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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
Stocks News&Markets
30 Oct 14 05:31:27
$VJET - voxeljet AG Schedules Third Quarter 2014 Financial Results Release and Conference Call http://t.co/s2iF2UGYS5
Pzaa...Guy
30 Oct 14 05:31:27
$VJET - voxeljet AG Schedules Third Quarter 2014 Financial Results Release and Conference Call http://t.co/D5kaEf3bM5
StockNews
30 Oct 14 05:31:26
$VJET - voxeljet AG Schedules Third Quarter 2014 Financial Results Release and Conference Call http://t.co/ksHEU1cbdO
john smith
30 Oct 14 05:31:14
$VJET - voxeljet AG Schedules Third Quarter 2014 Financial Results Release and Conference Call http://t.co/wNv1crTEwZ
Matthew Kracht
29 Oct 14 19:52:47
RT @Vconomics: If you're into taking big risks, $VJET is setting up for an explosive move to the upside. Resistance is around $13.50 http:/…
Matthew Kracht
29 Oct 14 19:51:46
RT @American_Bulls: $VJET may go up 63% if the bull pattern is confirmed. Chk confirmation [33%] @ http://t.co/E9IVDbYrcQ. Buy level:13.010…
Matthew Kracht
29 Oct 14 19:51:03
RT @GB_Niner: I like the way this is looking $VJET http://t.co/Ylm9zwLHWa
Lucretia
29 Oct 14 15:00:32
$VJET European ADRs Pushed Down by Banking Losses http://t.co/2KHisN8SxP
Analyst Ratings
29 Oct 14 13:49:58
Want the latest analyst ratings on $SGM $GLPI $VJET $ALLE $ABGB? Get Them Delivered to Your Inbox http://t.co/nSJuDsYidj
Red Riga
29 Oct 14 11:20:10
RT @barronstechblog: Stratasys Less Threatened by HP 3-D Printer Than DDD, Says UBS - Tech Trader Daily - $HPQ $SSYS $DDD $XONE $VJET http:…
Option Millionaires
29 Oct 14 11:19:39
RT @barronstechblog: Stratasys Less Threatened by HP 3-D Printer Than DDD, Says UBS - Tech Trader Daily - $HPQ $SSYS $DDD $XONE $VJET http:…
Tiernan Ray
29 Oct 14 11:19:03
Stratasys Less Threatened by HP 3-D Printer Than DDD, Says UBS - Tech Trader Daily - $HPQ $SSYS $DDD $XONE $VJET http://t.co/bdAhyUfYI9
chris stark
29 Oct 14 10:06:41
@Stratasys @Guardians @FBFX_Ltd why not buy $vjet ?
John Turner
29 Oct 14 09:31:54
$VJET European ADRs Pushed Down by Banking Losses http://t.co/NuaPFoWbpf
AmreetaDuttchoudhury
29 Oct 14 08:15:00
RT @LaMonicaBuzz: HP finally getting into 3D printing. $HPQ not doing much. Printing part of less sexy HP breakup stock. But $DDD $SSYS $VJ…
GRAYTRADER
29 Oct 14 07:59:57
@Daytrader1970 Thanks Rick, Good job on your $VJET short!
3DPrinting24_7
29 Oct 14 07:42:36
H-P unveils 3D printing tech; 3D printer makers sell off http://t.co/rRCwRReJcT $HPQ, $DDD, $SSYS, $XONE, $VJET
Stockguy22
29 Oct 14 07:28:42
others I’m watching that are dipping today are $TSLA $TWTR ( #3Dprinters $VJET $DDD $XONE )
otterom
29 Oct 14 07:13:22
Reminder: Lots of this $HPQ 3D printer news already baked into peers. $DDD $XONE $VJET
dominic
29 Oct 14 07:06:58
3d printer companies are pretty screwed on this $HPQ entry. This $VJET as I said b4 is a scam. Where is the inventory?
The Fly
29 Oct 14 07:05:00
3D Systems, Stratasys drop after HP confirms 3D printer launch $DDD $SSYS $HPQ $XONE $VJET: Full Story http://t.co/LIOQAl5Mj5
Financial Tailor
29 Oct 14 06:58:07
I think the $HPQ announcement is bad news for all 3-d printers, but especially industrial focused like $VJET and $XONE.
Matt Egan
29 Oct 14 06:56:54
RT @LaMonicaBuzz: HP finally getting into 3D printing. $HPQ not doing much. Printing part of less sexy HP breakup stock. But $DDD $SSYS $VJ…
CNNMoney Investing
29 Oct 14 06:56:44
RT @LaMonicaBuzz: HP finally getting into 3D printing. $HPQ not doing much. Printing part of less sexy HP breakup stock. But $DDD $SSYS $VJ…
apppro
29 Oct 14 06:55:44
@treppei And Cramer just acknowledged how his comment affected $DDD $SSYS $VJET $XONE Where the hell is the SEC @DanGallagherSEC
Paul R. La Monica
29 Oct 14 06:54:23
HP finally getting into 3D printing. $HPQ not doing much. Printing part of less sexy HP breakup stock. But $DDD $SSYS $VJET taking a tumble.
apppro
29 Oct 14 06:51:40
$DDD $SSYS $VJET $XONE stupid ass cramer makes 1 moronic comment and all stks sell off!
