SECOND A

SSIG

NMEN

T

25410 CORPORATE

FIN

ANCIAL

ANALYSIS

SPRING 2

013

VALUIN

G TEC

HNOLOGY C

OMPA

NIES

P R E S E N T E D B Y :

INTRODUCTION AND OVERVIEW OF THE

COMPANIES

Leaders in the provision of 3D content-to-print solutions:• 3D printing, print materials, on demand custom part

services, 3D authoring for consumers

• Rank 4th on Forbes ‘Fastest growing Tech Companies’ for 2013

• 46% sales growth from previous year• 30% EPS growth annually

Provider of storage systems and data management solutions predominantly for Information Technology Infrastructures

• 28% increase in profit (

• Initiation of a quarterly dividend of $0.15 per

share

• Current share prices is $39.39 (October 25th

2013)

INDUSTR

Y ANALY

SIS

CO

MP

ET

I TI V

E F

OR

CE

S

3D SYSTEM: 3D PRINTER INDUSTRY

NETAPP: ENTERPRISE STORAGE INDUSTRY

Equity Valuation

Model

DFC

RI

FUTURE CASH FLOW TO EQUITY MODELS (FCFE)

• ‘ T W O S T A G E F C F E M O D E L’ , T A I L O R E D T O A C O M P A N Y T H A T I S E X P E C T E D T O I N I T I A L LY G R O W M U C H F A S T E R T H A N A S T A B L E F I R M B E F O R E T R A N S I T I O N I N G T O A S T A B L E R A T E

3D Systems

• ‘ C O N S T A N T G R O W T H F C F E M O D E L’ , T A I L O R E D T O A C O M P A N Y T H A T I S P R E S U M E D T O B E I N A S T E A D Y S T A T E O F G R O W T H

NetApp

NETAPP

3D SYSTEM

RESIDUAL I

NCOME

APPROACH (R

I)

3D SYSTEM

NETAPP

THE IN

VESTMENT

DECISIO

N