Intrinsic value of ExOne - XONE

Previous Close

$7.63

  Intrinsic Value

$1.47

stock screener

  Rating & Target

str. sell

-81%

  Value-price divergence*

+91%

Previous close

$7.63

 
Intrinsic value

$1.47

 
Up/down potential

-81%

 
Rating

str. sell

 
Value-price divergence*

+91%

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

We calculate the intrinsic value of XONE 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, %
  20.00
  37.50
  34.25
  31.33
  28.69
  26.32
  24.19
  22.27
  20.54
  18.99
  17.59
  16.33
  15.20
  14.18
  13.26
  12.43
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
Revenue, $m
  48
  66
  89
  116
  150
  189
  235
  287
  346
  412
  484
  564
  649
  741
  840
  944
  1,054
  1,171
  1,293
  1,420
  1,554
  1,693
  1,838
  1,988
  2,145
  2,308
  2,477
  2,653
  2,836
  3,026
  3,223
Variable operating expenses, $m
 
  109
  146
  192
  246
  311
  387
  473
  570
  678
  797
  928
  1,069
  1,220
  1,382
  1,554
  1,736
  1,927
  2,128
  2,338
  2,557
  2,786
  3,025
  3,273
  3,531
  3,799
  4,077
  4,367
  4,668
  4,981
  5,306
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
  62
  109
  146
  192
  246
  311
  387
  473
  570
  678
  797
  928
  1,069
  1,220
  1,382
  1,554
  1,736
  1,927
  2,128
  2,338
  2,557
  2,786
  3,025
  3,273
  3,531
  3,799
  4,077
  4,367
  4,668
  4,981
  5,306
Operating income, $m
  -14
  -43
  -57
  -75
  -97
  -122
  -152
  -186
  -224
  -266
  -313
  -364
  -419
  -479
  -542
  -610
  -681
  -756
  -835
  -918
  -1,004
  -1,094
  -1,187
  -1,284
  -1,386
  -1,491
  -1,600
  -1,714
  -1,832
  -1,955
  -2,082
EBITDA, $m
  -8
  -35
  -47
  -62
  -80
  -101
  -125
  -153
  -185
  -220
  -258
  -301
  -346
  -396
  -448
  -504
  -563
  -625
  -690
  -758
  -829
  -903
  -980
  -1,061
  -1,144
  -1,231
  -1,322
  -1,415
  -1,513
  -1,614
  -1,720
Interest expense (income), $m
  0
  0
  0
  1
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  11
  12
  13
  15
  16
  18
  19
  21
  23
  25
  26
  28
  31
  33
  35
Earnings before tax, $m
  -15
  -43
  -58
  -76
  -98
  -123
  -153
  -188
  -227
  -270
  -317
  -369
  -426
  -486
  -551
  -619
  -692
  -768
  -848
  -932
  -1,020
  -1,111
  -1,206
  -1,305
  -1,408
  -1,515
  -1,627
  -1,742
  -1,862
  -1,987
  -2,117
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
  -15
  -43
  -58
  -76
  -98
  -123
  -153
  -188
  -227
  -270
  -317
  -369
  -426
  -486
  -551
  -619
  -692
  -768
  -848
  -932
  -1,020
  -1,111
  -1,206
  -1,305
  -1,408
  -1,515
  -1,627
  -1,742
  -1,862
  -1,987
  -2,117

