Last close As at 05/08/2026
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▲ −0.02 (−1.27%)
Market capitalisation
USD332m
Research: TMT
Nano Dimension has made a non-binding proposal to acquire the 86% of Stratasys that it does not own for $16.50 per share in cash. The deal would be financed mainly from existing cash, with discussions for additional financing currently underway. Stratasys is reviewing the proposal as part of its ongoing strategic review.
Nano Dimension |
New offer for Stratasys |
Company acquisition |
Tech hardware and equipment |
9 January 2024 |
Share price performance
Business description
Analyst
Nano Dimension is a research client of Edison Investment Research Limited |
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Nano Dimension has made a non-binding proposal to acquire the 86% of Stratasys that it does not own for $16.50 per share in cash. The deal would be financed mainly from existing cash, with discussions for additional financing currently underway. Stratasys is reviewing the proposal as part of its ongoing strategic review.
Year |
Revenue |
EBITDA |
PBT* |
PAT* |
DPS |
P/E |
12/19 |
7.1 |
(11.7) |
(7.9) |
(7.9) |
0.00 |
N/A |
12/20 |
3.4 |
(12.6) |
(15.0) |
(15.0) |
0.00 |
N/A |
12/21 |
10.5 |
(38.4) |
(44.5) |
(44.5) |
0.00 |
N/A |
12/22 |
43.6 |
(88.8) |
(96.4) |
(96.4) |
0.00 |
N/A |
Source: Company data. Note: *PBT and PAT are normalised, excluding amortisation of acquired intangibles, exceptionals and share-based payments.
On 23 December, Nano Dimension submitted a letter to the Stratasys board of directors regarding a non-binding proposal to acquire all the outstanding shares of Stratasys that it does not already own for $16.50 per share in cash. There is potential to increase the price subject to due diligence. The price represents a 40% premium to the volume-weighted average price since 28 September (when Stratasys announced it had launched a strategic review of the business) and a 26% premium to the $13.11 share price on 22 December. Nano Dimension currently has a c 14.1% stake in Stratasys (9,695,115 shares) worth $135m at the 8 January closing price of $13.89. At $16.50 per share, to acquire the remaining 86% would cost $981m; Nano Dimension had cash of $873m at the end of Q323 and has entered discussions with financing sources to support the transaction.
Stratasys has acknowledged receipt of the proposal and stated that it will carefully review and consider the proposal as part of the process of exploring strategic alternatives for the company.
Nano Dimension originally launched a tender offer for Stratasys on 25 May 2023 at $18 per share with the aim of taking its stake to 46–51%. Over the course of June and July, it progressively raised the price to $25 per share before withdrawing the offer on 28 July as the conditions of the offer could not be met.
On 3 January, the company announced FY23 revenue of $56.2m (+29% y-o-y and within its expected range of $55–60m) and Q423 revenue of $14.3m (+18% y-o-y). As part of the Reshaping Nano initiative, the company has made several changes to management. CFO Yael Sandler will not be returning from maternity leave with current COO and acting CFO Tomer Pinchas taking on the CFO role permanently. Dotan Bar-Natan has joined Nano in the newly created position of general counsel. Hanan Gino, chief product officer and head of M&A, is also leaving but will continue to serve as an adviser. His responsibilities will be assumed by the CEO and the corporate development team.
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Research: Industrials
In FY24 we expect a large proportion of AVAX’s recently secured construction projects to commence and consequent substantial revenue to be recognised. We therefore forecast FY24 revenue and adjusted EBITDA increases of 112% and 76% y-o-y to €851m and €90m, respectively. As Greek infrastructure investment improves and AVAX executes on its backlog, it could secure an improved rating. It is currently trading on an FY24e P/E of 5.3x, a 60% discount to peers. With our valuation of AVAX’s concessions portfolio at €433m, €138m above the recognised book value of €295m, and a record work-in-hand level exceeding €3.2bn, there appears to be significant potential for investors. Our fair value stands at €3.2/share, indicating 87% upside potential.