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  "documentTitle": "Nano Dimension | Mergers and Acquisitions Presentation Deck | 36 slides",
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  "presentationDate": "2023-07-01 00:00:00",
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      "text": "Commentary on the Desktop Metal Transaction",
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      "text": "Commentary on 3D Systems Transaction",
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      "text": "Stratasys would be absorbing an unprofitable business (DM) that dramatically missed nearly all its financial forecasts... we do not believe the growth forecast baked into their 2024-26 revenue and profitability guidance",
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      "text": "However, we also note downsides to the deal, namely DDD's lower gross margin profile, headwinds to its Healthcare business, and its outstanding debt of $460M.",
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      "text": "SSYS management unveiled new financial projections... we do note that these provided projections portray standalone financials that are more bullish [~$95 million] than both our and Street estimates.",
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      "text": "Desktop Metal's financials are less attractive, including an operating loss of $233 million in 2022... Free cash flow was negative $193 million in 2022... total, free cash flow was negative $394 million over the last nine quarters.",
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      "text": "While we understand the theory behind scale efficiencies, we continue to believe this merger announcement was the only merger/acquisition Stratasys could do to get a combined market cap above the buying power of Nano Dimension.",
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      "text": "We believe $24/share is a fair valuation at ~1.9x our 2024 revenue estimate... we point to DDD's 2% decline yesterday as a proof point that $24 is a potential ceiling.",
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      "text": "Source: William Blair: May 25, 2023 - Stratasys to Acquire Desktop Metal; Our Initial Take: Could Be a Mistake; Credit Suisse: July 14, 2023...",
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      "text": "Sell-side coverage highlighted the losses and dilution associated with the Desktop Metal transaction and have expressed reasons to be skeptical about the 3D Systems transaction",
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