Last close As at 05/08/2026
USD1.56
▲ −0.02 (−1.27%)
Market capitalisation
USD332m
Research: TMT
Nano Dimension has provided a business update that highlights a major R&D milestone, a system sale to a defence customer and the start of a $200m share buyback programme. Management is focused on optimising capital allocation, balancing value enhancing acquisitions, the return of cash to shareholders and R&D investment.
Nano Dimension |
Share buyback underway |
Corporate update |
Tech hardware and equipment |
29 February 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 provided a business update that highlights a major R&D milestone, a system sale to a defence customer and the start of a $200m share buyback programme. Management is focused on optimising capital allocation, balancing value enhancing acquisitions, the return of cash to shareholders and R&D investment.
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.
When we wrote in December, we highlighted the company’s focus on optimising capital allocation, with M&A, share buybacks and R&D investment all part of the mix. On 28 February, the company confirmed that the share buyback plan that had been approved by the Israeli court in October 2023 was now underway. This allows the company to buy back American depositary shares (ADSs) worth up to $200m until October 2024. This is in addition to the $86m of shares that were bought back in the first nine months of FY23 under a previous authority. As a reminder, the company had net cash of $863m at the end of Q323. We believe that the bid for Stratasys is still under consideration as part of Stratasys’s strategic review.
The company recently filed for a patent relating to its new material, INSU 200, under the Paris Convention Treaty. This material, which is part of its Additively Manufactured Electronics (AME) product suite, is the first jettable ink capable of undergoing the commercial reflow process. With better thermal and mechanical properties than previous materials, it can support more demanding applications in the defence and commercial markets and widens the addressable market for Nano’s DragonFly IV system. The material will be made available to customers in April 2024.
The company noted that it had sold a DragonFly IV system to a leading western defence agency, the second it has sold to this customer. In total, the system has been sold to more than 10 national defence organisations.
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Research: Consumer
Good Life Plus (GL+) is an early-stage, entertainment-focused, subscription-based prize draw operator. Based in the UK, the business was founded in 2021. The majority of GL+’s members pay a subscription fee, which provides entry into daily prize draws for relatively high-value consumer goods and experiences, ranging from cash prizes and holidays to luxury cars. A key differentiator of GL+’s value proposition is the discounts and offers to members for UK-based restaurants, cinemas and other entertainment-focused experiences. The company to date has limited financials and as such we rely on management’s internal expectations to derive future EBITDA margins and valuation. We have provided some sensitivities around management’s base case assumptions due to the early-stage nature of the business and high level of execution risk.