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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.

 

Results for vjet
3D Printing Tweets
23 Apr 14 15:14:12
RT @3DPrintingStock: $DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index", which lost 2.8% today at: h…
3DPrintingStocks.com
23 Apr 14 13:39:01
$DDD $SSYS $XONE $AMAVF $VJET $ONVO are the components of the "3D Printing Stock Index", which lost 2.8% today at: https://t.co/NLBnN9k3Vo
nobullshytrader
23 Apr 14 12:45:53
$VJET sweetttttttttttttttttttttt
SonicTheHedgehogg
23 Apr 14 12:33:46
$VJET is on of my highest upside potential stocks profitable as XONE still struggling with that.
SonicTheHedgehogg
23 Apr 14 12:32:28
$VJET green from red 😊👌👌 http://t.co/7DrLDrPyl9
nobullshytrader
23 Apr 14 12:03:50
$VJET squeeze indicator lined up again. this next flagpole will take us to $18.25
Becky Hiu
23 Apr 14 09:28:02
Out $VJET entirely for 45c gain
Green Guy
23 Apr 14 06:17:27
$gild... buying 80's hot tub limo. $spy is still in rally mode imo. China and Australia stay on radar. $P $ddd $vjet $scty $tsla on watch.
Swing Trade Alerts
23 Apr 14 03:51:44
THEFLYNEWS:$DDD $SSYS $VJET Citi sees favorable setup into Q1 3D Printing results: Full Story http://t.co/vPaKLHN2Xn
The Fly
23 Apr 14 03:37:07
$DDD $SSYS $VJET Citi sees favorable setup into Q1 3D Printing results: Full Story http://t.co/C0r5DOkPwW
JumpyStocks
23 Apr 14 03:19:55
Check our watchlist $VJET $ZGNX $GALE $PRAN http://t.co/yKKKO2NXWv
takethisbet
23 Apr 14 01:15:44
@ivanhoff Way to go! Here is why http://t.co/Q2DgDiZ1d1 you are leading your $VJET $XONE bce3e #takethisbet
SonicTheHedgehogg
22 Apr 14 20:56:02
Licking my chops $VJET 20$ Strike price call options http://t.co/3CAXl2FNgD
SonicTheHedgehogg
22 Apr 14 17:25:35
I'm about to load up on call options on $KNDI and $VJET 😊😊
JumpyStocks
22 Apr 14 16:31:16
$VJET Same pattern as $ZGNX. I like bottom picks!
Matt
22 Apr 14 15:32:29
$INDU $SPY $MU $APP $GOGO $CONN $HDY $EXEL $VJET $DDD http://t.co/qmPleecXkh
Becky Hiu
22 Apr 14 12:11:42
I guess I called for a 20% squeeze in $VJET and got 10%.
nobullshytrader
22 Apr 14 11:51:49
$VJET another 6% to go to 18.25 gap fill. b patient folks
Alexander Morris
22 Apr 14 11:50:02
$VJET: 1mRunaway+:2 [+8%,1.2%offHi], AtPivR4, tf:3f; TLM:2.4; ILM:1.2, AvgDyV/R=1.47M/1.36[x1.2] (PotLONG); vl:6; rs:+2,
3D Printing Tweets
22 Apr 14 09:14:24
RT @3DPrintingStock: Big News for 3D Printing R&D Company Sigma Labs out: http://t.co/QMtlaXC65v #3DPrinting #Stocks #pennystocks #CNBC $DD…
JumpyStocks
22 Apr 14 09:13:30
$VJET Nice recovery from low. On watchlist since April 16.
Bryon Franzen
22 Apr 14 08:48:54
took my eye off $vjet ,,, nice pay day
Jim Probasco
22 Apr 14 08:37:36
The 3D Printer Craze Is Overblown $DDD $VJET http://t.co/zpRSC9bus3 via @benzinga
Jason Norine
22 Apr 14 08:26:22
How much longer can the $VJET's lead mkt higher today...LOL. When worst finally bounce = lighten longs typically.
SonicTheHedgehogg
22 Apr 14 08:18:02
Look at these two layup setups. $KNDI and $VJET are primed. Easy money. Wonder why that is...... Lying analysts http://t.co/IQh1Ae9ZQS
KHG
22 Apr 14 08:16:15
@portefeuillefun Am I glad I bought even stocks when it went all to shit. No biotech thouch largely (some) but 3D stocks like $VJET.
Green Guy
