Nano Dimension - electronic devices and PCBs - Edison Group

Overview
Price performance
Financials
Research
Thematics

Nano Dimension offers equipment for the additive manufacture of high-performance electronic devices, complex 3D ceramic and metal objects. It also offers miniature parts requiring a resolution of one micron and complementary equipment for automated assembly of electronic devices and PCBs.

The industry is ripe for consolidation as many peers have limited cash runways. There was a high level of bid activity in 2023 that did not culminate in any completed deals, but we expect further M&A activity this year as industry participants shift their focus from growth to profitability.

Latest Insights

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TMT |
Update

30.09.24

Nano Dimension — Scaling up

TMT |
Update

22.08.24

Nano Dimension — Creating a leader in additive manufacturing

TMT |
Flash note

05.07.24

Nano Dimension — Agreement to acquire Desktop Metal

TMT |
Update

07.06.24

Nano Dimension — Material reduction in cash burn

Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

Key Management

Yoav Stern

CEO
Yael Sandler

CFO
Yoav Nissan-Cohen

Chairman
Zivi Nedivi

President

Balance Sheet

Forecast net debt (US$m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(7.4)	(2.7)	(13.8)
Relative	(8.2)	(8.0)	(33.7)
52 week high/low	US$3.0/US$2.0

Financials

Nano Dimension has agreed to acquire Markforged, a specialist in additive manufacturing (AM) for metal and advanced composites, for cash of $115m. The deal requires regulatory and Markforged shareholder approval, which, if granted, should allow the deal to close by the end of Q125. The combination of Nano Dimension, Desktop Metal (acquisition process underway) and Markforged had pro forma revenue of $340m in FY23. This deal further broadens the product portfolio with the addition of a new printing technology, strengthens Nano Dimension’s position in metal AM and provides greater scale, which should support the path to profitability for the combined group

Y/E Dec	Revenue (US$m)	EBITDA (US$m)	PBT (US$m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2022A	43.6	(91.3)	(96.4)	(37.05)	N/A	N/A
2023A	56.3	(99.9)	(59.0)	(23.35)	N/A	N/A
2024E	N/A	N/A	N/A	N/A	N/A	N/A
2025E	N/A	N/A	N/A	N/A	N/A	N/A

Research

Flash note

TMT

01.08.23

Nano Dimension — Tender offer for Stratasys withdrawn

Nano Dimension cd7292bc2d47964bdd0ba88e191fa76bee0e2c4ea99e0c135133a94d23c8f231

Flash note

TMT

19.07.23

Nano Dimension — Tender offer for Stratasys extended again

TMT

Update

Nano Dimension — Strengthening the product portfolio

Flash note

TMT

17.07.23

Nano Dimension — Tender offer for Stratasys revised up again

Update

TMT

03.07.23

Nano Dimension — Record quarter for revenue

Flash note

TMT

28.06.23

Nano Dimension — Revised tender offer for Stratasys

Flash note

TMT

30.05.23

Nano Dimension — Tender offer for Stratasys launched

Update

TMT

27.04.23

Nano Dimension — Record revenues in FY22

Nano Dimension cd7292bc2d47964bdd0ba88e191fa76bee0e2c4ea99e0c135133a94d23c8f231

Flash note

TMT

15.03.23

Nano Dimension — Creating additive manufacturing industry leader

Initiation

TMT

09.03.23

Nano Dimension — Leading manufacturing into the future

edison tv

TMT

08.02.23

Nano Dimension – executive interview

thematic

Consumer

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

07.11.23

MediaWatch – Still waiting…

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

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IPO apocalypse

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24.03.22

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thematic

Consumer

14.08.19

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05.08.19

European video games

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10.07.19

Diversification and scale for online success

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Mobile ecosystems

thematic

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Mobile ecosystems

thematic

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13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

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10.09.10

The real disruptor

thematic

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27.08.10

Merger mania is back