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Thomas Renna  

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  • Will 3-D Printing Stock Stratasys Head To The Stratosphere Or Head South? [View article]
    i don't care either way on this ticker at the current stock price, but this article had plenty of errors (or omitted facts).
    readers should know the errors.

    I don't have that much time right this minute to go over all of them, but here are a couple:

    you say SSYS has positive operational cash flow.
    That is Outright False.
    3 consecutive quarters of negative operational cash flow. i can share those real numbers maybe later.

    Also the shares outstanding number you use is close, but when you are measuring future EPS and PE multiples, readers need to be aware of the 4 million shares outstanding that have been authorized to be added on January 1,2014:
    (Bringing total to 42.5 million shares outstanding.

    Upon the adoption of an amendment to the 2012 Plan at our extraordinary general meeting of shareholders in February 2013, the reserved pool under the plan consisted of 4,000,000 shares, which will be automatically increased annually on January 1 (beginning on January 1, 2014)

    Also Fidelity has reduced their position by 29% recently and now only hold 5.05% of shares outstanding.
    you can find that in the recent SEC filings as well.

    Q1 had an additional $300,000 tax credit,
    (you do note though that company has benefited from a lower tax year over year)

    I have to go now, maybe i'll spell out more errors later if i have time.
    Jun 10, 2013. 03:16 PM | 3 Likes Like |Link to Comment
  • Objet Founders Sue Stratasys Directors For Commercial Misconduct [View article]
    this isn't "NEW". this was disclosed in the SEC filings by the company 3 months ago.

    its a lawsuit, big deal. there are lawsuits everywhere everyday. big deal. why did these people wait till March 2013 to sue?

    Seeking alpha shouldn't allow anonymous authors from anonymous research firms to publish this crap.
    Jun 5, 2013. 09:49 PM | 3 Likes Like |Link to Comment
  • Stratasys: Heavy Sales Pressure Expected Due To End Of Lockup Period [View article]
    I'm not a big fan of responding to Anonymous Written Articles by Anonymous Research Firms but I am not so clear why you make certain claims.

    If Dave Reis or the insiders wanted to sell shares, they could have done a Cash deal (or partial cash deal last year when the two companies merged).
    SO to say they NEVER could get liquid is a little bit of a stretch.imo

    I don't understand why you "estimate that many of these shareholders will take opportunity of their ability to sell shares immediately"

    If these shareholders wanted liquidity I'm not sure they would have invested in a private company like Objet in the first place.
    If they wanted liquid investments they could have invested in any publically traded stock in the market over the years.
    Jun 3, 2013. 04:04 PM | 1 Like Like |Link to Comment
  • Stratasys: Heavy Sales Pressure Expected Due To End Of Lockup Period [View article]
    Mostly Everyone (brokers & institutions) in market is already aware of the lock up ending this week.
    This event may already be priced into stock and could be why stock isn't at $100 and is sitting here under $85.

    If these Objet shareholders have been holding the stock as long as you state in your article, I don't see why all of a sudden they would ALL NEED to exit so Quickly. especially if they believe in their product, which i think they do.

    IF this kind of volume is available for sale all at once , I would speculate that an Underwriter would just "place" the stock in an offering to institutions. (the same way DDD just did it for insider selling).

    The stock sells at a rich valuation based on fundamentals but that didn't stop NETFLIX from going from $50 to $200 recently.
    TSLA fundamentals aren't all that , and their shares have had a great run too.

    This lock up ending doesn't make a drop in price a LOCK on the downside.

    (I'm bearish on valuation), but there are plenty of bulls out there
    Jun 3, 2013. 09:06 AM | Likes Like |Link to Comment
  • Stratasys: Heavy Sales Pressure Expected Due To End Of Lockup Period [View article]
    According to Proxy Card filed with SEC recently, Fidelity (FMR) has a reduced position but FMR hasn't updated their position with a SC 13G.
    Jun 3, 2013. 08:30 AM | Likes Like |Link to Comment
  • Investing In An Undervalued Titan [View article]
    After close Company released new guidance for year.

    I don't think I am way off base Alan. Appreciation for TOM who?
    May 23, 2013. 09:54 PM | Likes Like |Link to Comment
  • Stratasys Impresses But Revenue Growth Needs Improvement [View article]
    quality of those earnings are poor. Selling Product on credit without any cash flow coming in is not a healthy business model.