Financial Tailor
29 Oct 14 06:50:51
$HPQ will wipe out other 3-d printing companies looks like they have superior tech. $DDD $VJET $XONE $ONVO
The Fly
29 Oct 14 06:48:11
HP confirms plans to launch faster, lower-cost 3D printer system $HPQ $DDD $SSYS $XONE $VJET: Full Story http://t.co/6crajLt8IC
Geoff Butler
28 Oct 14 21:03:07
$XONE Strangely looks similar to... $VJET...#revearsal http://t.co/HaMaEWZPUv
Geoff Butler
28 Oct 14 21:01:19
I like the way this is looking $VJET http://t.co/Ylm9zwLHWa
bluearrowcharts
28 Oct 14 17:26:45
$VJET Powerfull up day after purple arrow outside day, can it break out before reporting. Extend now http://t.co/zMjgwO43yg
Clair Voight
28 Oct 14 14:04:14
$VJET 3D Systems Corporation (NYSE:DDD) Leads Printing Stocks Meltdown: ExOne ... http://t.co/oGEZW3rz0d
James P Worthy
28 Oct 14 13:03:12
$VJET Voxeljet AG Acquires Propshop Limited http://t.co/zrl4kZmR3Q
Stockguy22
28 Oct 14 12:19:30
would not complain about an "end of year” pop on the #3Dprinting stocks..they have been good for me past few years $VJET $XONE $DDD
Stockguy22
28 Oct 14 12:17:36
nice #3Dprinting action today $VJET up 7%+ , $XONE 6.3% , $DDD up 3.66%.. but $SSYS only 1.23% but stronger overall past few months
Antonio Costa
28 Oct 14 10:57:12
RT @NewZombie99: @ACInvestorBlog Following you for several months now and appreciate your charting, patience and conviction. $BBRY and $VJE…
HadjPadjj
28 Oct 14 10:46:54
I think these 3D Stocks are ready for a move...$DDD $VJET $SSYS
Zombie Bombie
28 Oct 14 10:15:07
@ACInvestorBlog Following you for several months now and appreciate your charting, patience and conviction. $BBRY and $VJET prime examples.
Duke Rexx
28 Oct 14 07:35:24
RT @RaginCajun: $VJET $ONVO worth watching
RC
28 Oct 14 07:35:15
$VJET $ONVO worth watching
umbi1111
28 Oct 14 05:26:26
RT @ACInvestorBlog: $SYSS $DDD $XONE $VJET Gartner says worldwide shipments of 3D printers to reach over 217,000 in 2015.
Antonio Costa
28 Oct 14 03:40:31
$SYSS $DDD $XONE $VJET Gartner says worldwide shipments of 3D printers to reach over 217,000 in 2015.
Penny Stock Secret
27 Oct 14 17:05:17
The Hottest Way to Make Millions From Stock Market.Click HERE http://t.co/SVqoMkrw2z .. $VIV $VJET $VKQ
Americanbulls
27 Oct 14 15:03:21
$VJET may go up 63% if the bull pattern is confirmed. Chk confirmation [33%] @ http://t.co/E9IVDbYrcQ. Buy level:13.0100.
Robert Comandari
27 Oct 14 06:24:22
Just as I mentioned two weeks ago. $GPRO collapsing just like $TWTR & $VJET did when they went parabolic.
3Dprintonomics
27 Oct 14 04:59:14
RT @3DPrintingStock: 3D printed batteries coming from best performing #3Dprinting stock- SEE VIDEO: https://t.co/0VfxjsiFIm $DDD $SSYS $XO…
SonicTheHedgehogg
26 Oct 14 11:48:44
Gonna snag more of this as well. $VJET http://t.co/1A9Na3iorp
wininstocks2014
26 Oct 14 05:37:58
VJET 12.92 Stock Charts $VJET voxeljet AG ADS (NYSE) Last Updated: 10/26/2014 07:37:57 VJET Stock Chart - 1 Mo http://t.co/ptrJYhhtme
wininstocks2014
25 Oct 14 12:02:46
VJET 12.92 Stock Charts $VJET voxeljet AG ADS (NYSE) Last Updated: 10/25/2014 14:02:46 VJET Stock Chart - 1 Mo http://t.co/sdXyUyvc4E
				
				
By  +Follow October 17, 2013 1:00PM
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