We initiate coverage on Prodways (ticker: PWG), the Paris-listed 3D printing group. A slew of MandA has built a business with a broad offering, high repeat sales (c.60%) and high-growth healthcare exposure (c.50% of sales), positioning PWG for a smooth transition to healthy revenue growth (c.17% CAGR FY20-23E). PWG''s scale and a round of cost-cutting in FY20 supports our forecast for a cash flow inflection point in FY21E and new options to reinvest future positive cash flows from FY22E onward a ....
13 Jan 2022
The profitable way
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
The profitable way
Prodways Group SA (PWG:PAR) | 0 0 0.0%
- Published:
13 Jan 2022 -
Author:
Swaminathan Kartik SK -
Pages:
44
We initiate coverage on Prodways (ticker: PWG), the Paris-listed 3D printing group. A slew of MandA has built a business with a broad offering, high repeat sales (c.60%) and high-growth healthcare exposure (c.50% of sales), positioning PWG for a smooth transition to healthy revenue growth (c.17% CAGR FY20-23E). PWG''s scale and a round of cost-cutting in FY20 supports our forecast for a cash flow inflection point in FY21E and new options to reinvest future positive cash flows from FY22E onward a ....