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France MGI Digital Graphic Technology (PK)

France MGI Digital Graphic Technology (PK) (FRIIF)

Closed July 19 4:00PM

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FRIIF Discussion

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mercadona mercadona 10 years ago
48€/65$ price target reiterated.

millsryno millsryno 10 years ago
Supposedly there was an investor's meeting on June 12th. Does anybody have the minutes from this meeting or any updates, financials, etc?

This company does not seem to report quarterly financials...anybody have any links to anything recent?
sttone sttone 10 years ago
MGI wins contract with Qatar University

sttone sttone 10 years ago

3 new orders
Schris Schris 10 years ago
Great day! Up over $2.00
sttone sttone 10 years ago

a nice PR about a new affiliation with a global reach
BiotechValues BiotechValues 10 years ago
I added today- more news re: Minolta partnership to be released.

"MGI to Present New Strategic Alliance with Konica Minolta and Preview Five Digital Solutions at IPEX"
Schris Schris 10 years ago
Good luck!

This stock has been disappointing lately. Hopefully it will pick up.
joenatural joenatural 10 years ago
Bought back in today (ALMDG:FR) at $35.02 Euro, equal to $48.67 (FRIIF).
sttone sttone 10 years ago
an endorsement by a purchaser
bullethole27 bullethole27 10 years ago
MGI Earnings Translated

Revenue growth of nearly 22 %
The consolidated turnover of MGI Digital Graphic for fiscal 2013 amounted to € 33.1 million,
up 21.9 % compared to fiscal 2012.
This turnover Ceradrop integrates over 12 months. The company , which was acquired in September 2013 and specializes
in professional printing equipment for Inkjet printed electronics and 3D
displays a turnover of € 1.8 million in 2013 , up 36.1% compared to 2012 .
At constant scope, sales of MGI Digital Graphic amounted to € 31.3 million , up
15.2% , compared to 2012 , perfectly in line with the target set for the year.
The good performance of the year were carried by all geographic areas.
At the international (73% of sales for the year) , the growth was 22.2% ( 18.2 % to
constant perimeter ) with a turnover of € 24.1 million . In France , growth is also at
appointment with a turnover of € 8.9 million , up 20.9% (+7.1% at constant scope) .

Strong earnings growth
This sustained growth is part positively in the consolidated results for the year , a sharp
progression .
Gross profit increased 22 %, in line with the growth of turnover.
The EBITDA increased by 29.8 % to € 9.5 million.
Operating expenses remain fully mastered. Personnel expenses totaled
17.9% of sales against 20 % in 2012. External loads , incorporating investments
always important commercial and marketing, represent 24.1% of sales against 26.9%
in 2012.
In total, consolidated operating income increased 22% to € 7.1 million, representing an operating margin
21.6 %. Ceradrop contributes to this outcome for 71 K € .
Net income increased 28.2 % to almost € 5.4 million. It represents 16.2% of sales
the year against 15.4% in 2012.
Financial position further strengthened
MGI Digital Graphic is based on a financial position strengthened further with more than 34 M €
equity and cash of € 6.7 million . These figures do not include € 13.7 million raised in
part of the capital increase carried out in connection with the strategic alliance with
Konica Minolta in January 2014.
Ready for 2014
MGI Digital graphic approaches 2014 with confidence after acquiring Ceradrop in September and
Strategic alliance in January with Konica Minolta . With these two operations , the Group
strengthened its traditional market of digital printing and is positioned in the market
promising Electronics Printed and 3D printing should take its measure in three to
Beyond these breakthroughs , the activity of the coming months will be supported by new
launches Equipment Laser and Inkjet already programmed and the presence of the Group in
several major International exhibitions (particularly IPEX London, the second European show
after the dedicated graphic that had gathered at its last edition in 2010 Drupa 95000
Visitors to 135 nationalities).
In light of these factors and quality of the order book at the beginning of the year, MGI
Digital Graphic sets a target of 15% growth for the year
Schris Schris 10 years ago
Good day for MGI - FRIIF up 7.26%
joenatural joenatural 10 years ago
This confirmation alone is worth 15 points to the upside IMO .....

