Nano Dimension (NASDAQ:NNDM) has combined techniques from 3D printing and nanotechnology inks to develop an innovative system that revolutionises printed circuit board (PCB) prototyping, enabling designers to bring the process in house. This reduces time to market and ensures that IP security is not compromised.
During Q217, the company successfully completed its beta test programme, meeting management’s stated timescales and preparing the way for early commercial sales in H217. This progression to commercial engagement has given management a more accurate view of pricing models and ramp-up rate, so we have pulled back our estimates and cut our indicative valuation (which is based on current levels of executional risk) from US$12.47/ADS to US$7.04/ADS.
Beta phase confirms investment proposition
Nano Dimension delivered 16 printers to beta-phase customers between August 2016 and June 2017. These customers include companies designing electronic goods, defence companies and PCB service providers. Customers used the printers extensively to create multi-layer circuits. The feedback provided, which was predominantly positive, helped Nano Dimension to define a commercial grade variant for delivery later this year. In parallel, the company made some significant advances in technology for printing structural electronics and announced its intention to form a separate entity for commercialising its bio-printing IP.
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