Intrinsic value of voxeljet ADR - VJET

Previous Close

$5.10

  Intrinsic Value

$0.73

stock screener

  Rating & Target

str. sell

-86%

Previous close

$5.10

 
Intrinsic value

$0.73

 
Up/down potential

-86%

 
Rating

str. sell

We calculate the intrinsic value of VJET 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 0.1

 

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, %
  -4.00
  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
  24
  24
  25
  26
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
Variable operating expenses, $m
 
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
Fixed operating expenses, $m
 
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
Total operating expenses, $m
  35
  37
  37
  39
  40
  41
  42
  42
  44
  45
  46
  48
  49
  51
  52
  54
  55
  57
  58
  60
  62
  64
  66
  68
  69
  72
  74
  76
  79
  81
  84
Operating income, $m
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -13
  -13
  -13
  -13
  -12
  -12
  -11
  -10
  -10
  -9
  -8
  -7
  -6
  -5
EBITDA, $m
  -9
  -9
  -10
  -10
  -10
  -10
  -10
  -10
  -10
  -10
  -10
  -10
  -10
  -10
  -9
  -9
  -9
  -8
  -8
  -7
  -6
  -6
  -5
  -4
  -3
  -2
  -1
  0
  2
  3
  5
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Earnings before tax, $m
  -12
  -13
  -13
  -13
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -15
  -15
  -14
  -14
  -14
  -14
  -14
  -14
  -13
  -13
  -13
  -12
  -12
  -11
  -10
  -10
  -9
  -8
  -7
  -6
Tax expense, $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
  0
Net income, $m
  -12
  -13
  -13
  -13
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -15
  -15
  -14
  -14
  -14
  -14
  -14
  -14
  -13
  -13
  -13
  -12
  -12
  -11
  -10
  -10
  -9
  -8
  -7
  -6

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  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
  66
  45
  46
  47
  48
  50
  52
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
  144
Adjusted assets (=assets-cash), $m
  44
  45
  46
  47
  48
  50
  52
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
  144
Revenue / Adjusted assets
  0.545
  0.533
  0.543
  0.553
  0.542
  0.540
  0.538
  0.547
  0.545
  0.544
  0.542
  0.548
  0.547
  0.537
  0.543
  0.548
  0.539
  0.544
  0.542
  0.540
  0.538
  0.547
  0.545
  0.548
  0.541
  0.544
  0.542
  0.544
  0.550
  0.543
  0.549
Average production assets, $m
  25
  26
  26
  27
  28
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  52
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
Working capital, $m
  34
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
Total debt, $m
  6
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
Total liabilities, $m
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
Total equity, $m
  54
  34
  34
  35
  36
  37
  39
  40
  41
  43
  45
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  103
  108
Total liabilities and equity, $m
  65
  45
  45
  47
  48
  49
  52
  53
  55
  57
  60
  61
  64
  67
  69
  73
  76
  80
  83
  87
  91
  95
  100
  104
  109
  115
  120
  125
  132
  137
  144
Debt-to-equity ratio
  0.111
  0.160
  0.160
  0.160
  0.170
  0.170
  0.180
  0.180
  0.190
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.280
  0.280
Adjusted equity ratio
  0.727
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  -13
  -13
  -13
  -14
  -14
  -14
  -14
  -14
  -14
  -14
  -15
  -15
  -14
  -14
  -14
  -14
  -14
  -14
  -13
  -13
  -13
  -12
  -12
  -11
  -10
  -10
  -9
  -8
  -7
  -6
Depreciation, amort., depletion, $m
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
Funds from operations, $m
  -23
  -10
  -10
  -10
  -10
  -10
  -11
  -11
  -11
  -11
  -11
  -10
  -10
  -10
  -10
  -9
  -9
  -9
  -8
  -8
  -7
  -6
  -6
  -5
  -4
  -3
  -2
  -1
  1
  2
  4
Change in working capital, $m
  -9
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
Cash from operations, $m
  -14
  -10
  -10
  -10
  -11
  -11
  -11
  -11
  -11
  -11
  -11
  -11
  -11
  -11
  -11
  -10
  -10
  -10
  -9
  -9
  -8
  -7
  -7
  -6
  -5
  -4
  -3
  -2
  -1
  0
  2
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
New CAPEX, $m
  -4
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Cash from investing activities, $m
  16
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -13
  -13
Free cash flow, $m
  2
  -13
  -14
  -14
  -15
  -15
  -15
  -16
  -16
  -16
  -16
  -16
  -16
  -17
  -17
  -17
  -17
  -17
  -16
  -16
  -16
  -16
  -16
  -15
  -15
  -14
  -14
  -13
  -13
  -12
  -11
Issuance/(repayment) of debt, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
Issuance/(repurchase) of shares, $m
  0
  13
  14
  14
  15
  15
  15
  15
  16
  16
  16
  16
  16
  16
  17
  17
  17
  16
  16
  16
  16
  16
  16
  15
  15
  14
  14
  13
  13
  12
  11
Cash from financing (excl. dividends), $m  
  4
  13
  14
  14
  15
  15
  15
  15
  16
  17
  17
  17
  17
  17
  18
  18
  18
  17
  17
  17
  17
  17
  17
  16
  16
  15
  15
  14
  15
  14
  13
Total cash flow (excl. dividends), $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
Retained Cash Flow (-), $m
  11
  -13
  -14
  -14
  -15
  -15
  -15
  -15
  -16
  -16
  -16
  -16
  -16
  -16
  -17
  -17
  -17
  -16
  -16
  -16
  -16
  -16
  -16
  -15
  -15
  -14
  -14
  -13
  -13
  -12
  -11
Prev. year cash balance distribution, $m
 
