Lowering FVEs for 3D Printer Companies After Reviewing Market Assumptions
After reviewing our outlook for 3D Systems and Stratasys, we are maintaining our no-moat ratings, lower our fair value estimates, and downgrading Stratasys’ stewardship rating to poor. Our fair value estimates drop to $11 per share from $14 for 3D Systems and to $20 per share from $24 for Stratasys. Today’s 3D printing market is characterized by intense competition, low barriers to entry, and rapid development cycles. Since 2014, both manufacturers have struggled to register economic profits as ...3D Systems is a holding company. Through its subsidiaries, the company provides 3D printing solutions, including 3D printers for plastics and metals, materials, software, on demand manufacturing services and digital design tools. The company's solutions support applications in a range of industries and verticals, including healthcare, aerospace, automotive and durable goods. The company's healthcare capabilities include simulation, Virtual Surgical Planning (VSP?), and printing of medical and dental devices, models, and surgical guides and instruments. The company provides 3D printing technologies including Stereolithography, Selective Laser Sintering, Direct Metal Printing, MultiJet Printing and ColorJet Printing.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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