY
Peter Bardens
30 Jul 15 12:33:37
$VJET Voxeljet AG (ADR) Earnings: What to Expect Thursday http://t.co/1YdlL408VD
大ちゃん
30 Jul 15 12:33:26
RT @3DPrintGirl: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/PO0AhNTwos http://t.co/SBMOPiOr…
Tanguay
30 Jul 15 11:24:32
RT @theflynews: Stratasys pulls 3D printing sector lower after retracting guidance $SSYS $DDD $VJET $XONE: Full Story http://t.co/0jo4KLDidZ
The Fly
30 Jul 15 10:05:03
Stratasys pulls 3D printing sector lower after retracting guidance $SSYS $DDD $VJET $XONE: Full Story http://t.co/0jo4KLDidZ
White Swan
30 Jul 15 06:17:45
$DDD following $SSYS expecting $XONE, $VJET and maybe $ONVO follow the downtrend.
erik paul
30 Jul 15 04:17:44
3D printers may see sellers on $SSYS warnings: $DDD $VJET $XONE #3dprinted #stocks
michele merli
30 Jul 15 03:55:30
RT @3DPrintGirl: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/PO0AhNTwos http://t.co/SBMOPiOr…
カモノハシ
30 Jul 15 01:58:02
@3DPrintGirl: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE … http://t.co/1dq6K2g4Zw
Vocal Coach Place
30 Jul 15 01:54:11
RT @3DPrintGirl: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/PO0AhNTwos http://t.co/SBMOPiOr…
Joseos_123
30 Jul 15 01:53:22
RT @3DPrintGirl: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/PO0AhNTwos http://t.co/SBMOPiOr…
Allandnnn
30 Jul 15 01:53:16
RT @3DPrintGirl: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/PO0AhNTwos http://t.co/SBMOPiOr…
3D Printing News
30 Jul 15 01:53:01
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/PO0AhNTwos http://t.co/SBMOPiOrGq
3DPrint
30 Jul 15 01:53:01
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/K6BiR26CNn http://t.co/cQH6xR082D
WatchTheFunds
29 Jul 15 23:05:02
$VJET Institutional ownership up 17.58% Q/Q, with 428,403 net purchase http://t.co/SDdOuA6MiE http://t.co/UsqabKJx4T
HızlıYOL Ltd.
29 Jul 15 16:23:19
RT @3DPrintGirl: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/PO0AhNTwos http://t.co/0I4Zg5N7…
joel white
29 Jul 15 13:54:53
RT @3DPrintingFans: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/hw9I73X5Cg http://t.co/KwXYI…
Robert B Kleiber
29 Jul 15 09:39:01
RT @AlertTrade: 5-min Candle Alert $VJET - VOXELJET AG #daytrader #stocks ~ via #AlertTrade
Stock Trade Alerts
29 Jul 15 09:38:18
5-min Candle Alert $VJET - VOXELJET AG #daytrader #stocks ~ via #AlertTrade
Sharon Glenn
29 Jul 15 08:06:00
RT @3DPrintingFans: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/hw9I73X5Cg http://t.co/KwXYI…
Jimmy
29 Jul 15 07:59:47
RT @3D_Print_News: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/bUAgUxi2Yw http://t.co/eGRm02…
3D Printing Info ™
29 Jul 15 07:18:33
RT @3DPrintBoard: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/RQt6luw9KJ http://t.co/jaLXBo8…
alex@fabbing
29 Jul 15 07:18:06
RT @3DPrintBoard: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/RQt6luw9KJ http://t.co/jaLXBo8…
Benjamin Medlock
29 Jul 15 07:17:20
RT @3DPrintingIt: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/v3rqcGQStm http://t.co/WdNe4f0…
Bazooka Tech
29 Jul 15 07:15:54
RT @3DPrintingIt: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/v3rqcGQStm http://t.co/WdNe4f0…
3D Printing
29 Jul 15 07:15:11
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/wWQMT5WmET http://t.co/0SUvgzicyl
3D Printing
29 Jul 15 07:15:09
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/v3rqcGQStm http://t.co/WdNe4f0B7C
3D Print .com
29 Jul 15 07:15:09
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/RQt6luw9KJ http://t.co/jaLXBo8bIs
3D Printing Fans
29 Jul 15 07:15:08
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/hw9I73X5Cg http://t.co/KwXYIlIJFo
3D Printing News
29 Jul 15 07:15:06
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/UMwu5UcV4u http://t.co/1GYpxg3YFC
カモノハシ
29 Jul 15 07:14:08
@3DPrintGirl: 3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE … http://t.co/dPgBpHsod8
Eddie Krassenstein
29 Jul 15 07:08:06
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/Rw7zIQeX4K http://t.co/DNbCaFJuHJ
3D Printing
29 Jul 15 07:08:06
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/eOVoZjIblU http://t.co/RfB2dPibVW
3D Printing News
29 Jul 15 07:08:06
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/2XgpBDPaPi http://t.co/i5KH12UD5v
3D Printing
29 Jul 15 07:08:05
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/bUAgUxi2Yw http://t.co/eGRm02IlBu
3D Printing News
29 Jul 15 07:01:06
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/PO0AhNTwos http://t.co/0I4Zg5N7pN
3DPrint
29 Jul 15 07:01:02
3D Printing Stock Earnings Season – What to Expect From $SSYS $DDD $VJET $XONE http://t.co/K6BiR26CNn http://t.co/W1HYJPS14y
Penny Stock Secret
28 Jul 15 12:15:40
$71,000 in ONE TRADE!! By Follwing Their Signals More Info Here http://t.co/SVqoMkrw2z .. $VIV $VJET $VKQ
DailyStockPicks
28 Jul 15 09:39:04
$OCLS cheap health care stock. Price target of $5. 200%+ upside $ROSE $THOR $SWC $RTRX $TA $VJET investors read http://t.co/rWpJvFmAFr
Sleek Money
28 Jul 15 09:35:35
Voxeljet AG Receives Consensus Rating of “Hold” from Brokerages $VJET http://t.co/QRLJ4uDi7u
Forex First Aids
27 Jul 15 16:32:51
RT @barronstechblog: Stratasys: Thursday Morning Starts the Turnaround, Says Dougherty - Tech Trader Daily - $SSYS $XONE $DDD $VJET http://…
Option Millionaires
27 Jul 15 15:48:12
RT @barronstechblog: Stratasys: Thursday Morning Starts the Turnaround, Says Dougherty - Tech Trader Daily - $SSYS $XONE $DDD $VJET http://…
Tiernan Ray
27 Jul 15 12:05:43
Stratasys: Thursday Morning Starts the Turnaround, Says Dougherty - Tech Trader Daily - $SSYS $XONE $DDD $VJET http://t.co/kw67VDa8HN
WatchTheFunds
27 Jul 15 11:19:02
$VJET Institutional ownership up 17.58% Q/Q, with 428,403 net purchase http://t.co/SDdOuA6MiE http://t.co/Z0whLXIQC8
TheVCF
27 Jul 15 03:18:59
RT @MichaelSDeVries: $VJET Voxeljet AG Receives $11.28 Consensus Price Target from Brokerages => http://t.co/yK5QJhfxbO #voxeljet #3DPrinti…
I-ShopTheWorld
27 Jul 15 03:18:39
RT @MichaelSDeVries: $VJET Voxeljet AG Receives $11.28 Consensus Price Target from Brokerages => http://t.co/yK5QJhfxbO #voxeljet #3DPrinti…
				
				
By  +Follow October 17, 2013 1:00PM
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