"3 out of 3 leading 3D printing experts (Terry Wohlers, Todd Grimm, and Chris Barnatt) all agree that Ceradrop printers are "3D printers".
Schris Schris 10 years ago
Surprised we did not see a bigger spike on this so far today.

I will give it time. Happy to say that I got in early.
BiotechValues BiotechValues 10 years ago
Update- I had emailed Terry Wohlers also on the Ceradrop technology to confirm that this is "real" 3D printing.

I was 99% sure it qualified, but, not being an engineer I wanted to be 100% sure.

I heard back this morning- he said (and I'm quoting him) that the technology Ceradrop printers use "Is indeed an additive manufacturing process".

I updated my article to reflect this.

3 out of 3 leading 3D printing experts (Terry Wohlers, Todd Grimm, and Chris Barnatt) all agree that Ceradrop printers are "3D printers".
north40000 north40000 10 years ago
I filled small order on Tuesday at TDA @ $5.50...took a while until near 4 pm.
joenatural joenatural 10 years ago
It trades as a grey sheet, so everything is hidden. Use European valuation to try and position yourself in FRIIF.
uksausage uksausage 10 years ago
trying to buy through TD Ameritrade.
they show trades but no bid/ask so trying to buy at last sale price but no takers.
Any idea where to get RT Bid/ask?
BiotechValues BiotechValues 10 years ago
FRIIF Seeking Alpha article will go out tomorrow morning to "425,117 people who get Investing Ideas daily" delivered from Seeking Alpha.
r0und3r r0und3r 10 years ago
Trading on the US OTC Grey Market
BiotechValues BiotechValues 10 years ago
Interesting- I'd call them and ask. I bought through Fidelity (added this morning) but bought directly on The NYSE Euronext (Ticker ALMDG). They charge the same fee there also.

But since FRIIF is trading on the US OTC as an unsponsored ADR, I didn't know they could charge the same fee. In fact, I bought GGRGF and don't recall having to pay the same fee I paid when I bought I'd definitely call them to see why they charged it in this case.
Schris Schris 10 years ago
Buying FRIIF through Fidelity

Does anyone know what market FRIIF is really trading on? Yahoo says "Other OTC".

Fidelity tagged me with $50 additional charge to acquire it. I thought that the FRIIF symbol was trading in the US on the OTC???

According to Fidelity it is trading on a foreign exchange.

ISIN #FR0010353888 SEDOL #B18FJV7
Schris Schris 10 years ago

Thanks for turning us on to this one!

Any idea what percent of their 2014 revenue they expect to come from the sale of 3D printers?

My guess is that this will be a higher percentage than GGRF. If so, the P/E could even exceed GGRF.

Looking forward to your next find!

BiotechValues BiotechValues 10 years ago
I think it's going to have a nice steady move up.

On first day of trading in US GGRGF only managed 700 shares (12/9) and MGI did 6k + today.

Because MGI is a mixed revenue stock I'd think it will ultimately trade with a PE close to Groupe Gorge, which is about 90 now.

But the bottom line here is that even 3D Systems is expected to make about .55-.80/share GAAP for 2013, and MGI is expected to make $1.50/share GAAP for 2013.

Ceradrop also sold more printers last year than VJET (definitely) and Groupe Gorge (probably)....and now they've got both the MGI and Minolta sales channels open to them. Sales of Ceradrop could really ramp this year and it will be exciting to watch!

Schris Schris 10 years ago

I look forward to that level of appreciation.

Looks like Gary has done a great job here finding this one!

joenatural joenatural 10 years ago
This stock carries only half the valuation as GRGGF with a "nothing" float. Growth looks phenominal .... Love these videos ......

