My thoughts about the AM sector:
How difficult is it to produce a 3D printer for companies like GE / Siemens / DMG Mori Seiki etc. after they have seen it and taking it apart?
Probably a few months, and probably they are able to produce it with better accurancy.
What is withholding them to do so?
Rights to to, patent rights?
What are the costs of these rights, and what is their value over years?
Is it worth investing in design and production of machines we think are useful for our business, and pay for the patents we are using.
Or, is it wiser to work in close colaboration with the leaders in that selective market we are focussing on, because they are a long way ahead of us in technology?
Or,
it's just better to buy the whole company because their knowledge is years ahead of our knowledge.
For plastic printing I see a very diversified market.
Producers for desktop printers grow like corn on a cornfield, and could all be a winner in their selective market. Not interesting for private investors like me.
In the professional plastic printing business Stratasys is probably a year ahead of the market (multiple colors / stifness), but has a lot of competitian.
So not interesting for a private investor.
I believe value in AM for investors is hidden in patents that will last for several years, advanced software optimalisation for printers (that will last several years), and accecpted potential advancement in a specific market of AM by a company we all see taking a bigger share of this market.
