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Where Is Voxeljet Going To Be By 2020

|Includes: voxeljet AG (VJET)

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.