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Beta Systems

A record year; proposed dividend

Update | Technology | 31 Jan 2018

Beta’s FY17 results were towards to the middle of its guidance; strong licence sales in DCI and management’s efficiency drive resulted in a 70% increase in EBIT, a record for the group. While FY18 is expected to be a smaller year in terms of client renewals, management is making good progress delivering to its plan to restructure and modernise the group.

Beta Systems

Underlying positive trends

Update | Technology | 31 Jan 2019

While FY18 numbers dipped as management expected, revenue and EBITDA were in the top half of guidance. The results reflected weaker software licence renewals, which reduced revenues and slashed margins. FY18 cash generation was strong, with operating cash flow up nearly 60% at EUR 8.3m and the maintenance book continued to grow with the help of acquisitions. In our view, the shares are attractive, noting the potential sub 6x FY20 EV/EBITDA ratio, given the strong cash generation and high level of recurring revenues (we estimate 80%+ in FY18).

Beta Systems

Positive outlook

Update | Technology | 31 May 2018

Beta’s H118 results reflect the anticipated lull in the DCI licence renewal cycle, with EBITDA down 54% y-o-y. Despite the decrease, management believes it is on track to deliver to the top end of its guided range for the full year. With an anticipated pick-up in performance over the next two years, combined with the recent uptick in M&A activity, we feel that the FY18 EV/EBITDA premium to peers is justified.

Nano Dimension

On the cusp of commercialisation

Outlook | Technology | 21 Aug 2017

Nano Dimension has combined techniques from 3D printing and nanotechnology inks to develop an innovative system that revolutionises printed circuit board (PCB) prototyping, enabling designers to bring the process in house. This reduces time to market and ensures that IP security is not compromised. During Q217, the company successfully completed its beta test programme, meeting management’s stated timescales and preparing the way for early commercial sales in H217.This progression to commercial engagement has given management a more accurate view of pricing models and ramp-up rate, so we have pulled back our estimates and cut our indicative valuation (which is based on current levels of executional risk) from US$12.47/ADS to US$7.04/ADS.

Nano Dimension

3D printer roll-out on track

Update | Technology | 01 Jun 2017

Q117 was another very successful quarter for Nano Dimension as it delivered its second batch of six DragonFly systems to potential customers for evaluation. The company appears on track to complete the beta testing phase in mid-2017 and to deliver 50 printers during FY17. We leave our estimates and valuation broadly unchanged.

Beta Systems

Leading European data processing group

Initiation | Technology | 31 May 2017

H117 revenues increased 28% and EBIT almost tripled, benefiting from the ongoing strong renewals cycle and upsell in its core mainframe customer base. Taking into account the seasonality bias to H1, management raised its guidance for the year. The shares have justifiably performed strongly and on EV/EBITDA multiples, now trade in line with peers.

Nano Dimension

Major milestones on schedule

Update | Technology | 15 Mar 2017

FY16 was a very successful year for Nano Dimension as it delivered the first six DragonFly systems to potential customers for evaluation and raised US$13.8m (gross) to provide finance as it moves into the commercial phase of development. The company appears on track to complete the beta testing phase in mid-2017 and to deliver 50 printers during FY17. We leave our estimates and valuation broadly unchanged.

Nano Dimension

FY16 deliveries target reached

Flash note | Technology | 21 Dec 2016

Nano Dimension has concluded FY16 in style with the shipment of two more DragonFly 3D printers to beta-phase customers. This brings the total of systems shipped during the year to six, reaching management’s target for number of deliveries. We leave our estimates and valuation unchanged.

Nano Dimension

Major commercialisation milestones reached

Update | Technology | 21 Nov 2016

Q3 was an exciting quarter for Nano Dimension as it delivered its first DragonFly systems to potential customers for evaluation and raised US$13.8m (gross) to provide finance as it moves into the commercial phase of development. The company appears on track to complete the beta testing phase mid-2017 and to deliver 50 printers during FY17. However, we have revised our estimates down to model the impact of moving to a leasing model during the beta test phase while leaving our indicative valuation broadly unchanged.