Complete DDD Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
DDD DCF Analysis
DDD (3D Systems Corporation) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $538.0M | $488.1M | $440.1M | $404.1M | $374.3M | $349.5M | $328.6M | $311.0M |
| Revenue Growth % | - | -9.3% | -9.8% | -8.2% | -7.4% | -6.6% | -6.0% | -5.4% |
| EBIT | $-117.0M | $-406.0M | $-277.4M | $20.2M | $18.7M | $17.5M | $16.4M | $15.5M |
| EBIT Margin % | -21.7% | -83.2% | -63.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 25.0% | 25.0% | 20.0% | 20.5% | 21.0% | 21.5% | 22.0% |
| NOPAT | $-87.8M | $-304.5M | $-208.1M | $16.2M | $14.9M | $13.8M | $12.9M | $12.1M |
| NOPAT Margin % | -16.3% | -62.4% | -47.3% | 4.0% | 4.0% | 4.0% | 3.9% | 3.9% |
| Capex | $22.5M | $27.2M | $16.1M | $15.3M | $13.5M | $11.9M | $10.7M | $9.6M |
| Capex / Revenue % | 4.2% | 5.6% | 3.7% | 3.8% | 3.6% | 3.4% | 3.2% | 3.1% |
| Depreciation | $38.7M | $36.1M | $33.3M | $29.8M | $27.6M | $25.8M | $24.3M | $23.0M |
| D&A / Revenue % | 7.2% | 7.4% | 7.6% | 7.4% | 7.4% | 7.4% | 7.4% | 7.4% |
| Change in NWC | $-172.3M | $-200.8M | $-190.9M | $0 | $0 | $0 | $0 | $0 |
| NWC Change / Revenue % | -32.0% | -41.1% | -43.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Unlevered FCF | $100.7M | $-94.9M | $39.0K | $30.7M | $29.1M | $27.7M | $26.5M | $25.5M |
| UFCF % Chg. | - | -194.2% | 100.0% | 78632.7% | -5.4% | -4.8% | -4.2% | -3.8% |
| FCF / Revenue % | 18.7% | -19.4% | 0.0% | 7.6% | 7.8% | 7.9% | 8.1% | 8.2% |
| Discount Factor | - | - | - | 0.922 | 0.851 | 0.785 | 0.724 | 0.668 |
| Present Value of FCF | - | - | - | $28.3M | $24.7M | $21.7M | $19.2M | $17.0M |
| Sum of PV of UFCF | - | - | - | $28.3M | $53.0M | $74.8M | $93.9M | $111.0M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.8% |
| Tax Rate | 20.0% |
| After Tax Cost of Debt | 5.4% |
| Risk Free Rate | 4.29% |
| Market Risk Premium | 4.3% |
| Beta | 1.91 |
| Cost of Equity | 12.5% |
| Total Debt | $286.1M |
| Market Cap | $207.3M |
| Total Capital | $493.4M |
| Debt Weighting | 58.0% |
| Equity Weighting | 42.0% |
| WACC | 8.4% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $25.5M |
| Terminal Value | $441.6M |
| PV of Terminal Value | $294.8M |
| Cumulative PV of UFCF | $111.0M |
| Net Debt | $114.7M |
| Equity Value | $291.0M |
| Shares Outstanding | 131.9M |
| Implied Share Price | $2 |
| Current Share Price | $2 |
| Implied Upside/(Downside) | +45.2% |
Valuation Summary
$2.21
Implied Price
$1.52
Current Price
+45.2%
Upside/Downside
8.4%
WACC
DDD Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 8 peer companies in Technology
P/E Ratio
$-30.84
-2128.8%
Peer Median: 14.8x
EV/EBITDA
$0.00
-100.0%
Peer Median: 7.9x
P/S Ratio
$1.89
+24.1%
Peer Median: 0.6x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for DDD's business model and current situation.
Multiple Comparison
| Multiple | DDD Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -0.7x | 14.8x | 13.8x | -104.9% | Undervalued |
| EV/EBITDA | Infinityx | 7.9x | 10.3x | Infinity% | Overvalued |
| P/S Ratio | 0.5x | 0.6x | 1.2x | -19.4% | Fair Value |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $0.33B | 14.8x | 7.7x | 0.6x | |
| $0.33B | 15.6x | 6.6x | 0.8x | |
| $0.31B | 0.0x | 0.0x | 52.0x | |
| $0.25B | 8.2x | 7.9x | 0.2x | |
| $0.27B | 10.6x | 0.0x | 0.0x | |
| $0.21B | 0.0x | 0.0x | 0.5x | |
| $0.23B | 6.4x | 10.9x | 0.5x | |
| $89.51B | 27.0x | 18.6x | 4.5x |