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.
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Yoav Stern
CEO
Yael Sandler
CFO
Yoav Nissan-Cohen
Chairman
Zivi Nedivi
President
Forecast net debt (US$m)
N/A
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (8.9) | 4.2 | 2.9 |
Relative | (5.8) | 1.1 | (17.0) |
52 week high/low | US$3.3/US$2.1 |
In FY23, Nano Dimension grew revenue 29% and expanded adjusted gross margin by 2pp to 48%. The company is now focused on reducing cash burn and moving to profitability via its Reshaping Nano initiative, with the target for cash burn to reduce to $12-20m in FY24. At the same time, the company is looking to leverage its strong balance sheet (net cash $842m at end FY23) by acquiring in the additive manufacturing space to consolidate its position. Nano Dimension continues to buy back shares while they trade at a discount to book value.
Y/E Dec | Revenue (US$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 |