Intrinsic value of 3D Systems - DDD

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$15.83

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$15.83

 
Intrinsic value

$0.98

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of DDD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.95
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  633
  646
  661
  677
  697
  718
  741
  766
  793
  823
  854
  888
  924
  963
  1,003
  1,047
  1,093
  1,141
  1,192
  1,247
  1,304
  1,364
  1,428
  1,495
  1,566
  1,641
  1,719
  1,802
  1,889
  1,980
  2,076
Variable operating expenses, $m
 
  1,268
  1,296
  1,329
  1,366
  1,407
  1,452
  1,501
  1,554
  1,611
  1,672
  1,719
  1,789
  1,863
  1,942
  2,026
  2,114
  2,208
  2,308
  2,413
  2,524
  2,641
  2,764
  2,894
  3,031
  3,175
  3,327
  3,487
  3,655
  3,833
  4,019
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  671
  1,268
  1,296
  1,329
  1,366
  1,407
  1,452
  1,501
  1,554
  1,611
  1,672
  1,719
  1,789
  1,863
  1,942
  2,026
  2,114
  2,208
  2,308
  2,413
  2,524
  2,641
  2,764
  2,894
  3,031
  3,175
  3,327
  3,487
  3,655
  3,833
  4,019
Operating income, $m
  -38
  -622
  -636
  -652
  -670
  -689
  -711
  -735
  -760
  -788
  -817
  -831
  -865
  -900
  -939
  -979
  -1,022
  -1,067
  -1,115
  -1,166
  -1,220
  -1,276
  -1,336
  -1,399
  -1,465
  -1,535
  -1,608
  -1,685
  -1,767
  -1,852
  -1,942
EBITDA, $m
  23
  -570
  -583
  -598
  -615
  -634
  -654
  -676
  -700
  -726
  -754
  -784
  -816
  -850
  -886
  -924
  -965
  -1,007
  -1,053
  -1,101
  -1,151
  -1,205
  -1,261
  -1,320
  -1,383
  -1,448
  -1,518
  -1,591
  -1,668
  -1,748
  -1,833
Interest expense (income), $m
  1
  1
  1
  2
  3
  3
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  18
  19
  21
  24
  26
  28
  31
  33
  36
  39
  42
  45
  48
  52
  56
Earnings before tax, $m
  -40
  -623
  -637
  -654
  -672
  -693
  -715
  -740
  -766
  -795
  -826
  -841
  -876
  -913
  -953
  -995
  -1,040
  -1,087
  -1,137
  -1,190
  -1,245
  -1,304
  -1,366
  -1,432
  -1,501
  -1,573
  -1,650
  -1,730
  -1,815
  -1,904
  -1,998
Tax expense, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -38
  -623
  -637
  -654
  -672
  -693
  -715
  -740
  -766
  -795
  -826
  -841
  -876
  -913
  -953
  -995
  -1,040
  -1,087
  -1,137
  -1,190
  -1,245
  -1,304
  -1,366
  -1,432
  -1,501
  -1,573
  -1,650
  -1,730
  -1,815
  -1,904
  -1,998

