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Nano Dimension (NASDAQ: NNDM)

Last close As at 15/04/2024

USD2.51

▲ −0.10 (−3.83%)

Market capitalisation

USD556m

Nano Dimension offers equipment for the additive manufacture of high-performance electronic devices, complex 3D ceramic and metal objects. It also offers miniature parts requiring a resolution of one micron and complementary equipment for automated assembly of electronic devices and PCBs.

The industry is ripe for consolidation as many peers have limited cash runways. There was a high level of bid activity in 2023 that did not culminate in any completed deals but we expect further M&A activity this year as industry participants shift their focus from growth to profitability.

Latest Insights

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TMT | Update

Nano Dimension — Growth in a tough market

TMT | Flash note

Nano Dimension — Share buyback underway

TMT | Flash note

Nano Dimension — New offer for Stratasys

TMT | Update

Nano Dimension — Outlining the path to profitabililty
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Yoav Stern

    CEO

  • Yael Sandler

    CFO

  • Yoav Nissan-Cohen

    Chairman

  • Zivi Nedivi

    President

Balance Sheet

Forecast net debt (US$m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (13.1) 12.6 0.8
Relative (12.2) 6.4 (17.6)
52 week high/low US$3.3/US$2.1

Financials

In FY23, Nano Dimension grew revenue 29% and expanded adjusted gross margin by 2pp to 48%. The company is now focused on reducing cash burn and moving to profitability via its Reshaping Nano initiative, with the target for cash burn to reduce to $12-20m in FY24. At the same time, the company is looking to leverage its strong balance sheet (net cash $842m at end FY23) by acquiring in the additive manufacturing space to consolidate its position. Nano Dimension continues to buy back shares while they trade at a discount to book value.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 43.6 (91.3) (96.4) (37.05) N/A N/A
2023A 56.3 (99.9) (59.0) (23.35) N/A N/A
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

Nano Dimension cd7292bc2d47964bdd0ba88e191fa76bee0e2c4ea99e0c135133a94d23c8f231

Flash note

TMT

Nano Dimension — Share buyback underway
Nanoco Group_resized

Flash note

TMT

Nano Dimension — New offer for Stratasys
Nano Dimension cd7292bc2d47964bdd0ba88e191fa76bee0e2c4ea99e0c135133a94d23c8f231

TMT

Update

Nano Dimension — Growth in a tough market

Nano Dimension cd7292bc2d47964bdd0ba88e191fa76bee0e2c4ea99e0c135133a94d23c8f231
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Thematics

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media

thematic

TMT

Deutsches Eigenkapitalforum (EKF) 2023 technology

thematic

TMT

MediaWatch – Still waiting…
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