Give this a couple of months and $100 is certainly not out of the question and even then will still trade cheaper than GGRGF.

Schris Schris 10 years ago
Meet a 3D Printing Stock With a PE of 40: MGI Digital Graphic Technology (FRIIF)
by Gary Anderson

Investors in 3D printing stocks looking for a 3D printer manufacturer with high growth, cutting-edge patented technology, and strong fundamentals may want to consider adding MGI Digital Graphic Technology to their portfolio. MGI trades with ticker (ALMDG) on the NYSE Euronext, and began trading on the U.S. OTC with ticker (FRIIF) today.
3d printing stocks

MGI Digital recently acquired 100% of an electronics 3D printer manufacturer and intends to become a global power in 3D printing of electronic components. Moreover, the company has a trailing PE of 40…a metric unheard of in a 3D printer OEM.
This article will provide an overview of MGI and their newly-acquired 3D printer manufacturer, and a fundamental valuation comparison between MGI and better-known players such as Stratasys Ltd. (SSYS), 3D Systems Inc. (DDD), The ExOne Company (XONE), and voxeljet AG (VJET). MGI digital
MGI digital
Company Overview
Founded in 1982 and headquartered outside Paris, France, MGI Digital Graphic Technology is an established leader in the design, manufacture, marketing, and distribution of digital printers and related products. The company has a global presence with MGI France serving the European, Middle Eastern, and African markets, MGI USA (in Florida) serving North and South America and the Caribbean markets, and MGI Asia Pacific (in Singapore) serving the Asia Pacific markets. MGI digital 3d printer stock.
3D Printing stocks
MGI has just 4.95 million shares outstanding , a market cap. of $264 million, and a history of strong revenue and EPS growth as the table below demonstrates. Important note: these figures are GAAP. MGI digital 3d printer stock.
Year 2010 2011 2012 2013 (est.)
Net sales € 19.1 million 22.4 million 27.1 million 33.1 million
Net sales US$ $26.1 million $30.6 million $37.0 million $45.2 million
EPS € .66 .73 .89 1.10
EPS US$ $.90 $.99 $1.22 $1.50

Source: NYSE Euronext Exchange and Reuters Fundamentals. 2013 EPS Estimate
(Conversion rate of 1 EUR = 1.36 USD used)

Entering 3D Printing with Acquisition of Printer Manufacturer- Targeting 3D Printed Electronics Industry

Late last year MGI acquired 100% of privately held CERADROP, a manufacturer of high-end industrial 3D printers for the electronics industry.
Regarding the acquisition, Edmond Abergel, president of MGI Digital Graphic Technology, stated:
"With the acquisition of CERADROP, a new promising area of growth emerges for the MGI Group. Twenty years ago, we were pioneers in the world of digital printing for professionals in the graphic arts industry. Through our innovation and setting our sights since the very beginning on the international markets, we have become a recognized player in this market. Today, with the explosion of printed electronics and 3D printing, new opportunities are available to us. Our technological advantages allow us to be a leader in this new business segment. With the team from CERADROP at our side, we can establish a center of excellence with exceptional and global expertise the field of inkjet. Integrating CERADROP will thus enable us not only to accelerate innovation in our current markets but also to position ourselves in these new markets for printed electronics and 3D printing, which has been widely forecast to become mass market in the next five years.” MGI digital 3d printer stock.
Ceradrop has developed advanced machines for printing 3D-ceramic and organic electronic components with high added-value, such as antennas, Organic Light Emitting Diode (OLED) display screens, electronic chip cards, solar cells, RFID tags, printed batteries, and biomedical sensors. These components can be printed onto a wide variety of materials such as glass, metals, polymers, plastics and paper. Mgi digital ceradrop printers
Because the Ceradrop 3D printers are designed specifically for the electronics component market, they don’t resemble other commercial 3D printers. I asked leading 3D printing/additive manufacturing industry expert Todd Grimm, founder of T. A. Grimm & Associates and author of User’s Guide to Rapid Prototyping if the Ceradrop printers are “true 3D printers”. Todd replied, “Yes. Ceradrop printers have all the qualifications of 3D printing/additive manufacturing.”
I also asked Christopher Barnatt, author of 3D Printing: The Next Industrial Revolution if he would explain a bit about the technology Ceradrop printers use. Chris wrote back: “In the Ceradrop printing process, material is laid down, cured by light, more material is laid down, etc., while using multiple print heads. So in ASTM terms the process here is material jetting, the generic term that includes 3DP technologies like the Polyjet process used in the Objet Connex printers from Stratasys.”
3d printing stocks
Video: MGI Group welcomes Ceradrop

