Nano Dimension Mergers and Acquisitions Presentation Deck
3D Systems' Offer Does Not Provide Better Value to Stratasys Shareholders
and Has Less Certainty - Weak Balance Sheet with $450M Debt(1)
3D Systems offer provides little cash value to Stratasys shareholders; the majority of transaction consideration is in 3D Systems
stock, which has a history of financial and operational underperformance
3D Systems Offer
Unclear
Total Value
Per Stratasys
Share
?
$7.50
Stratasys
shareholders will be
left with very little
cash and a minority
stake in 3D Systems,
which has a history of
missed forecasts and
value destruction
Value of Stock
Component (2)
Value of
Cash
Component
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
Lagging 3D Systems Share Price Performance Despite Being
One of the Industry Incumbents - 2 Year Share Price Performance
Majority of equity research
analysts rate NYSE: DDD either
'hold' or 'sell' (3)
II
0%
Jun-21 Aug-21 Oct-21 Dec-21
Buy + Overweight (Left)
Price (Right)
Buy: 1/8
Hold: 6/8
JU
Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23
Hold (Left)
Sell Underweight (Left)
Target Price (Right)
-
Sell: 1/8
"We see minimal opportunity for scaling benefit [...]. We also see
potential challenges from anti-trust [...]." Credit Suisse, June 1st, 2023(4)
Source: FactSet, Company filings, Equity research
Note: Market data as of 5/30/2023; (1) As of March 31, 2023; (2) Determined at 1.2057 3D Systems shares per one Stratasys share; (3) Research analysts per FactSet; (4) Shannon Cross, Credit Suisse, June 1st, 2023
$40
NANODIMENSION
$35
$30
$25
$20
$15
Jul-23
$10
64.4%
72.1%
$5
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