Hi All,
As has been well covered here, the result was good...and slightly better than expected; negating the somewhat disappointing Sept results.
With each result, I update my model which, among other things, subjectively (highly) calculates quarterly and yearly 'estimates'. But I really dont pay those much attention given the high level of cumulative error range that results from using a relatively large quantity and range of assumptions and variables.
But with all my early stage investments (and much like our own Glutenfree - thanks mate), I (and my models) focus more upon i) the trends, ii) changes in trends and iii) strength (or risk) of those trends.
The bottom line of that part of the analysis is that 3DP are currently ahead (IMO) of the $US50m ACV Ian has pegged for FY24. They are, on the whole, doing and achieving what they said they would do. But they are not going to crack a big contract in all the verticals they try...at least not easily or early....lets acknowledge their push into Autonomous Driving hasnt lived up to expectations...at least not yet. However, the big utilities are on-boarding...less of a sales challenge now....could it possibly morph into 'FOMO'? In any event, it substantially reduces the risk of this investment.
Yet the company's valuation wlll largely depend on 2 drivers:
1) Material or quality contracts in new verticals that demonstrate INCREASING breadth and depth in 3DP's product offering. I'm thinking specifically defence and recreational/consumer (VR/AR/digital twin) applications, and
2) The trend and strength of small tech markets. We must acknowledge that 2021 was an amazing year for tech coys and their valuations...it was 'risk-off'!! all the way. But with the Russel 2000 Index currently off 15.6% from its 2021 high in only 2 months, valuation multipliers will naturally come down and good tech news (like 3DP) will be swimming against a negative sentiment. I feel we could be north of 65-70c if a positive tech sentiment had prevailed.
Anyway...that's enough BS from me.
For Investers, this Coy is continuing on a good trajectory and the risk of attaining my personal target of $2-3/share by FY24 is reducing. (This is not advice for any Investors or that other mob called 'Traders')
Cheers.
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