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  185
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  849
  678
  693
  711
  731
  753
  777
  804
  832
  863
  897
  932
  970
  1,010
  1,053
  1,098
  1,146
  1,197
  1,251
  1,308
  1,368
  1,432
  1,499
  1,569
  1,643
  1,722
  1,804
  1,891
  1,982
  2,078
  2,179
Adjusted assets (=assets-cash), $m
  664
  678
  693
  711
  731
  753
  777
  804
  832
  863
  897
  932
  970
  1,010
  1,053
  1,098
  1,146
  1,197
  1,251
  1,308
  1,368
  1,432
  1,499
  1,569
  1,643
  1,722
  1,804
  1,891
  1,982
  2,078
  2,179
Revenue / Adjusted assets
  0.953
  0.953
  0.954
  0.952
  0.953
  0.954
  0.954
  0.953
  0.953
  0.954
  0.952
  0.953
  0.953
  0.953
  0.953
  0.954
  0.954
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
Average production assets, $m
  223
  227
  232
  238
  245
  253
  261
  270
  279
  290
  301
  313
  325
  339
  353
  368
  385
  402
  420
  439
  459
  480
  503
  526
  551
  578
  605
  634
  665
  697
  731
Working capital, $m
  303
  121
  124
  127
  131
  135
  139
  144
  149
  155
  161
  167
  174
  181
  189
  197
  205
  215
  224
  234
  245
  257
  268
  281
  294
  308
  323
  339
  355
  372
  390
Total debt, $m
  8
  11
  16
  22
  29
  36
  44
  53
  62
  72
  83
  95
  107
  120
  134
  149
  165
  182
  199
  218
  238
  259
  281
  304
  328
  354
  381
  409
  439
  471
  504
Total liabilities, $m
  219
  222
  227
  233
  240
  247
  255
  264
  273
  283
  294
  306
  318
  331
  345
  360
  376
  393
  410
  429
  449
  470
  492
  515
  539
  565
  592
  620
  650
  682
  715
Total equity, $m
  630
  455
  466
  478
  491
  506
  522
  540
  559
  580
  602
  626
  652
  679
  708
  738
  770
  805
  841
  879
  919
  962
  1,007
  1,054
  1,104
  1,157
  1,212
  1,271
  1,332
  1,396
  1,464
Total liabilities and equity, $m
  849
  677
  693
  711
  731
  753
  777
  804
  832
  863
  896
  932
  970
  1,010
  1,053
  1,098
  1,146
  1,198
  1,251
  1,308
  1,368
  1,432
  1,499
  1,569
  1,643
  1,722
  1,804
  1,891
  1,982
  2,078
  2,179
Debt-to-equity ratio
  0.013
  0.020
  0.040
  0.050
  0.060
  0.070
  0.080
  0.100
  0.110
  0.120
  0.140
  0.150
  0.160
  0.180
  0.190
  0.200
  0.210
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
  0.340
  0.340
Adjusted equity ratio
  0.670
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672
  0.672

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -38
  -623
  -637
  -654
  -672
  -693
  -715
  -740
  -766
  -795
  -826
  -841
  -876
  -913
  -953
  -995
  -1,040
  -1,087
  -1,137
  -1,190
  -1,245
  -1,304
  -1,366
  -1,432
  -1,501
  -1,573
  -1,650
  -1,730
  -1,815
  -1,904
  -1,998
Depreciation, amort., depletion, $m
  61
  52
  53
  54
  55
  56
  57
  58
  60
  61
  63
  47
  49
  51
  53
  55
  57
  60
  63
  65
  69
  72
  75
  79
  82
  86
  90
  95
  99
  104
  109
Funds from operations, $m
  44
  -571
  -584
  -600
  -618
  -637
  -658
  -682
  -707
  -734
  -763
  -794
  -827
  -862
  -900
  -940
  -982
  -1,027
  -1,074
  -1,124
  -1,177
  -1,233
  -1,291
  -1,353
  -1,418
  -1,487
  -1,560
  -1,636
  -1,716
  -1,800
  -1,889
Change in working capital, $m
  -13
  2
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
Cash from operations, $m
  57
  -594
  -587
  -603
  -621
  -641
  -663
  -686
  -712
  -739
  -769
  -800
  -834
  -870
  -908
  -948
  -991
  -1,036
  -1,084
  -1,134
  -1,188
  -1,244
  -1,303
  -1,366
  -1,432
  -1,501
  -1,574
  -1,651
  -1,732
  -1,817
  -1,907
Maintenance CAPEX, $m
  0
  -33
  -34
  -35
  -36
  -37
  -38
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -63
  -65
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
New CAPEX, $m
  -18
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
Cash from investing activities, $m
  -22
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -82
  -85
  -90
  -94
  -99
  -104
  -108
  -114
  -119
  -126
  -131
  -138
Free cash flow, $m
  35
  -632
  -626
  -644
  -663
  -685
  -709
  -734
  -762
  -791
  -823
  -857
  -893
  -932
  -973
  -1,016
  -1,062
  -1,111
  -1,162
  -1,216
  -1,273
  -1,334
  -1,397
  -1,465
  -1,535
  -1,610
  -1,688
  -1,771
  -1,857
  -1,949
  -2,045
Issuance/(repayment) of debt, $m
  -1
  4
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
Issuance/(repurchase) of shares, $m
  -3
  453
  632
  650
  670
  693
  717
  743
  772
  802
  834
  869
  906
  946
  987
  1,032
  1,078
  1,128
  1,180
  1,236
  1,294
  1,356
  1,420
  1,489
  1,561
  1,637
  1,716
  1,800
  1,889
  1,982
  2,079
Cash from financing (excl. dividends), $m  
  -4
  457
  637
  656
  677
  700
  725
  752
  781
  812
  845
  881
  918
  959
  1,001
  1,047
  1,094
  1,145
  1,198
  1,255
  1,314
  1,377
  1,442
  1,512
  1,585
  1,663
  1,743
  1,828
  1,919
  2,013
  2,112
Total cash flow (excl. dividends), $m
  29
  -627
  -621
  -638
  -657
  -678
  -701
  -725
  -752
  -781
  -812
  -845
  -881
  -919
  -959
  -1,001
  -1,046
  -1,094
  -1,144
  -1,197
  -1,254
  -1,313
  -1,376
  -1,441
  -1,511
  -1,584
  -1,661
  -1,742
  -1,827
  -1,917
  -2,012
Retained Cash Flow (-), $m
  26
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -65
  -68
Prev. year cash balance distribution, $m
 
