I respect your opinion on Alphaform.
Differences in opinion on how a company should be valued are why we have a stock market.
Alphaform may not be for everyone and that's fine of course. I personally think it's grossly undervalued at a market cap of $23 million (3X smaller than Sigma Labs for example) and revenue generation of $35 million.
As much as I like Sigma Labs and their software for real time part qualification, I don't see them generating anywhere near $35 million in revenue this year, even after full commercialization. And while voxeljet is an OEM in addition to providing 3D printing services (like all the OEMs do), so the comparison may not be apples to apples, I don't see voxeljet generating anywhere near 35 million in revenue for 2014 and it has a market cap of well over 300 million with a price-sales ratio of 24. Alphaform price-sales ratio is in "deep value" range of of 0.7.
Agree on the Close Brothers analysis probably being overly-optomistic. But do I think Alphaform has a very good chance of being EPS positive in 2014? Yes, absolutely. And a lot of that has to do with the German economy leading the Eurozone of of their recession (which ended in August there). The recession and Alphaform's exposure to it as a pure German/European company was a negative force on earnings last year. The recovery, and Germany's lead in Eurozone growth going into this year will have the opposite effect. That's another reason why I like the stock here and want to position myself "ahead of the market", not with it, or behind it.
Good heavens, Alphaform is trading just above book value here- it'
s just a valuation that won't last in my opinion.
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