DDD . NYSE - 3 D Systems Corporation

3D Systems Corporation, through its subsidiaries, operates as a provider of 3D printing centric design-to-manufacturing solutions in the United States, Germany, the Asia-Pacific, and other European countries. Its 3D printers convert data input from computer aided design generated software format or 3D scanning and sculpting devices to printed parts. The company offers stereolithography, selective laser sintering, direct metal sintering, multi-jet modeling, color jet printing, and film transfer imaging printers, as well as plastic jet printing products. It also blends, markets, sells, and distributes proprietary, consumable, engineered plastic, nylon, and metal materials and composites for the use in printers under Accura, DuraForm, CastForm, LaserForm, and VisiJet brand names. In addition, the company provides Geomagic software packages and design tools for reverse engineering, inspection, and haptic design packages; Cubify Invent and Cubify Design CAD software solutions; and 3D scanner products. Further, it offers pre-sale and post-sale services comprising applications development and custom engineered production solutions; and installation, warranty, and maintenance services, as well as proprietary software printer drivers. The company primarily serves manufacturers of automotive, aerospace, computer, electronic, defense, education, consumer, energy, and healthcare products, as well as original equipment manufacturers, government agencies, universities, independent service bureaus, and individual consumers. The company sells its products and services through its direct sales organization, sales agents, resellers, and distributors. 3D Systems Corporation was founded in 1986 and is headquartered in Rock Hill, South Carolina.


Análise Técnica:



A empresa encontra-se a lateralizar a algum tempo, estando abaixo das médias móveis e tendo tido um GAP recente.

Análise fundamental:

PER forward - 59,28
PER industria - ver aqui - não tem .





Recomendação:
Neutral
Apresenta resultados a 10 de Novembro.

Can 3D Systems (DDD) Surprise This Earnings Season?
Zacks
By Zacks Equity Research November 7, 2014 1:45 PM


Leading provider of 3D print solutions, 3D Systems (DDD), is expected to report its third-quarter 2014 numbers on Nov 10, before the market opens. Last quarter, it posted a 26.7% negative surprise. Let’s see how things are shaping up for this announcement.

Factors to Consider This Quarter

The company offers content-to-print solutions which include 3D printers, print materials as well as on-demand custom parts services. The company’s increasing revenues and higher demand for designed and manufactured printers, has prompted management to raise its fiscal 2014 outlook.

Further, the company executed several strategic acquisitions to broaden its presence in the high potential 3D printing market. This apart, 3D Systems also extended its global reseller channel, adding several key distributors.

However, severe competition from peers, rapidly evolving nature of the industry and increasing research & development (R&D) costs remains a concern.

Earnings Whispers?

Our proven model does not conclusively show that 3D Systems will beat earnings this quarter. This is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1, 2 or at least 3 for this to happen. That is not the case here as you will see below.

Zero Zacks ESP: The Earnings ESP, which represents the difference between the Most Accurate estimate and the Zacks Consensus Estimate, is currently pegged at 0.00%, as both these estimates stand at 15 cents.

Zacks Rank: 3D System’s Zacks Rank #4 (Sell) when combined with a 0.00% Earnings ESP makes surprise prediction difficult.

We caution against stocks with Zacks Ranks #4 and 5 (Sell-rated stocks) going into the earnings announcement, especially when the company is seeing negative estimate revisions momentum.

Update: 3D Systems - Earnings Highlight Integration Headwinds
Nov. 11, 2014 5:37 AM ET  |  About: 3D Systems Corp. (DDD)

Summary

   3D Systems registered revenue growth of 23% but earnings witnessed negative growth of 30%. Non-GAAP EPS surpassed analysts’ estimates, thanks to downward revisions in earnings.
   3D Systems is a hold until the company resolves integration issues, and also the healthcare and metal segments deliver consistently.
   It was mentioned previously that healthcare will drive the company’s revenue going forward. However, I was wrong about the integration and synergistic benefits. The company is yet to show such benefits.

3D Systems (NYSE:DDD), a 3-D printing pure play, posted revenue of $166.9 million, registering 23% year-over-year growth. In contrast, the company posted non-GAAP earnings of $0.18 resulting in a year-over-year decline of 30%. However, analysts were expecting the same result in the light of guidance warning issued by 3D Systems in the recent past. The company managed to beat earnings estimates by $0.01 while missing revenue estimates by $0.81 million. Note that the estimates were subject to frequent downward revisions in the previous month. Earnings estimates fell from $0.20 to $0.17 since the company released its guidance warning. For the full fiscal year, 3D Systems is guiding for revenue in the range of $650 million-$690 million and non-GAAP earnings of $0.70 to $0.80. The guidance is in line with the Wall Street revenue and earnings estimate of $672.8 million and $0.73 respectively.