Video: Ceradrop printers in action…
MGI ditigal 3d printing
I spoke with MGI’s V.P. of Sales and Marketing, Kevin Abergel, in Florida about the Ceradrop acquisition. Mr. Abergel explained that the plan by MGI is to leverage their existing channels “To take Ceradrop to the next level- a global power in 3D printing of electronics”, and to realize “R&D synergies” between Ceradrop and MGI. Ceradrop is also the exclusive licensee for WIPO patent WO2005023523, “Method and device for the production of a three-dimensional multi-material component by means of ink-jet-type printing”.
MGI has an extensive customer base for Ceradrop to tap into…a distribution network in more than 70 countries globally according to Mr. Abergel.
I believe access to these sales channels combined with Ceradrop’s patented technology and early mover advantage in the 3D printed electronics industry can facilitate and accelerate sales going forward. Moreover, like other 3D printer manufacturers, Ceradrop realizes recurring revenue streams from both services and the consumable materials used by the printers.
MGI digital
More Sales than Voxeljet and Price Range $300,000-$500,000
I also called Tim Luong, Ceradrop's National Sales Manager in Sacramento, CA to learn about the price range for their printers and 2013 sales. Prices for the X-Serie printers start in the $300,00-$500,000 range, not surprising given the high degree of precision and leading-edge technology required for printed electronics. What did surprise me is the number of printer sales Ceradrop had in 2013. While Mr. Luong couldn't share all the details, he did say that in the last twelve months Ceradrop has X-Serie sales (or sales pending) in Canada, the U.S. West Coast, the U.S. East Coast, and "multiple" countries in Europe.
MGI digital 3d printer stock.
One can infer from this information that Ceradrop had a minimum of 5 sales of their X-Serie printers during 2013. For the sake of comparison, this is at least 2 more than voxeljet AG (VJET) has reported for the last 12 months, and most of these sales would have been made prior to Ceradrop's access to new sales channels in over 70 countries.

$35 Billion Market by 2020
Forbes predicts that electronics will be one of 7 industries most disrupted by 3D printing.
Forbes: "Designing and 3D printing electronics with optimal shape and styling properties will be common. 3D printing is ideal for the complex geometric features needed in small, compact electronic circuit boards that use multiple materials ranging from low conductivity plastics to high conductivity metal materials.”
mgi digital
There are substantive advantages of 3D printed electronics vs. traditional manufacturing technology that will drive the market’s growth for Ceradrop printers. These include lower investments, the ability for mass customization, improved component performance, and the integration of components on substrates of any size and complexity.
Due to these factors, IDTechEx Market Research estimates the market for printed electronics (which equaled under $5 billion in 2012) will grow rapidly to $35 billion in 2020 and an astounding $300 billion by 2030.
As this chart indicates, the lion's share of growth in 3D printed electronics according to IDTechEx Market research will be in printing of OLED displays (in red). This is a huge segment that Ceradrop has early mover advantage in.

