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 ...
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