  21
  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
 
  8
  -13
  -14
  -14
  -15
  -15
  -15
  -15
  -15
  -16
  -16
  -16
  -16
  -16
  -16
  -16
  -16
  -16
  -15
  -15
  -15
  -15
  -14
  -14
  -13
  -13
  -12
  -11
  -10
  -10
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
 
  8
  -12
  -12
  -12
  -11
  -11
  -10
  -10
  -9
  -8
  -7
  -7
  -6
  -5
  -5
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  81.3
  66.0
  53.4
  43.3
  35.0
  28.4
  23.1
  18.9
  15.5
  12.7
  10.5
  8.8
  7.3
  6.2
  5.2
  4.4
  3.8
  3.3
  2.9
  2.5
  2.2
  2.0
  1.8
  1.6
  1.4
  1.3
  1.2
  1.1
  1.1
  1.0

Voxeljet AG is a Germany-based company engaged in manufacture and sales of three-dimensional (3D) printers. The Company's offer is aimed at industrial companies active in fields such as aerospace, automotive, engineering, architecture, science, medicine, art, film and entertainment. The Company is divided in two business areas: voxeljet SYSTEMS and voxeljet SERVICES. Voxeljet SYSTEMS offers development, production and distribution of five printing systems: VX200, VX500, VXC800, VX1000 and VX4000. 3D models are created by layered application of a particle material that is selectively bonded. Voxeljet SERVICES operates a 3D printing service centre for on-demand production of metal-casting moulds and models. The centre offers 3D printers with a print volume of 200,000 liters per month. Additionally, the Company offers mould design, casting services and post-processing of models, and sales used equipment. Voxeljet AG operates one production plant in Augsburg, Germany.

FINANCIAL RATIOS  of  voxeljet ADR (VJET)

Valuation Ratios
P/E Ratio -1.6
Price to Sales 0.8
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow -1.4
Price to Free Cash Flow -1.1
Growth Rates
Sales Growth Rate -4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate -19.7%
Financial Strength
Quick Ratio 22
Current Ratio 0.3
LT Debt to Equity 9.3%
Total Debt to Equity 11.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -17.1%
Ret/ On Assets - 3 Yr. Avg. -12.1%
Return On Total Capital -18.8%
Ret/ On T. Cap. - 3 Yr. Avg. -13.3%
Return On Equity -20.2%
Return On Equity - 3 Yr. Avg. -14.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 29.2%
Gross Margin - 3 Yr. Avg. 32.8%
EBITDA Margin -37.5%
EBITDA Margin - 3 Yr. Avg. -27.7%
Operating Margin -45.8%
Oper. Margin - 3 Yr. Avg. -36.5%
Pre-Tax Margin -50%
Pre-Tax Margin - 3 Yr. Avg. -39.8%
Net Profit Margin -50%
Net Profit Margin - 3 Yr. Avg. -39.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