As expected, the revenue growth was fueled (pdf) by healthcare and direct metal segments; healthcare revenue grew 121% year-over-year and 36% sequentially. Despite healthy growth in these segments, overall growth of 23% is disappointing. 3D Systems' continued manufacturing constraints for direct metal printers and the delayed availability of its newest consumer products hindered the revenue growth. Though, it should be noted that explosive growth of healthcare and metal printing will eventually impact the overall growth of the company. There is another problem highlighted by the earnings report; revenue growth is not translating into earnings, thanks to increasing operating expenses. OPEX increased by 67% on a year-over-year basis. The increase in expenses is most likely because of the integration problems as 3D Systems has been very active in the acquisitions department lately. In the wake of the problems, 3D Systems recently appointed Mark Wright as the COO, who can be of real help when it comes to the integration of the business. For detailed management commentary on earnings see the earnings call transcript.

To sum it up, given the forward PE of 34, 3D Systems' top line is not growing as it should. Healthcare and metal printing have to deliver consistently in order to drive the growth upwards. But, more importantly, healthcare and metal acquisitions should be integrated in a proper and timely fashion. Healthcare and metal printing are set to grow but whether 3D Systems manages to integrate these segments is the primary question. Investors should closely watch for OPEX going forward. The company has the products and the intelligent acquisitions, but the problems mentioned above need to be resolved in order for 3D Systems' profitable growth. I remain bullish of 3-D printing but as far as 3D Systems is concerned, prospective investors should remain on the sidelines. 3D Systems is a HOLD until healthcare and metal segment consistently deliver for the next few quarters and the company shows some progress on the integration front.


Update de Análise Técnica:



A empresa continua a lateralizar. Face aos resultados apresentados não se espera um catalizador de mercado que leve a cotação para cima.

ARTIGO DE SEEKING ALPHA QUE FAZ UM UPDATE À DDD : VER http://seekingalpha.com/article/2693475-3d-systems-goodbye-26

ATENÇÃO QUE ESTA AVALIAÇÃO É DE UMA CASA DE INVESTIMENTO, E EXISTEM OUTRAS QUE TEM OUTRAS CONSIDERAÇÕES.

3D Systems: Goodbye $26...
Nov. 18, 2014 7:05 PM ET
Summary

Back in February, we valued 3D Systems at $26 in a bear-case valuation.
Since then, expectations for the 3-D printing leader have come down.
It’s now time to update our valuation model.

Back in February, when 3D Systems (NYSE:DDD) was trading above $70, we valued the stock at $26 in a worst-case scenario. This bear case soon became our base case as concerns mounted over 3D System's growth and margin outlook.

Since then, expectations for the 3-D printing leader have come down as organic growth has slowed significantly (to 11% on average in the last two quarters from 28% in Q1) and as margins have been hit by rising competition and R&D spending. Moreover, the June equity offering changed the company's capital structure and share count.

It's time to review our valuation.

As explained in our February article, valuing companies in a booming industry is always a difficult task. But in our view, a DCF (discounted cash flow) valuation is well suited to this kind of mission as it enables to capture the long-term potential (revenues and margins) of any company. Therefore, we have decided to perform once again a DCF valuation. Please note that, this time around, we do not perform a bull-case valuation as 3D Systems' operating outlook is highly uncertain.

In our updated DCF valuation, we use a discount rate of 10.1% (with a 1.3 beta) and make the following assumptions:

ALGUNS DADOS A TER EM CONTA NO MODELO APLICADO:
DISCOUNT RATE DE 10,1%
BETA DE 1,3
CRESCIMENTO DE VENDAS DE 20% QUE GRADUALMENTE SE REDUZ COM A COMPETITIVIDADE, DECLINIO DE PREÇOS E AMADURECIMENTO DO SECTOR TECNOLÓGICO
MARGEM OPERACIONAL A RECUPERAR PARA ACIMA DE 20% FACE Á COMPETITIVIDADE
STOCK BASED COMPENSATION E DILUIÇÃO FUTURA DA ACÇÃO
GROWTH RATE TO PERPETUITY DE 3%

- Organic revenue growth (close to 20% in FY14) gradually moderates as competition increases, prices decline and the technology matures.

