What is a company like voxeljet worth that grows at 20% per annum w/ GM of almost 45%
In 2016 revenue was reported to be 22.3m euro. The additions of China and India and the success of the USA center may very well be a catalyst for revenue growth greater than 20%. But for purposes of analysis let's start there. Economies of scale makes a 45% Gross Margin achievable especially considering that a significant portion of the R&D expenses center around operational efficiency stemming from printer design enhancements, workflow improvements and most importantly optimizing the cost effectiveness of the materials being printed.
Pro Forma as of 12/31/20
Revenue: 46.2m euro
Gross Profit Margin at 45% - 20.8m euro
Total net expenses incl. other income and expense - 15.1m euro
Profit (no taxes liability due to loss carryover) 5.7m euro
EPS - convert using 1.13euro to 1usd; 18.6m shares = $.34
Stock Price at P/E of 25; P/S of 3.5 = $8.59
Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in VJET over the next 72 hours.