VJET stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VJET stock intrinsic value calculation we used $24 million for the last fiscal year's total revenue generated by voxeljet ADR. The default revenue input number comes from 2016 income statement of voxeljet ADR. 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 VJET 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 VJET is calculated based on our internal credit rating of voxeljet ADR, 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 voxeljet ADR.
    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 VJET stock the variable cost ratio is equal to 29.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $29 million in the base year in the intrinsic value calculation for VJET 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 3.5% for voxeljet ADR.

Corporate tax rate of 27% is the nominal tax rate for voxeljet ADR. 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 VJET 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 VJET are equal to 104.2%.

Life of production assets of 8.5 years is the average useful life of capital assets used in voxeljet ADR 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 VJET is equal to 50%. 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 - $54 million for voxeljet ADR - 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 18.494 million for voxeljet ADR 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 voxeljet ADR at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Short Interest in 3D Printing Stocks Cant Find a Direction   [Oct-11-17 10:15AM  24/7 Wall St.]
▶ Are Short Sellers Giving Up on 3D Printing Stocks?   [Jul-26-17 07:15AM  24/7 Wall St.]
▶ Short Interest Still Falling in 3D Printing Stocks   [Jul-13-17 07:45AM  24/7 Wall St.]
▶ Short Sellers Get Selective in 3D Printing   [Jun-12-17 07:05AM  24/7 Wall St.]
▶ Short Interest in 3D Printing Stocks Mixed   [Apr-12-17 09:45AM  24/7 Wall St.]
▶ voxeljet AG Files its Annual Report on Form 20-F   [Mar-30-17 04:26PM  Business Wire]
▶ Paul Singer Moves Against the Trend, Buys Apple   [Feb-15-17 05:13PM  Investopedia]
▶ Paul Singer Moves Against the Trend, Buys Apple   [05:13PM  at Investopedia]
▶ 3D Printing Short Interest Rises as Share Prices Jump   [Jan-26-17 07:45AM  24/7 Wall St.]
▶ Short Sellers Shy Away From 3D Printing Stocks   [Dec-28-16 07:25AM  24/7 Wall St.]
▶ Short Interest in 3D Printing Stocks Fading   [07:35AM  24/7 Wall St.]
▶ Short Interest in 3D Printing Stocks Rises   [Nov-28-16 07:45AM  24/7 Wall St.]
▶ General Electric: You Win Some, You Lose Some   [Oct-27-16 12:01PM  at Barrons.com]
▶ Are 3D Printing Stocks Attracting Short Sellers Again?   [Oct-12-16 09:15AM  24/7 Wall St.]
▶ Why Short Sellers Remain Cautious on 3D Printing Stocks   [Sep-27-16 08:05AM  24/7 Wall St.]
▶ Short Interest on the Rise on 3D Printing Stocks   [Aug-25-16 09:25AM  at 24/7 Wall St.]
▶ Short Sellers Still Shying Away From 3D Printers   [Aug-10-16 08:25AM  at 24/7 Wall St.]
▶ Cramer: Maybe We Just Thank Andrew Left   [Jul-14-16 06:41AM  at TheStreet]
▶ Short Sellers Mixed on 3D Printing Stocks   [Jul-13-16 08:35AM  at 24/7 Wall St.]
▶ 3D Systems Earnings Show Ongoing Struggle In 3D Printer Market   [02:59PM  at Investor's Business Daily]
▶ 3D Printer Stocks Soar: BofA Sees New DDD CEO Ending Bloated Costs   [Apr-14-16 04:02PM  at Investor's Business Daily]
▶ Why Short Interest in 3D Printing Stocks Continues to Drop   [Apr-12-16 08:05AM  at 24/7 Wall St.]
▶ Top 5 Earnings for the Week Ahead   [Mar-27-16 10:35AM  at 24/7 Wall St.]
Financial statements of VJET
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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