- By 2024, 3D Systems generates $2.5bn revenues (vs. $670m expected in 2014) and still delivers a comfortable 10% revenue growth (that compares to 12% in Q3 2014). We expected more than $4.5bn revenues in our previous valuation.

- Non-GAAP operating margin is unlikely to recover to past levels (above 20%) due to rising competition. Notably, Hewlett-Packard (NYSE:HPQ) could become a major player as soon as 2016. That said, 3D Systems' non-GAAP operating margin remains healthy around 18%, in line with the profitability of HP's printing division and with the assumptions made in our previous valuation.

- Stock-based compensation gradually declines as the business matures. While a non-cash item, stock-based compensation has been included in our DCF as it reflects future share dilution.

- Growth rate in perpetuity is 3%.




Source: AtonRâ

O MODELO NÃO LEVA EM CONTA AS AQUISIÇÕES E FUSÕES E REALCE-SE QUE A EMPRESA ESTEVE BASTANTE ACTIVA NO Q3 GASTANDO UMA PARTE DO SEU FLUXO DE CAIXA NESSAS OPERAÇÕES (200M - 300M)

We get to a $17 valuation, or ~50% downside. That said, we acknowledge that our model does not take into account future acquisitions while 3D Systems is expected to remain very active on the M&A front (close to $200m M&A spending in Q3 alone!) thanks to a still significant net cash position (above $300m by the end of 2014). So, we have decided to factor in the potential impact of future acquisitions in our valuation.

Figuring out the value creation potential of M&A deals is a pretty difficult task. Hence, we simply tried to figure out the likely EPS accretion in relation with these potential transactions. Assuming 3D Systems spends its whole net cash position on M&A and acquires businesses with similar margins at a 15x P/E, the impact on EPS would be around 20%.

That leads to a ~$20 valuation for the stock. In conclusion, the downside remains significant (~40%) despite the -60% year-to-date performance.

Finally A Positive! 3D Systems Makes A Bold Move In Design Software
Nov. 24, 2014 10:41 AM ET | 1 comment | About: 3D Systems Corp. (DDD), Includes: CIMT

Disclosure: The author is long AAPL. (More...)
Summary

3D Systems acquires design software vendor Cimatron.
The transaction makes strategic sense and is financially attractive.
But it’s clearly too early to call the Cimatron acquisition a success as Autodesk is a major threat.

3D Systems (NYSE:DDD) has announced the acquisition for $97m of Cimatron (NASDAQ:CIMT), a CAD/CAM software company with a specific focus on the manufacturing industry. From a strategic standpoint, this transaction makes sense as we have said multiple times since the beginning of the year that design software was likely to become key in printer makers' offerings and drive 3-D printing adoption thanks to easy-to-use functionalities, notably in the consumer segment.

And from a financial standpoint, the price paid for Cimatron (~17.5x 2014 EPS) is not shocking as it is in line with the M&A assumptions we made in our 3D Systems valuation model last week (15x EPS) and will enable immediate (albeit very limited) EPS accretion.

That said, 3D Systems will find it hard to impose its own design software standard as Cimatron is a niche player in an industry dominated by Autodesk (NASDAQ:ADSK) and Dassault Systems (OTCPK:DASTY). Notably, Autodesk launched earlier this year an open-source software platform called Spark as it seeks to become the 3-D printing standard by offering free software to printer makers (see our May article). Autodesk's long track record in the design software business is likely to make Spark more reliable and more user-friendly than proprietary solutions and the open-source nature of Spark will save printer makers R&D costs. Hence, we continue to bet on the success of the Autodesk platform.

If Spark enjoys wide adoption, it could transform printer makers into plastic box makers with much lower profitability numbers, like Microsoft (NASDAQ:MSFT) did with PC makers 30 years ago.

In all, 3D Systems has made a smart and necessary move but it's clearly too early to call the Cimatron acquisition a success. Will users accept 3-D printing hardware coming with proprietary software [like they do with Apple (NASDAQ:AAPL) devices for instance]? The question is open…

Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.

A DDD continua numa tendência de descida, com um eventual GAP nos 42 dolares por preencher.
A avaliação continua NEUTRAL.