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  28
  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
  104
  104
  140
  184
  237
  299
  372
  455
  548
  652
  767
  892
  1,027
  1,173
  1,329
  1,494
  1,668
  1,852
  2,045
  2,247
  2,458
  2,678
  2,908
  3,146
  3,394
  3,652
  3,920
  4,198
  4,487
  4,788
  5,100
Adjusted assets (=assets-cash), $m
  76
  104
  140
  184
  237
  299
  372
  455
  548
  652
  767
  892
  1,027
  1,173
  1,329
  1,494
  1,668
  1,852
  2,045
  2,247
  2,458
  2,678
  2,908
  3,146
  3,394
  3,652
  3,920
  4,198
  4,487
  4,788
  5,100
Revenue / Adjusted assets
  0.632
  0.635
  0.636
  0.630
  0.633
  0.632
  0.632
  0.631
  0.631
  0.632
  0.631
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
  0.632
Average production assets, $m
  54
  74
  100
  131
  168
  213
  264
  323
  390
  464
  545
  634
  730
  834
  945
  1,062
  1,186
  1,317
  1,454
  1,598
  1,748
  1,904
  2,067
  2,237
  2,413
  2,596
  2,787
  2,985
  3,190
  3,404
  3,626
Working capital, $m
  37
  12
  17
  22
  28
  36
  44
  54
  65
  77
  91
  106
  122
  139
  158
  177
  198
  220
  243
  267
  292
  318
  345
  374
  403
  434
  466
  499
  533
  569
  606
Total debt, $m
  2
  8
  16
  25
  36
  49
  64
  82
  102
  124
  148
  174
  203
  234
  266
  301
  338
  377
  418
  460
  505
  551
  600
  650
  702
  757
  813
  872
  933
  996
  1,062
Total liabilities, $m
  16
  22
  30
  39
  50
  63
  78
  96
  116
  138
  162
  188
  217
  248
  280
  315
  352
  391
  432
  474
  519
  565
  614
  664
  716
  771
  827
  886
  947
  1,010
  1,076
Total equity, $m
  88
  82
  111
  145
  187
  236
  293
  359
  432
  514
  605
  704
  811
  926
  1,048
  1,179
  1,316
  1,461
  1,614
  1,773
  1,940
  2,113
  2,294
  2,482
  2,678
  2,881
  3,093
  3,312
  3,540
  3,777
  4,024
Total liabilities and equity, $m
  104
  104
  141
  184
  237
  299
  371
  455
  548
  652
  767
  892
  1,028
  1,174
  1,328
  1,494
  1,668
  1,852
  2,046
  2,247
  2,459
  2,678
  2,908
  3,146
  3,394
  3,652
  3,920
  4,198
  4,487
  4,787
  5,100
Debt-to-equity ratio
  0.023
  0.100
  0.140
  0.170
  0.190
  0.210
  0.220
  0.230
  0.240
  0.240
  0.240
  0.250
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
Adjusted equity ratio
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789
  0.789

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -15
  -43
  -58
  -76
  -98
  -123
  -153
  -188
  -227
  -270
  -317
  -369
  -426
  -486
  -551
  -619
  -692
  -768
  -848
  -932
  -1,020
  -1,111
  -1,206
  -1,305
  -1,408
  -1,515
  -1,627
  -1,742
  -1,862
  -1,987
  -2,117
Depreciation, amort., depletion, $m
  6
  7
  10
  13
  17
  21
  26
  32
  39
  46
  55
  63
  73
  83
  94
  106
  119
  132
  145
  160
  175
  190
  207
  224
  241
  260
  279
  298
  319
  340
  363
Funds from operations, $m
  2
  -35
  -48
  -63
  -81
  -102
  -127
  -156
  -188
  -223
  -263
  -306
  -352
  -403
  -456
  -513
  -573
  -636
  -703
  -772
  -845
  -921
  -1,000
  -1,082
  -1,167
  -1,256
  -1,348
  -1,444
  -1,543
  -1,647
  -1,755
Change in working capital, $m
  5
  3
  4
  5
  6
  7
  9
  10
  11
  12
  14
  15
  16
  17
  18
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
Cash from operations, $m
  -3
  -39
  -52
  -68
  -87
  -110
  -136
  -165
  -199
  -236
  -276
  -321
  -369
  -420
  -475
  -533
  -594
  -658
  -726
  -796
  -870
  -947
  -1,027
  -1,110
  -1,197
  -1,286
  -1,380
  -1,477
  -1,578
  -1,683
  -1,792
Maintenance CAPEX, $m
  0
  -5
  -7
  -10
  -13
  -17
  -21
  -26
  -32
  -39
  -46
  -55
  -63
  -73
  -83
  -94
  -106
  -119
  -132
  -145
  -160
  -175
  -190
  -207
  -224
  -241
  -260
  -279
  -298
  -319
  -340
New CAPEX, $m
  -1
  -20
  -25
  -31
  -38
  -44
  -51
  -59
  -66
  -74
  -82
  -89
  -96
  -104
  -111
  -117
  -124
  -131
  -137
  -144
  -150
  -156
  -163
  -170
  -176
  -183
  -190
  -198
  -206
  -214
  -222
Cash from investing activities, $m
  -1
  -25
  -32
  -41
  -51
  -61
  -72
  -85
  -98
  -113
  -128
  -144
  -159
  -177
  -194
  -211
  -230
  -250
  -269
  -289
  -310
  -331
  -353
  -377
  -400
  -424
  -450
  -477
  -504
  -533
  -562
Free cash flow, $m
  -4
  -64
  -85
  -109
  -138
  -171
  -208
  -251
  -297
  -349
  -404
  -464
  -528
  -597
  -669
  -745
  -824
  -908
  -995
  -1,085
  -1,180
  -1,278
  -1,380
  -1,486
  -1,597
  -1,711
  -1,830
  -1,953
  -2,082
  -2,215
  -2,354
Issuance/(repayment) of debt, $m
  0
  6
  8
  9
  11
  13
  15
  17
  20
  22
  24
  26
  29
  31
  33
  35
  37
  39
  41
  43
  45
  46
  48
  50
  52
  54
  57
  59
  61
  63
  66
Issuance/(repurchase) of shares, $m
  13
  65
  86
  110
  139
  173
  211
  253
  300
  352
  408
  468
  532
  601
  673
  750
  830
  913
  1,001
  1,092
  1,186
  1,285
  1,387
  1,494
  1,604
  1,719
  1,838
  1,962
  2,091
  2,225
  2,364
Cash from financing (excl. dividends), $m  
  13
  71
  94
  119
  150
  186
  226
  270
  320
  374
  432
  494
  561
  632
  706
  785
  867
  952
  1,042
  1,135
  1,231
  1,331
  1,435
  1,544
  1,656
  1,773
  1,895
  2,021
  2,152
  2,288
  2,430
Total cash flow (excl. dividends), $m
  8
  7
  9
  11
  13
  15
  17
  20
  23
  25
  28
  30
  33
  35
  38
  40
  42
  44
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  75
Retained Cash Flow (-), $m
  1
  -65
  -86
  -110
  -139
  -173
  -211
  -253
  -300
  -352
  -408
  -468
  -532
  -601
  -673
  -750
  -830
  -913
  -1,001
  -1,092
  -1,186
  -1,285
  -1,387
  -1,494
  -1,604
  -1,719
  -1,838
  -1,962
  -2,091
  -2,225
  -2,364
Prev. year cash balance distribution, $m
 
