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3D Systems Corp. – Computer Storage Device Manufacturing
3d systems provides the most advanced and comprehensive 3d digital design and fabrication solutions available today, including 3d printers, print materials and cloud-sourced custom parts. its powerful ecosystem transforms entire industries by empowering professionals and consumers everywhere to bring their ideas to life using its vast material selection, including plastics, metals, ceramics and edibles. 3ds’ leading personalized medicine capabilities save lives and include end-to-end simulation, training and planning, and printing of surgical instruments and devices for personalized surgery and patient specific medical and dental devices. its democratized 3d digital design, fabrication and inspection products provide seamless interoperability and incorporate the latest immersive computing technologies. 3ds’ products and services disrupt traditional methods, deliver improved results and empower its customers to manufacture the future now.
Analysis Results
Intrinsic Value $0.17
Latest Price $3.84
Relative Value 2168% overvalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -23.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 16.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -23.1%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 7.18 6.15
2024 5.52 4.05
2025 4.25 2.67
2026 3.27 1.76
2027 2.51 1.16
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 17.3 million. This corresponds to a present value of 6.82 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 15.8 million. Adding in the terminal value gives a total present value of 22.6 million.

There are presently 133.0 million outstanding shares, so the intrinsic value per share is 0.17.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 834,245,000
Current Cash 568,737,000
Current Liabilities 151,808,000
Current Debt 693,000
Non-Cash Working Capital (NCWC) 114,393,000
Change in NCWC 49,692,000
EBIT -117,019,000
Tax Provision 2,140,000
Depreciation and Amortization 38,686,000
Capital Expenditure -20,907,000
Unlevered Free Cash Flow -49,548,000
Current Assets 1,031,737,000
Current Cash 789,657,000
Current Liabilities 178,012,000
Current Debt 633,000
Non-Cash Working Capital (NCWC) 64,701,000
Change in NCWC -45,097,000
EBIT -33,069,000
Tax Provision -2,512,000
Depreciation and Amortization 34,623,000
Capital Expenditure -18,791,000
Unlevered Free Cash Flow -62,334,000
Current Assets 357,515,000
Current Cash 75,010,000
Current Liabilities 175,730,000
Current Debt 3,023,000
Non-Cash Working Capital (NCWC) 109,798,000
Change in NCWC 30,413,000
EBIT -70,663,000
Tax Provision 6,184,000
Depreciation and Amortization 44,595,000
Capital Expenditure -13,643,000
Unlevered Free Cash Flow -9,298,000
Current Assets 373,170,000
Current Cash 133,665,000
Current Liabilities 162,964,000
Current Debt 2,844,000
Non-Cash Working Capital (NCWC) 79,385,000
Change in NCWC -44,685,000
EBIT -57,104,000
Tax Provision 4,532,000
Depreciation and Amortization 50,396,000
Capital Expenditure -23,985,000
Unlevered Free Cash Flow -75,378,000
Current Assets 397,474,000
Current Cash 109,998,000
Current Liabilities 164,060,000
Current Debt 654,000
Non-Cash Working Capital (NCWC) 124,070,000
Change in NCWC 28,477,000
EBIT -43,191,000
Tax Provision 2,035,000
Depreciation and Amortization 59,293,000
Capital Expenditure -41,664,000
Unlevered Free Cash Flow 2,915,000
Current Assets 438,422,000
Current Cash 136,344,000
Current Liabilities 207,129,000
Current Debt 644,000
Non-Cash Working Capital (NCWC) 95,593,000
Change in NCWC -22,577,000
EBIT -53,973,000
Tax Provision 7,802,000
Depreciation and Amortization 62,041,000
Capital Expenditure -32,040,000
Unlevered Free Cash Flow -46,549,000
Current Assets 432,950,000
Current Cash 184,947,000
Current Liabilities 130,405,000
Current Debt 572,000
Non-Cash Working Capital (NCWC) 118,170,000
Change in NCWC -13,712,000
EBIT -38,420,000
Tax Provision -547,000
Depreciation and Amortization 60,535,000
Capital Expenditure -17,699,000
Unlevered Free Cash Flow -9,296,000
Current Assets 432,467,000
Current Cash 155,643,000
Current Liabilities 145,471,000
Current Debt 529,000
Non-Cash Working Capital (NCWC) 131,882,000
Change in NCWC -16,139,000
EBIT -104,745,000
Tax Provision 8,972,000
Depreciation and Amortization 83,069,000
Capital Expenditure -23,306,000
Unlevered Free Cash Flow -61,121,000
Current Assets 580,690,000
Current Cash 284,862,000
Current Liabilities 148,491,000
Current Debt 684,000
Non-Cash Working Capital (NCWC) 148,021,000
Change in NCWC 37,751,000
EBIT 26,315,000
Tax Provision 5,441,000
Depreciation and Amortization 55,188,000
Capital Expenditure -23,480,000
Unlevered Free Cash Flow 87,539,116
Current Assets 526,855,000
Current Cash 306,316,000
Current Liabilities 110,456,000
Current Debt 187,000
Non-Cash Working Capital (NCWC) 110,270,000
Change in NCWC 53,670,000
EBIT 80,861,000
Tax Provision 19,887,000
Depreciation and Amortization 30,444,000
Capital Expenditure -8,620,000
Unlevered Free Cash Flow 131,231,063
Current Assets 287,438,000
Current Cash 155,859,000
Current Liabilities 75,153,000
Current Debt 174,000
Non-Cash Working Capital (NCWC) 56,600,000
Change in NCWC 33,200,000
EBIT 60,571,000
Tax Provision 4,338,000
Depreciation and Amortization 21,229,000
Capital Expenditure -3,953,000
Unlevered Free Cash Flow 104,975,764

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