NOTICIA:

Canaccord expects a 2015 rebound for 3D printing stocks
Dec 12 2014, 18:55 ET | About: 3D Systems Corp. (DDD) | By: Eric Jhonsa, SA News Editor [Contact this editor with comments or a news tip]

With multiples having significantly contracted and industry growth rates remaining strong, Canaccord's Bobby Burleson thinks 2015 will be a much better year for 3D printing stocks than 2014.

Buy ratings are reiterated for 3D Systems (NYSE:DDD), Stratasys (NASDAQ:SSYS), Materialise (NASDAQ:MTLS), and Proto Labs (NYSE:PRLB).

Burleson considers beaten-down 3D Systems "set up for a nice bounce into CES," given low expectations and "a sharp potential snap back for gross and operating margins in Q4." He also likes the company's "broad technology portfolio and positioning as turn-key provider of the entire 3D printing digital thread," albeit while admitting better execution will be needed for major multiple expansion to happen.

Stratasys is deemed "a core long-term holding for investors wanting exposure to 3D printing." However, worries about heavy spending are seen as a near-term headwind.

Materialise's recent selloff is viewed as "an opportunity to buy the leading software franchise in 3D printing (roughly 70% of EBITDA from software), and a strong industrial parts businesses that is bucking the slowdown in Europe." Burleson adds Materialise's medical products could drive upside.

Proto Labs is declared to be "unique as a player in the rapid prototyping industry without any reliance on [lumpy] machine sales." New revenue drivers such as liquid silicone rubber (LSR) molding and Fineline additive manufacturing are expected to yield multiple expansion.

Ao ler a noticia anterior deparamo-nos com uma empresa de potencial interessante do ponto de vista fundamental. ProtoLabs Inc.

Iremos no futuro fazer uma análise mais detalhada à empresa, pois os seus números no finviz (VER AQUI ) são bastantes positivos.

TRADE 1 - Video sobre DDD, e como pode ser uma potencial empresa no futuro.

DDD - cnbc

A DDD têm uma forte resistência na mm50 dias. Por enquanto parece que não tem força relativa para a quebrar, embora consideremos que se enquandra num sector de forte crescimento futuro.




SA


3D printer makers sell off after Blair warns about competition
Jan 14 2015, 11:49 ET | By: Eric Jhonsa, SA News Editor [Contact this editor with comments or a news tip]

William Blair argues competition in the professional 3D printer market is intensifying, and that the consumables revenue of incumbents (20%-30% of total revenue, but 70%-80% of gross profit) is at risk. (source: Notable Calls)
As evidence, Blair notes a new 3D printer from German injection molding system maker Arburg relies on thermoplastic pellets that cost ~1/100th as much as Stratasys' (SSYS -2.7%) thermoplastics. "Arburg is precisely the type of machine that we believe could significantly alter the competitive landscape."
In addition to Stratasys, 3D Systems (DDD -4.5%) and industrial-focused ExOne (XONE -1.9%) are underperforming. The Nasdaq is down 0.6%.
The group also sold off on Monday.

Eventualmente na DDD pode-se estar a verificar os seguintes pontos técnicos:

A formação de um duplo fundo;

Divergencia no RSI;

Possivel suporte de curto prazo;

Preenchimento de GAP nos 42 dolares aproximadamente.

3D Systems Corp. (NYSE: DDD) is one of the two biggest 3D printing companies, and it has been an incredibly volatile stock. Now may be a good time for investors to revisit. Its 3D printers convert data input from computer-aided design software or 3D scanning and sculpting devices to printed parts. 3D printing was a super-hot segment last year, and the top stocks were absolutely eviscerated in the early spring sell-off and again in October. Hot and fast money loves to be long and short this top stock, so entry points are critical. The Oppenheimer analysts who cover the stock feel that the company’s product line is strong enough, but notes that uneven earnings results can contribute to extreme volatility. They see accelerating 2015 growth as a spark that can lift the stock.

3D shareholders are paid a small 0.6% dividend. Oppenheimer has a $57 price objective, and the consensus target is $45.10. 3D systems closed Thursday at $28.33.

http://seekingalpha.com/news/2277376-3d-printing-stocks-post-big-gains

3D Systems misses by $0.04, misses on revenue
Feb 26 2015, 08:02 ET | About: 3D Systems Corp. (DDD) | By: Jignesh Mehta, SA News Editor [Contact this editor with comments or a news tip]

3D Systems (NYSE:DDD): Q4 EPS of $0.21 misses by $0.04.
Revenue of $187.4M (+21.0% Y/Y) misses by $14.92M.
Shares -4% PM.