  184
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  74.0
  50.0
  33.7
  22.7
  15.2
  10.2
  6.9
  4.6
  3.1
  2.0
  1.4
  0.9
  0.6
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

3D Systems Corporation, through its subsidiaries, provides 3D printing products and services worldwide. The company’s 3D printers transform data input generated by 3D design software, CAD software, or other 3D design tools into printed parts using a range of print materials, including plastic, metal, nylon, rubber, wax, and composite materials. It offers various 3D printing technologies, such as stereolithography, selective laser sintering, direct metal printing, multijet printing, colorjet printing, and plasticjet printing. The company also develops, blends, and markets various print materials, such as plastic, nylon, metal, composite, elastomeric, wax, and Class IV bio-compatible materials. It offers its printers under the Accura, DuraForm, LaserForm, CastForm, and VisiJet brand names. In addition, the company provides digital design tools, including software, scanners, and haptic devices, as well as products for product design, mold and die design, 3D scan-to-print, reverse engineering, and production machining and inspection. Further, it offers proprietary software and drivers that provide part preparation, part placement, support placement, build platform management, and print queue management; and 3D virtual reality simulators and simulator modules for medical applications, as well as digitizing scanners for medical and mechanical applications. Additionally, the company provides warranty, maintenance, and training services. It primarily serves companies and small and midsize businesses in a range of industries, including automotive, aerospace, government, defense, technology, electronics, education, consumer goods, energy, and healthcare. The company sells its products and services through its direct sales force, resellers, and channel partners and distributors. 3D Systems Corporation was founded in 1986 and is headquartered in Rock Hill, South Carolina.

FINANCIAL RATIOS  of  3D Systems (DDD)