22 Apr 14 08:15:24
$vix is low, great time to buy premium. I'm hunting for leaps, $gild $mu $p $ddd $vjet. $spy continues low vol but in rally mode.
SonicTheHedgehogg
22 Apr 14 08:15:05
Told those clowns. $VJET http://t.co/BPN50VLKxq
Becky Hiu
22 Apr 14 08:02:22
Sold 17.5C against 16C for $VJET --- cost is now 15c to make 135c max. Done and happy
Kevin McCagg
22 Apr 14 07:52:50
@nobullshytrader $VJET moving nicely
Rapid Prototyping
22 Apr 14 07:46:33
RT @3DPrintingStock: Big News for 3D Printing R&D Company Sigma Labs out: http://t.co/QMtlaXC65v #3DPrinting #Stocks #pennystocks #CNBC $DD…
3DPrintingStocks.com
22 Apr 14 07:44:15
Big News for 3D Printing R&D Company Sigma Labs out: http://t.co/QMtlaXC65v #3DPrinting #Stocks #pennystocks #CNBC $DDD $SSYS $XONE $VJET
nobullshytrader
22 Apr 14 07:38:04
$VJET once she clears 16.67 it's gapfill country to 18.25. enjoy the ride folks
Becky Hiu
22 Apr 14 07:34:23
Give me a 20% squeeze, $VJET ... j/k
takethisbet
22 Apr 14 07:32:59
@abigger87 Here is why http://t.co/GAHd0Hof5R you are trailing your $VJET $DDD 5a8c6 #takethisbet
JT Schultz
22 Apr 14 07:31:07
RT @3DPrintingStock: BREAKING: Sigma Labs $SGLB and Materialise to Integrate PrinteRite3D: https://t.co/pYYefuJDGw … $DDD $SSYS $VJET $XONE…
3DPrintingStocks.com
22 Apr 14 07:27:04
BREAKING: Sigma Labs $SGLB and Materialise to Integrate PrinteRite3D: https://t.co/pYYefuJDGw … $DDD $SSYS $VJET $XONE $AMAVF #Business
nobullshytrader
22 Apr 14 07:23:40
$VJET COVER SHORTYYYYYYYYYYYYYYYYYYYYYYYY
Becky Hiu
22 Apr 14 06:56:43
Long some $VJET lol... I am loling...
Nareg Khoshafian
22 Apr 14 05:30:04
The Future Looks Bright For 3D Printing R&D Company Sigma Labs Inc. (SGLB) https://t.co/aqgBxlRnex $SGLB $DDD $SSYS $XONE $GE $HP $VJET
takethisbet
22 Apr 14 03:02:14
@biggercapital Way to go! Here is why http://t.co/GAHd0Hof5R you are leading your $VJET $DDD 4a6e4 #takethisbet
3DPYellow
22 Apr 14 01:08:18
$VJET voxeljet AG - Partner for Digital Production - Germany http://t.co/reLUfbJzBh
3DPYellow
22 Apr 14 01:08:01
#6 $VJET http://t.co/nyODcGGzQ6 Partner for Digital Production #industrial #3Dprinter #manufacturer #Friedberg #3DP http://t.co/A66m249An3
nobullshytrader
21 Apr 14 14:23:46
$VJET chart: VJET. http://t.co/e103rmd9oV
Early Investing
21 Apr 14 12:00:24
Three recent #IPO's that made early #investors filthy rich: http://t.co/GPHLPNv7x3 #startups #vc $VJET $SCTY $TCS
ONeil Trader
21 Apr 14 09:31:31
Suggested that $XONE might bottom between $25 and $30 http://t.co/Me9tpJnD3R $DDD $VJET $SSYS
Rapid Prototyping
21 Apr 14 08:29:17
RT @3DPrintingStock: Read Why This 3D Printing R&D Stock Is Outperforming: https://t.co/NVPtAYqD5w #3DPrinting #Stocks $DDD $SSYS $XONE $VJ…
3DPrintingStocks.com
21 Apr 14 08:20:30
Read Why This 3D Printing R&D Stock Is Outperforming: https://t.co/NVPtAYqD5w #3DPrinting #Stocks $DDD $SSYS $XONE $VJET
Event Driven
21 Apr 14 07:45:09
But hey at least $IRDM more credible enterprise than $VJET & $ONVO. LOL, okay, enough talking my book, err... educating. At least for today!
Stock_Tracker
20 Apr 14 16:54:08
Voxeljet Ag (VJET) 15.78 $VJET Critical Alerts For Voxeljet, Medtronic, Expedia, Express, and Randgold Resourc http://t.co/ai5cUJIxVi
				
				
By  +Follow October 17, 2013 1:00PM
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