Intrinsic value of 3D Systems - DDD

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$21.93

  Intrinsic Value

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  Value-price divergence*

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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 2.2

 

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
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  633
  683
  703
  724
  748
  773
  801
  831
  863
  897
  934
  973
  1,014
  1,058
  1,104
  1,153
  1,205
  1,260
  1,318
  1,379
  1,444
  1,512
  1,583
  1,659
  1,738
  1,822
  1,910
  2,002
  2,099
  2,202
  2,309
Variable operating expenses, $m
 
  655
  673
  693
  715
  739
  764
  792
  822
  854
  888
  905
  944
  984
  1,028
  1,073
  1,122
  1,173
  1,227
  1,284
  1,344
  1,407
  1,474
  1,544
  1,618
  1,696
  1,777
  1,864
  1,954
  2,049
  2,149
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
  655
  673
  693
  715
  739
  764
  792
  822
  854
  888
  905
  944
  984
  1,028
  1,073
  1,122
  1,173
  1,227
  1,284
  1,344
  1,407
  1,474
  1,544
  1,618
  1,696
  1,777
  1,864
  1,954
  2,049
  2,149
Operating income, $m
  -38
  29
  30
  31
  33
  35
  37
  39
  41
  43
  46
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  105
  110
  115
  120
  126
  132
  139
  145
  152
  160
EBITDA, $m
  23
  83
  86
  88
  91
  94
  98
  101
  105
  109
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
  269
  282
Interest expense (income), $m
  1
  1
  1
  2
  3
  4
  5
  6
  7
  8
  9
  11
  12
  14
  15
  17
  19
  21
  23
  25
  27
  30
  32
  35
  38
  41
  44
  47
  50
  54
  58
Earnings before tax, $m
  -40
  28
  28
  29
  30
  31
  32
  33
  34
  35
  36
  57
  58
  59
  61
  63
  65
  66
  68
  70
  73
  75
  77
  80
  83
  85
  88
  92
  95
  98
  102
Tax expense, $m
  -1
  7
  8
  8
  8
  8
  9
  9
  9
  9
  10
  15
  16
  16
  16
  17
  17
  18
  18
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
Net income, $m
  -38
  20
  21
  21
  22
  23
  23
  24
  25
  26
  27
  41
  42
  43
  45
  46
  47
  48
  50
  51
  53
  55
  56
  58
  60
  62
  65
  67
  69
  72
  74