Valuation Ratios
P/E Ratio -47.3
Price to Sales 2.8
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 31.6
Price to Free Cash Flow 46.1
Growth Rates
Sales Growth Rate -5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.7%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio 185
Current Ratio 0
LT Debt to Equity 1.1%
Total Debt to Equity 1.3%
Interest Coverage -39
Management Effectiveness
Return On Assets -4.3%
Ret/ On Assets - 3 Yr. Avg. -19.1%
Return On Total Capital -5.8%
Ret/ On T. Cap. - 3 Yr. Avg. -23.8%
Return On Equity -5.9%
Return On Equity - 3 Yr. Avg. -24%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 49%
Gross Margin - 3 Yr. Avg. 47.1%
EBITDA Margin 3.5%
EBITDA Margin - 3 Yr. Avg. -23.7%
Operating Margin -6%
Oper. Margin - 3 Yr. Avg. -32.8%
Pre-Tax Margin -6.3%
Pre-Tax Margin - 3 Yr. Avg. -34%
Net Profit Margin -6%
Net Profit Margin - 3 Yr. Avg. -34.2%
Effective Tax Rate 2.5%
Eff/ Tax Rate - 3 Yr. Avg. 10.2%
Payout Ratio 0%

DDD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DDD stock intrinsic value calculation we used $633 million for the last fiscal year's total revenue generated by 3D Systems. The default revenue input number comes from 2016 income statement of 3D Systems. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DDD stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for DDD is calculated based on our internal credit rating of 3D Systems, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of 3D Systems.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DDD stock the variable cost ratio is equal to 196.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for DDD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 11.8% for 3D Systems.

Corporate tax rate of 27% is the nominal tax rate for 3D Systems. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DDD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DDD are equal to 35.2%.

Life of production assets of 6.7 years is the average useful life of capital assets used in 3D Systems operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DDD is equal to 18.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $630 million for 3D Systems - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 114.973 million for 3D Systems is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of 3D Systems at the current share price and the inputted number of shares is $1.8 billion.


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COMPANY NEWS

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▶ ETFs with exposure to 3D Systems Corp. : April 24, 2017   [Apr-24-17 02:25PM  Capital Cube]
▶ Stratasys Upgrade Asks If It's Time To Revisit 3D Printer Space   [Apr-18-17 04:03PM  Investor's Business Daily]
▶ Short Interest in 3D Printing Stocks Mixed   [Apr-12-17 09:45AM  24/7 Wall St.]
▶ About to Sell 3D Printing Stocks? Read This First   [Apr-05-17 11:02AM  Motley Fool]
▶ 3D Printer Sales Slow, Dragged Down By 3D Systems, Stratasys   [Apr-03-17 04:48PM  Investor's Business Daily]
▶ Stratasys Is Not Out of the Woods   [Mar-29-17 05:23PM  GuruFocus.com]
▶ Stratasys to Boost Additive Manufacturing in UK with MTC   [Mar-28-17 05:33PM  Investopedia]
▶ 3D Printing Opens a New World of Options for Automakers   [Mar-07-17 08:05PM  at Motley Fool]
▶ 3D Systems Is a Sell   [Mar-03-17 11:23AM  Gurufocus]
▶ Race For 3D Printing Capacity Could Revive M&A   [Feb-22-17 10:30AM  at Forbes]
▶ The 1 3D Printing Stock I Want to Own in 2017   [Feb-11-17 11:13AM  at Motley Fool]
▶ Why Stratasys Stock Popped 19% in January   [Feb-07-17 01:57PM  at Motley Fool]
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▶ The Best Stock in 3D Printing to Buy for 2017 and Beyond   [Feb-03-17 09:10AM  at Motley Fool]
▶ [$$] 3D Systems Health-Care Buy a Solid Strategy   [Feb-02-17 11:47AM  at Barrons.com]
▶ 3 Top 3D Printing Stocks to Buy Now   [Jan-29-17 08:43AM  at Motley Fool]
▶ Why 3D Systems Will Struggle in 2017   [Jan-24-17 12:29PM  Gurufocus]
▶ 3D Systems Strengthens Healthcare Segment   [Jan-20-17 10:50AM  at Investopedia]
▶ 3D Systems Diversifies With Prosthetic Devices   [Jan-18-17 03:24PM  at Investopedia]
▶ What's Hot and What's Not From CES 2017   [Jan-14-17 10:57AM  at Motley Fool]
▶ Razor-and-Blade Model: What Is It? What Companies Have One?   [Jan-13-17 12:21PM  at Motley Fool]
Stock chart of DDD Financial statements of DDD
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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