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Nano Dimension LTD. - Initiation Note

Nano Dimension LTD.

BUY (NNDM, $6.47)

3D Printing Of PCBs Changes The Whole Development Process –Initiating With A BUY Rating and $13 PT

November 15, 2016

Ilya Grozovsky

212.417.8219

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Investment Conclusion.We are initiating coverage of Nano Dimension with a BUY rating and $13 PT based on our belief that the company’s disruptive 3D printer and inks will change the way PCBs are designed and developed. Time to market advantages, intellectual property protection, cost reduction, and innovation should all benefit from this revolutionary technology. Our DCF analysis yields a value in a range from $12.50 to $13.70 resulting in a price target of $13 for Nano Dimension ADS shares. We believe that Nano Dimension can sell approximately 50 printers in 2017. The company also plans to sell the ink that the printer uses. We are estimating that in 2017, Nano Dimension generates revenue and adjusted EBITDA of $6 million and a loss of $13 million, respectively. For 2018 we are estimating revenues and adjusted EBITDA of $17 million and a loss of $10 million, respectively. The process of PCB design and prototype manufacturing is slow, expensive, and insecure. The process has changed very little in the past decades, designs are created in a lab, sent out to a manufacture at great cost (tens of thousands of dollars in cost) and long lead time (it could take weeks), and then after the actual prototype is returned to the lab if any changes are made (which happens frequently) the process begins again adding cost and more delay. This inefficient system is ripe for change. Rather than take weeks to get a PCB prototype back it takes a few hours for the printer to produce the PCB in the lab. There is tremendous cost savings by doing it in-house as well as no possible leakage of intellectual property.

NNDMSource: Company Reports, National Securities Corporation Estimates

Company Profile

Nano Dimension, headquartered in Israel, develops three dimensional (3D) printers for Printed Circuit Boards (PCBs), that is electronic circuits, and nano-technology inks. The inks are conductive nano-silver particle inks and insulating nano-polymer inks. Nano Dimension Technologies’ PCB Jet printer system is an inkjet deposition tool for printing multi-layer circuit boards at home or office. Nano Dimension uses hardware, software, print-head management and nano-chemistry for Research and Development (R&D), prototyping and custom manufacturing projects....


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