Nano Dimension - electronic devices and PCBs - Edison Group

Overview
Price performance
Financials
Research
Thematics

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.

Latest Insights

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TMT |
Update

22.08.24

Nano Dimension — Creating a leader in additive manufacturing

TMT |
Flash note

05.07.24

Nano Dimension — Agreement to acquire Desktop Metal

TMT |
Update

07.06.24

Nano Dimension — Material reduction in cash burn

TMT |
Update

25.03.24

Nano Dimension — Growth in a tough market

Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

Key Management

Yoav Stern

CEO
Yael Sandler

CFO
Yoav Nissan-Cohen

Chairman
Zivi Nedivi

President

Balance Sheet

Forecast net debt (US$m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(5.5)	(21.2)	(24.4)
Relative	(8.4)	(22.0)	(37.6)
52 week high/low	US$3.0/US$2.0

Financials

Nano Dimension reported record revenue of $15.0m in Q224, slightly higher year-on-year and 12% higher quarter-on-quarter. The Reshaping Nano initiative continued to reduce cash burn, which was down 64% y-o-y in Q224 and 69% in H124, before share buybacks. Management is focused on completing the Desktop Metal acquisition by the end of the year. The combined entity will have a broad product offering, supporting the entire value chain from prototyping through to volume manufacturing, along with considerable cash to support organic and inorganic growth. With significant revenue and cost synergies identified, the new group should be able to accelerate the path to profitability.

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

Research

Nano Dimension cd7292bc2d47964bdd0ba88e191fa76bee0e2c4ea99e0c135133a94d23c8f231

Flash note

TMT

19.07.23

Nano Dimension — Tender offer for Stratasys extended again

Flash note

TMT

17.07.23

Nano Dimension — Tender offer for Stratasys revised up again

TMT

Flash note

Nano Dimension — Tender offer for Stratasys withdrawn

Update

TMT

03.07.23

Nano Dimension — Record quarter for revenue

Flash note

TMT

28.06.23

Nano Dimension — Revised tender offer for Stratasys

Flash note

TMT

30.05.23

Nano Dimension — Tender offer for Stratasys launched

Update

TMT

27.04.23

Nano Dimension — Record revenues in FY22

Nano Dimension cd7292bc2d47964bdd0ba88e191fa76bee0e2c4ea99e0c135133a94d23c8f231

Flash note

TMT

15.03.23

Nano Dimension — Creating additive manufacturing industry leader

Initiation

TMT

09.03.23

Nano Dimension — Leading manufacturing into the future

edison tv

TMT

08.02.23

Nano Dimension – executive interview

thematic

TMT

21.11.23

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

07.11.23

MediaWatch – Still waiting…

thematic

TMT

28.07.23

MediaWatch – Targeting the opportunities

thematic

TMT

25.04.23

MediaWatch – Vision On

Digital Marketing and Internet Media Technology Platform

thematic

TMT

31.01.23

MediaWatch – Screening well

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

TMT

11.05.22

Direct tech investors

thematic

Consumer

24.03.22

Circular economy business models

thematic

TMT

29.09.21

Quantum dots – all the colours of the rainbow

thematic

TMT

09.09.21

Micro-LEDs – small is beautiful

thematic

TMT

16.08.20

Semiconductor winners – European companies with strong positions

thematic

TMT

24.06.20

The small satellite market – Small is beautiful

thematic

TMT

08.04.20

European video games: A safe haven in troubled times

thematic

TMT

27.02.20

Blockchain adoption: Implications for the financial services sector

thematic

Consumer

14.08.19

Illuminator: August Update

thematic

TMT

05.08.19

European video games

thematic

TMT

10.07.19

Diversification and scale for online success

thematic

TMT

08.05.19

5G – Strategic importance, but lacking a near-term commercial driver

thematic

TMT

26.02.19

UK video games – Heterogeneous not homogeneous

thematic

TMT

24.02.17

Mobile ecosystems

thematic

TMT

08.02.17

Mobile ecosystems

thematic

TMT

13.10.15

Mobile ecosystems

thematic

TMT

23.03.15

NZ – Edison talks tech

thematic

TMT

23.03.15

AUS – Edison talks tech

thematic

TMT

18.03.15

Mobile ecosystems

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

TMT

15.10.14

Mobile ecosystems

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

TMT

24.09.10

The third pillar

thematic

TMT

10.09.10

The real disruptor

thematic

TMT

27.08.10

Merger mania is back