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Sorry if i was unclear

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roysh   Sunday, 02/09/14 10:10:10 AM
Re: Schris post# 1655
Post # of 3191 
Sorry if i was unclear
Yes arcam and groupe gorge are printer manufacturers while alphaform is more like a 3d prinyer farm...imo they are like a much smaller Protolab PRLB or closer in size Arc Worldwide ARCW. PRLB does not manifacture 3d printers..theyre basically a 3d farm..yet they are unquestionably part of the 3d group and are valued as such..around 2b. ARCW is closer in scale and also does not manufacture 3d printers..the stock quintupled this year before pulling back to a mere triple. ARCW currently valued at about140m....or 6x what Alphaform is currently trading for..said another way if alphaform were to trade at only half of arcw's cap the stock would triple from current prices.
O came across a reseatch report that may be helpful..i'll paste it

Meet Alphaform AG 

Alphaform AG (XETRA:ATF) is a German company engaged in the manufacture and sale of close-to-production prototypes, and finished parts primarily for the automotive and capital goods industries, by using additive manufacturing. The company was founded in 1995, and has been listed on the Frankfurt stock exchange since 2000. The company operates in two segments: Rapid Prototyping (development and manufacture of 3D printed products), and Bio-Medical activity (Precision Casting).

Rapid prototyping - 3D printing

Company's rapid prototyping segment amounts to more than 62% of its revenue source and holds its key growth potential. Most of the Rapid Prototyping sales are made to the automotive sector with big clients like BMW, Mercedes, Audi and Porsche. Yet the company now aims towards other sectors, including Titanium and Chrome-Cobalt medical implants and increase its R&D investments in the 3D printing materials and related 3D printing technologies.

Alphaform AG's main business does not include the development or manufacture of 3D printers. Instead, Alphaform AG supplies a service of additive manufacturing; the company operates a manufacturing center that includes several dozen 3D printers of diverse printing technologies (Laser Sintering, Stereolithography, and Polyjet). Recently, the company launched a new service called Artshapes. Artshapes sells high quality, additive manufactured design and art works through an own internet platform. Creating one-of-a-kind artworks really fulfills the 3D printing vision, and we believe that this service could generate substantial revenues from the retail 3D printing market.

Although the company itself does not produce or develop the 3D printers, it intends to be a pioneer in the laser sintering manufacturing technology focused on the medical industry, and, should this technology take off as the company predicts it would, it would make the company one of the prime beneficiaries of the 3D printing revolution. Alphaform has positioned itself as a pioneer in the area of laser sintering (same technology used by XONE and VJET), with the purpose of using Titanium powder in order to produce, layer by layer, high quality orthopedic implants, which would "require a very expensive high tech laser system and extremely professional product and production planning" says Dr Thomas Vetter (CEO), which is the main area of R&D in Alphaform today. Alphaform is developing new materials for 3D printing.

One of the prime factors that could contribute to the company's aims, is its raltion to the well know, privately held 3D printing producer EOS. This connection is based on the fact that Hans J. Langer, founder and largest share holder of EOS, is also the largest shareholder of Alphaform AG and is a member of its supervisory board. Also, a significant number of the company's 3D printers fleet, was produced by EOS.

In addition to the 3D printing service, the company also has CNC milling shaping activity which enhances the company's ability to create custom made products.

Bio-Medical (Rapid Casting)

In 2008, the company acquired MediMet Precision Casting and Implants Technology. MediMet is a German company which operates in the field of medical implants primarily in the orthopedic sector. This sector amounts to approximately 38% of the company's revenue. According to the company, MediMet's revenue is expected to grow by 3 – 10% per year over the next 5 years. MediMet is becoming a significant player in the European orthopedic implants market, producing almost 200,000 implants a year.

A Hidden Gem

In 2013 analysts and investors tried to look for companies that are related to the 3D printing company. Few companies managed to stay under the analysts radar. Among these companies, we can state Group'e Gorge (GGRGF), that was almost anonymous until late 2013. Alphaform AG is another company engaged directly in the growing 3D printing industry, and yet, is unknown for the common investor. We believe that the fact that both companies are European, played a major part in their relative anonymity (GGRGF was covered only after registering an ADR in the US markets).

Although the company's stock gained 59.4% in 2013, we believe that it is still trading very low; with a market cap of €16.17m, the company's price to sales ratio is only 0.63 and the price to book ratio is only 1.4. If we compare these numbers to other players in the 3D printing industry, we will see that the company is greatly undervalued.

Ticker

ATF.DE

VJET

GGRGF

XONE

CAMT

Name

Alphaform AG

Voxeljet

Groupe Gorge

ExOne

Camtek

Market Cap:

21.9

395.5

272.0

771.1

108.2

Revenue (ttm):

34.7

13.0

213.8

41.5

79.7

Price/Sales (ttm):

0.6

29.5

0.9

18.6

1.4

EBITDA (ttm):

443.6

1.6

14.2

1.8

1.1

Net Income (ttm):

(1.2)

(0.3)

4.3

(2.9)

(3.9)

EPS (ttm):

(0.2)

(2.7)

0.3

(0.3)

(0.1)

Price/Book

1.4

268.8

5.9

5.2

1.8

P/E (ttm):

N/A

N/A

84.12

N/A

N/A

Location

Germany

Germany

France

USA

Israel

As aforementioned, Alphaform's variety of 3D printing technologies, it's pioneering laser sintering manufacturing technology use, relation to EOS and the development of new 3D printing materials, could make Alphaform AG one of the prime beneficiaries of the 3D printing revolution.

From 2009 to 2012, the company experienced constant growth, and although during the first half of 2013 it suffered a decline in revenue, by the third quarter of 2013, the company got back to its former growth trend and is expecting that 2013 Q4 and 2014 will present good results and growing revenues. Even though Q4 is expected to result in profit, FY 2013 is expected to result in net loss due to the first half of the year. We believe that with the constant growing interest in 3D printing and the cutting edge technology used and developed by the company, 2014 should result in profit.

Conclusion

Although Alphaform AG does not manufacture 3D printers, company's activity is a safe way to benefit from the growing demand for 3D printed products and a constant growing backlog. The development of materials and related 3D printing technologies is vital to the completion of the 3D printing revolution, in which, we believe, Alphaform is set to play a major role. Alphaform AG allows investors to benefit from the rapid growth of the 3D printing industry, while buying undervalued stocks, which are trading in extremely low multiples. The Bio-Medical segment is growing and could generate substantial profit in the future. We see a substantial upside in Alphaform AG and believe that the bio-medical segment is a treat that could push the stock to even higher.

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