  28
  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
 
  -30
  -77
  -100
  -127
  -158
  -193
  -233
  -278
  -327
  -380
  -438
  -500
  -566
  -636
  -710
  -787
  -869
  -954
  -1,043
  -1,135
  -1,232
  -1,332
  -1,436
  -1,544
  -1,657
  -1,773
  -1,895
  -2,021
  -2,152
  -2,288
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
 
  -29
  -71
  -87
  -104
  -122
  -140
  -158
  -174
  -188
  -199
  -208
  -213
  -215
  -213
  -208
  -200
  -189
  -176
  -161
  -144
  -127
  -111
  -94
  -79
  -64
  -52
  -41
  -31
  -23
  -17
Current shareholders' claim on cash, %
  100
  54.5
  30.3
  17.1
  9.9
  5.8
  3.4
  2.1
  1.2
  0.8
  0.5
  0.3
  0.2
  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
  0.0
  0.0
  0.0
  0.0
  0.0

The ExOne Company develops, manufactures, and markets three dimensional (3D) printing machines, 3D printed and other products, materials, and services primarily in North America, Europe, and Asia. The company provides various machines that enable designers and engineers to design and produce industrial prototypes and production parts. Its machines include Exerial, S-Max/S-Max+, and S-Print, which are indirect printing machines; M-Print, M-Flex, and Innovent, that are direct printing machines; and MWT industrial grade microwaves to be used in conjunction with its 3D printing systems. The company also supplies associated materials comprising consumables and replacement parts; and other services, such as pre-print, training, and technical support services. It markets its products to industrial customers and other end-market users in the aerospace, automotive, heavy equipment, energy/oil/gas, and other industries under the ExOne brand name. The ExOne Company was founded in 2005 and is headquartered in North Huntingdon, Pennsylvania.

