Nano Dimension — Update 28 September 2016

Nano Dimension — Update 28 September 2016

Nano Dimension

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Nano Dimension

Placing to fund commercialisation phase

Placing

Tech hardware & equipment

28 September 2016

Price

NIS5.65

Market cap

NIS220m/
US$59m

NIS3.75:US$

Net cash (US$m) at end June 2016 (excluding placing raising US$12.0m gross)

5.8

Shares in issue (before placing of 9.25m new ordinary shares)

38.9m

ADRs in issue (before placing of 1.85m new ADSs)

7.8m

Free float

50.7%

Code

NNDM

Primary exchange

TASE

Secondary exchange

NASDAQ

Share price performance

Business description

Nano Dimension focuses on the development of advanced 3D printed electronics systems and advanced additive manufacturing. The company’s initial products include a 3D printer for rapid prototyping of multi-layer PCBs and associated nanotechnology conductive and dielectric inks.

Analysts

Anne Margaret Crow

+44 (0)20 3077 5700

Dan Ridsdale

+44 (0)20 3077 5729

Nano Dimension has announced that it is to raise US$12.0m (gross) through a placing of 1.85m new American Depositary Shares (ADSs) at US$6.50/ADS (a c 18% discount to Tuesday’s opening price). In addition, it has granted the underwriters a 45-day over-allotment option to purchase up to 277,500 additional ADSs at the public offering price. Assuming the full exercise of the over-allotment option, the gross proceeds may reach $13.8m. We will update our estimates once the offer has completed on 30 September.

Year
end

Revenue (US$m)

EBITDA**
(US$m)

PBT*
(US$m)

EPADS*
(US$)

DPADS
(US$)

P/E
(x)

12/15***

0.0

(5.7)

(5.4)

(1.00)

0.00

N/A

12/16e

0.2

(5.4)

(5.6)

(0.71)

0.00

N/A

12/17e

6.5

(3.8)

(4.0)

(0.52)

0.00

N/A

12/18e

35.7

14.4

14.1

1.53

0.00

1.0

Note: *PBT and EPADS are normalised, excluding amortisation of acquired intangibles and share-based payments. **EBITDA is stated after deducting amortisation of capitalised R&D. ***Translated from NIS.

The funds from the placing will support Nano Dimension as it moves into the commercial phase of its development. The funds will be used to support volume ramp-up, including c US$1.5m investment in expanding the ink production capability, which needs to be in place ahead of volume sales.

The timing coincides with Nano Dimension reaching a key milestone in the potential commercialisation of its 3D print systems. In August it delivered the first DragonFly 2020 system for printing multilayer printed circuit boards to a leading defence company in Israel for evaluation purposes. Less than one month later it delivered the first DragonFly to the US. This system will be used over the next year by FATHOM, Nano Dimension’s partner, to support demonstrations and product evaluations in the US, especially to potential customers in Silicon Valley and the greater West Coast area. The revenues from this transaction will begin to be recognised in Q416 and will continue in 2017.

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Germany

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United Kingdom

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Tel Aviv +44 (0)20 3734 1007
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Herzilya Pituach, 46766

Israel

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Tel Aviv +44 (0)20 3734 1007
Medinat Hayehudim 60,

Herzilya Pituach, 46766

Israel

Ellomay Capital — Update 28 September 2016

Ellomay Capital

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