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
  756
  777
  801
  827
  855
  886
  919
  955
  992
  1,033
  1,076
  1,121
  1,170
  1,221
  1,276
  1,333
  1,394
  1,458
  1,526
  1,597
  1,672
  1,751
  1,835
  1,923
  2,015
  2,112
  2,215
  2,322
  2,436
  2,555
Adjusted assets (=assets-cash), $m
  664
  756
  777
  801
  827
  855
  886
  919
  955
  992
  1,033
  1,076
  1,121
  1,170
  1,221
  1,276
  1,333
  1,394
  1,458
  1,526
  1,597
  1,672
  1,751
  1,835
  1,923
  2,015
  2,112
  2,215
  2,322
  2,436
  2,555
Revenue / Adjusted assets
  0.953
  0.903
  0.905
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.905
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
  0.904
Average production assets, $m
  223
  296
  304
  314
  324
  335
  347
  360
  374
  388
  404
  421
  439
  458
  478
  499
  522
  546
  571
  597
  625
  655
  686
  718
  753
  789
  827
  867
  909
  953
  1,000
Working capital, $m
  303
  135
  139
  143
  148
  153
  159
  165
  171
  178
  185
  193
  201
  209
  219
  228
  239
  249
  261
  273
  286
  299
  313
  328
  344
  361
  378
  396
  416
  436
  457
Total debt, $m
  8
  14
  21
  28
  37
  46
  56
  66
  77
  90
  102
  116
  131
  146
  163
  180
  199
  218
  239
  260
  283
  307
  332
  359
  387
  417
  448
  481
  515
  551
  589
Total liabilities, $m
  219
  242
  249
  256
  265
  274
  284
  294
  305
  318
  330
  344
  359
  374
  391
  408
  427
  446
  467
  488
  511
  535
  560
  587
  615
  645
  676
  709
  743
  779
  817
Total equity, $m
  630
  514
  529
  545
  562
  582
  603
  625
  649
  675
  702
  732
  763
  796
  830
  867
  907
  948
  991
  1,037
  1,086
  1,137
  1,191
  1,248
  1,307
  1,370
  1,436
  1,506
  1,579
  1,656
  1,737
Total liabilities and equity, $m
  849
  756
  778
  801
  827
  856
  887
  919
  954
  993
  1,032
  1,076
  1,122
  1,170
  1,221
  1,275
  1,334
  1,394
  1,458
  1,525
  1,597
  1,672
  1,751
  1,835
  1,922
  2,015
  2,112
  2,215
  2,322
  2,435
  2,554
Debt-to-equity ratio
  0.013
  0.030
  0.040
  0.050
  0.070
  0.080
  0.090
  0.110
  0.120
  0.130
  0.150
  0.160
  0.170
  0.180
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.320
  0.330
  0.330
  0.340
Adjusted equity ratio
  0.670
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -38
  20
  21
  21
  22
  23
  23
  24
  25
  26
  27
  41
  42
  43
  45
  46
  47
  48
  50
  51
  53
  55
  56
  58
  60
  62
  65
  67
  69
  72
  74
Depreciation, amort., depletion, $m
  61
  55
  56
  57
  58
  60
  61
  63
  64
  66
  68
  51
  54
  56
  58
  61
  64
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
Funds from operations, $m
  44
  75
  77
  78
  80
  82
  84
  87
  89
  92
  95
  93
  96
  99
  103
  107
  111
  115
  119
  124
  129
  135
  140
  146
  152
  159
  165
  173
  180
  188
  196
Change in working capital, $m
  -13
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
Cash from operations, $m
  57
  26
  73
  74
  76
  77
  79
  81
  83
  85
  87
  85
  88
  91
  94
  97
  100
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
Maintenance CAPEX, $m
  0
  -35
  -36
  -37
  -38
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
New CAPEX, $m
  -18
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -47
Cash from investing activities, $m
  -22
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -63
  -66
  -69
  -73
  -76
  -79
  -83
  -88
  -92
  -96
  -101
  -105
  -111
  -117
  -122
  -128
  -134
  -141
  -148
  -155
  -163
Free cash flow, $m
  35
  -16
  28
  28
  27
  27
  26
  26
  25
  25
  24
  19
  18
  18
  18
  17
  17
  17
  16
  16
  16
  15
  15
  15
  14
  14
  14
  13
  13
  13
  12
Issuance/(repayment) of debt, $m
  -1
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  16
  17
  18
  19
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
  38
Issuance/(repurchase) of shares, $m
  -3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  4
  5
  7
  8
  10
  12
  13
  15
  17
  19
  21
  23
  26
  28
  31
Cash from financing (excl. dividends), $m  
  -4
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  19
  22
  24
  28
  30
  33
  36
  38
  42
  45
  49
  52
  56
  60
  64
  69
Total cash flow (excl. dividends), $m
  29
  -11
  35
  35
  35
  36
  36
  36
  36
  37
  37
  33
  33
  34
  34
  35
  35
  36
  37
  38
  39
  39
  40
  41
  43
  44
  45
  46
  47
  49
  50
Retained Cash Flow (-), $m
  26
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
Prev. year cash balance distribution, $m
 
  155
  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
 
  131
  21
  19
  18
  16
  15
  14
  12
  11
  10
  3
  2
  1
  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
 
  126
  19
  17
  15
  13
  11
  9
  8
  6
  5
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.6
  99.4
  99.1
  98.9
  98.5
  98.2
  97.8
  97.4
  97.0
  96.6
  96.1
  95.6
  95.1
  94.6

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 -65.6
Price to Sales 3.9
Price to Book 4
Price to Tangible Book
Price to Cash Flow 43.7
Price to Free Cash Flow 63.9
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 $666 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 2.6% 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 95.9%.

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 10.5% 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 43.3%.

Life of production assets of 8.2 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 19.8%. 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 - $656 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 100.729 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 $2.2 billion.


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COMPANY NEWS

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▶ Is 3D Systems Too Expensive for Its Turnaround?   [May-24-17 11:05AM  Investopedia]
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▶ Stratasys Earnings Meet, Stock Takes Roller-Coaster Ride   [May-16-17 05:15PM  Investor's Business Daily]
▶ 3D Systems Can Show Further Gains   [08:57AM  TheStreet.com]
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▶ Buy, Hold Or Sell Surging 3D Systems, Stratasys? Investing Action Plan   [May-11-17 04:45PM  Investor's Business Daily]
▶ 2 Critical Takeaways from 3D Systems Q1 Earnings Call   [May-09-17 11:55AM  Motley Fool]
▶ Why 3D Systems Corporation's Shares Jumped 12% Today   [May-08-17 04:31PM  Motley Fool]
▶ 3D Systems reports 1Q loss   [May-03-17 04:32PM  Associated Press]
▶ Will Printer Maker 3D Systems' Turnaround Show Up In Earnings?   [May-02-17 04:52PM  Investor's Business Daily]
▶ The Best 3D Printing Stock to Buy in 2017   [11:05AM  Motley Fool]
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▶ One 3D Printing Stock You Might Be Overlooking   [Apr-29-17 10:00AM  Motley Fool]
▶ United Therapeutics partners with 3-D printer to make human organs   [Apr-28-17 11:51AM  American City Business Journals]
▶ 3D Systems signs 'bioprinting' agreement to eventually create human organs   [Apr-26-17 12:32PM  American City Business Journals]
▶ 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]
Stock chart of DDD Financial statements of DDD Annual reports 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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