FINANCIAL RATIOS  of  ExOne (XONE)

Valuation Ratios
P/E Ratio -8.1
Price to Sales 2.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow -40.7
Price to Free Cash Flow -30.6
Growth Rates
Sales Growth Rate 20%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -80%
Cap. Spend. - 3 Yr. Gr. Rate -44.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 2.3%
Total Debt to Equity 2.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -14.2%
Ret/ On Assets - 3 Yr. Avg. -16.9%
Return On Total Capital -16.6%
Ret/ On T. Cap. - 3 Yr. Avg. -19.1%
Return On Equity -16.9%
Return On Equity - 3 Yr. Avg. -19.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 29.2%
Gross Margin - 3 Yr. Avg. 24%
EBITDA Margin -18.8%
EBITDA Margin - 3 Yr. Avg. -36.6%
Operating Margin -29.2%
Oper. Margin - 3 Yr. Avg. -48.1%
Pre-Tax Margin -31.3%
Pre-Tax Margin - 3 Yr. Avg. -48.8%
Net Profit Margin -31.3%
Net Profit Margin - 3 Yr. Avg. -48.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

XONE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XONE stock intrinsic value calculation we used $48 million for the last fiscal year's total revenue generated by ExOne. The default revenue input number comes from 2016 income statement of ExOne. 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 XONE stock valuation model: a) initial revenue growth rate of 37.5% 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 XONE is calculated based on our internal credit rating of ExOne, 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 ExOne.
    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 XONE stock the variable cost ratio is equal to 164.6%.

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 XONE 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 ExOne.

Corporate tax rate of 27% is the nominal tax rate for ExOne. 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 XONE 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 XONE are equal to 112.5%.

Life of production assets of 10 years is the average useful life of capital assets used in ExOne 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 XONE 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 - $88 million for ExOne - 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 14.993 million for ExOne 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 ExOne at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ 1 Company That Could Eat ExOne's Lunch   [Aug-14-17 10:14AM  Motley Fool]
▶ The ExOne Company Reports 2017 Second Quarter Results   [Aug-09-17 04:15PM  Business Wire]
▶ 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.]
▶ ETFs with exposure to The ExOne Co. : June 30, 2017   [Jun-30-17 03:37PM  Capital Cube]
▶ ETFs with exposure to The ExOne Co. : June 13, 2017   [Jun-13-17 01:05PM  Capital Cube]
▶ Short Sellers Get Selective in 3D Printing   [Jun-12-17 07:05AM  24/7 Wall St.]
▶ When Will ExOne Finally Start Making Money?   [May-31-17 01:56PM  Motley Fool]
▶ ETFs with exposure to The ExOne Co. : May 30, 2017   [May-30-17 12:53PM  Capital Cube]
▶ ETFs with exposure to The ExOne Co. : May 15, 2017   [May-15-17 04:58PM  Capital Cube]
▶ ExOne reports 1Q loss   [May-10-17 05:50PM  Associated Press]
▶ ETFs with exposure to The ExOne Co. : April 19, 2017   [Apr-19-17 02:44PM  Capital Cube]
▶ Short Interest in 3D Printing Stocks Mixed   [Apr-12-17 09:45AM  24/7 Wall St.]
▶ ETFs with exposure to The ExOne Co. : April 5, 2017   [Apr-05-17 05:46PM  Capital Cube]
▶ ExOne reports 4Q loss   [Mar-16-17 04:56PM  Associated Press]
▶ 3D Printing Short Interest Rises as Share Prices Jump   [Jan-26-17 07:45AM  24/7 Wall St.]
▶ Short Interest in 3D Printing Stocks Fading   [Dec-12-16 07:35AM  24/7 Wall St.]
▶ Short Interest in 3D Printing Stocks Rises   [07:45AM  24/7 Wall St.]
▶ 2 Top 3D Printing Companies to Buy Today   [Nov-12-16 12:37PM  at Motley Fool]
▶ Are 3D Printing Stocks Attracting Short Sellers Again?   [Oct-12-16 09:15AM  24/7 Wall St.]
▶ Better Buy: Stratasys Ltd. vs. ExOne   [Oct-11-16 10:14AM  at Motley Fool]
▶ 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.]
▶ ExOne Co. names new CEO   [Aug-19-16 09:30AM  at bizjournals.com]
▶ Short Sellers Still Shying Away From 3D Printers   [08:25AM  at 24/7 Wall St.]
▶ Short Sellers Pull Bets on 3D Printing Stocks   [Jul-27-16 07:35AM  at 24/7 Wall St.]
Stock chart of XONE Financial statements of XONE
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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