XMTR

Xometry Inc - Ordinary Shares - Class A

TMT, Industrial/Transportation


Presented:02/18/2022
Price:$44.51
Cap:$1.98B
Current Price:$19.21
Cap:$0.95B

Presented

Date02/18/2022
Price$44.51
Market Cap$1.98B
Ent Value$2.24B
P/E RatioN/A
Book Value$7.68
Div Yield0%
Shares O/S44.42M
Ave Daily Vol561,719
Short Int11.96%

Current

Price$19.21
Market Cap$0.95B
Xometry, Inc. engages in the provision of manufacturing solutions. The firm operates through the U.S. and Europe segments. Its proprietary software platform enables product designers and engineers to instantly access the capacity of a nationwide network of manufacturing facilities. The company was founded by Laurence Zuriff and Randolph Altschuler on May 29, 2013 and is headquartered in Derwood, MD.

Publicly traded companies mentioned herein: Airbnb Inc (ABNB), Alphabet Inc (GOOGL), Expedia Group Inc (EXPE), Fathom Digital Manufacturing Corp (FATH), Proto Labs Inc (PRLB), Shapeways Holdings Inc (SHPW)

Highlights

The presenter is short shares of Xometry Inc (XMTR), thinking that it has been mischaracterized as a network like Expedia and Airbnb, and as such the stock is covered by software analysts. XMTR offers prototyping using third-party machine shops to fulfill demand, and aggregates the demand using e-commerce and Google Ad Words. Meanwhile, Proto Labs (PRLB) has been around for 15 years offering the same service but is also vertically integrated on the back end, giving it an advantage over XMTR. Using a generous 8x EV/Gross Profit multiple on revenue and gross margin figures below consensus expectations, he sees downside to ~$30 per share. 

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Idea Discussion

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