    Warren Buffet says:

    Common yardsticks such as dividend yield, the ratio of price to earnings or to book value, and even growth rates have nothing to do with valuation except to the extent they provide clues to the amount and timing of cash flows into and from the business. Indeed, growth can destroy value if it requires cash inputs in the early years of a project or enterprise that exceed the discounted value of the cash that those assets will generate in later years.
    Market commentators and investment managers who glibly refer to growth and value styles as contrasting approaches to investment are displaying their ignorance, not their sophistication. Growth is simply a component--usually a plus, sometimes a minus-- in the value equation."

    in SSYS case, its a MINUS
    May 23, 2013. 12:08 PM | Likes Like |Link to Comment
  • Small-Cap 8x8 Paced For Further Growth [View article]
    Operational Cash Flow for the year improved to $31.8 million for FY2013 up from $9.2 million in FY2012

    $22 million improvement, 245% increase

    FY2013 $0.42 operational cash flow per share vs. $0.12 FY2012
    May 23, 2013. 10:58 AM | Likes Like |Link to Comment
  • Stratasys Impresses But Revenue Growth Needs Improvement [View article]
    April 2012 : 21 million shares outstanding at $35 a share.Market cap was $775 million
    March 23,2013 38.5 million shares outstanding at $72 a share. Market cap was $2.7 billion
    Today 41.1 million shares outstanding @ $84 a share. market cap is $3.4 billion
    Company will add 4 million shares outstanding on January 1st 2014 for authorized issuance of stock to management bringing total to 45.1 million shares.

    Carrying $822 million of GOODWILL is another great line item. and the HALF BILLION DOLLAR increase in INTANGIBLE assets
    May 23, 2013. 08:25 AM | Likes Like |Link to Comment
  • Stratasys Impresses But Revenue Growth Needs Improvement [View article]
    On April 13, 2012, the day prior to announcing the merger, shares of SSYS were under $35.00, with 21 million shares outstanding (for a $735 million market capitalization.)

    So this is more than a stock going from $35 to $82 per share, this is about a company market capitalization going from $735 million to $3.2 billion in 1 year…when all they did was merge with another company to have the combined entity report $1.4 million Operating cash flow for 2012!
    May 23, 2013. 08:24 AM | Likes Like |Link to Comment
  • Stratasys Impresses But Revenue Growth Needs Improvement [View article]
    Operational Cash Flow for the 1st Quarter 2013 stayed negative for the third consecutive quarter.
    Q1 2012 + $6,878,000
    Q1 2013 negative $12,252,000 (-278%)

    Q4 2011 +$9,551,000
    Q4 2012 negative $815,000 (-109%)

    Q3 2011 +$5,935,000
    Q3 2012 negative $9,629,000 (-262%)

    Trailing Twelve months ending March 31,2012 :
    + $25,782,000
    Trailing Twelve months ending March 31,2013
    negative $17,637,000 (-168%)
    May 23, 2013. 08:24 AM | Likes Like |Link to Comment
  • Stratasys' CEO Discusses Q1 2013 Results - Earnings Call Transcript [View article]
    60 minute conference call and no mention of operating cash flow , free cash flow. no mention by management and not one of these Analyst asked about the cash flow statement.

    its now 11:15 an still no disclosure by company regarding cash flow.

    From 2011 to 2012 , operating cash flow declined from $22 million to $1.4 million (94% decline year over year)

    added 3 million additional shares outstanding since March 23rd SEC disclosure. will add 4 million more sahres on jan 1,2014.

    market cap is up $775 million since March 23rd SEC disclosure. Mkt Cap up $2.4 billion to $3.4 billion in 12months
    May 13, 2013. 11:17 AM | Likes Like |Link to Comment
  • Wall Street Breakfast: Must-Know News [View article]
    interest rates on the debt is significantly less than pre-crisis levels.
    interest expense in turn is less.
    better leverage since cost of borrow is reduced.
    May 10, 2013. 08:38 AM | 1 Like Like |Link to Comment
  • 3-D Printing Stratasys' Q1 Earnings Preview [View article]
    growth rate looks outstanding, but a closer examination shows that the growth through the acquisition of OBJET cost $1 billion.

    Stratasys (Piper) valued SSYS at $1.2 billion on December 3,2012 and valued Objet at $1 billion.

    So here we are 6 months later and the market cap is at $3.4 billion.
    A premium is already baked into the stock at these levels.
    (also note, OBJET shareholders will now be allowed to trade their shares)

    Another interesting note on Monday's Release will be the statement of cash flow. Your morningstar link shows the Price to cash flow multiple at nearly a 2000 TIMES Multiple.
    I'm not sure if there's been a company at such a high price to operational cash flow level since maybe ETOYS or NBCI back in the day.

    SSYS operational cash flow from 2011 to 2012 declined from $22 million to $1.4 million. (93% decline).

    The company has been around 18 years and has really own grown through acquisitions.

    An obvious skeptic here. I was a bull from $26 in 2011 but the earning's quality of SSYS has declined steadily since Q3 2012.

    here is some other notes I have dug up:
    May 9, 2013. 02:02 PM | 1 Like Like |Link to Comment
  • 3D Systems: How Will The Stock Offering Impact Shareholders? [View article]
    Wolf. i want to know the same
    May 9, 2013. 09:33 AM | Likes Like |Link to Comment