Ceradrop Printer Chosen for Research at Northwestern University
Tobin J. Marks is one of the world’s leading experts on printed electronics and the co-founder of Polyera, a privately-held R&D company that also supplies semiconductors, dielectrics, and interfacial materials for the printed electronics industry. Dr. Marks and his team at Northwestern chose a Ceradrop X Serie printer for their research, commenting:
“We chose to work with Ceradrop because they were the unique equipment manufacturer able to provide us with the required support that will permit us to make the inkjet printing process easier for Printed Electronics.”

Konica Minolta Buying 10% Stake in MGI
On January 21, 2014 Konica Minolta announced they are investing in a 10% ownership stake in MGI as part of “a strategic alliance that leverages both co-development and the co-marketing of existing and future products” while MGI retains its independence. Konica Minolta’s press release also states that “This investment will be dedicated to drive future growth”.
This is more meaningful than a vote of confidence by an industry giant. This strategic alliance opens even more sales channels and growth opportunities for Ceradrop printers through Konica Minolta’s vast international network.

Value Price + Large-Scale Expansion of Sales Channels
MGI offers investors excellent value compared to the well-known 3D printer manufacturers as the chart below demonstrates. Looking forward, MGI's Ceradrop 3D printer division now has access to sales channels in over 70 countries with likely future expansion through MGI's new partnership with Konica Minolta. Because the Konica Minolta partnership was formed to leverage "both co-development and the co-marketing of existing and future products", growth of Ceradrop printer sales could be expected to eclipse growth in the "pure play", stand-alone 3D printer manufacturers.
Company MGI Digital
(FRIIF, ALMDG) Stratasys
(SSYS) 3D Systems
(XONE) voxeljet
Market Cap $264 million $6 billion $7.6 billion $652 million $344 million
2013 EPS est. (GAAP) $1.50*

P/S (ttm) 5.6 14.4 15.8 15.5 26.1
P/E (ttm) 36.9 N/A 160 N/A N/A
Yahoo Finance (2/17/14)
* MGI 2013 EPS Estimate

Outperforming Better-Known Players
Most well-known 3D printing manufacturers have recently lowered guidance for 2013 and/or 2014, leading to negative YTD share price performance, while MGI's share price has outperformed.

MGI digital 3d printer stock
The potential for rapid acceleration in sales of Ceradrop printers is very real with new sales channels in over 70 countries suddenly open in addition to the vast network of channels expected through the Konica Minolta partnership. I believe the trend in MGI share performance will continue as more investors discover the comparative value the company represents in addition to the very high growth potential as an early mover in the 3D printed electronics market.
MGI digital 3d printer stock
Key Points/Conclusion
• MGI Digital is a new 3D printing stock with strong fundamentals- reporting more GAAP earnings/share than any of the 3D printer OEMs, yet has the smallest market cap, the lowest PE ratio, and the lowest Price-to-Sales ratio of the group
• The company’s Ceradrop 3D printer division sold more printers last year than voxeljet AG has reported… and Ceradrop now has access to a global sales network in over 70 countries
• The Konica Minolta ownership stake and partnership with MGI announced last month is “a strategic alliance that leverages both co-development and the co-marketing of existing and future products”, including Ceradrop 3D printers
• Forbes predicts that electronics will be one of a handful of industries to be "most disrupted by 3D printing" going forward. MGI has early mover advantage with patented, cutting edge technology in a market estimated to rapidly grow from approximately $5 billion in 2014 to $35 billion by 2020
I believe shares of MGI Digital Graphic Technology represent a very attractive investment and that MGI shares will continue to outperform as the market, (particularly the U.S. investor market), discovers the company, their patented technology, their partnership with Konica Minolta, and the projected growth of the 3D printed electronics market.

Disclosure: I am long shares of MGI Digital Graphic Technology. I have not been paid by MGI or any third party for this article.
Disclaimer: See sidebar.
Brokers charge varying fees for foreign securities transactions. Investing in foreign securities may expose you to currency risk.
Gary Anderson....Follow me on Twitter: @3DPrintingStock
Schris Schris 10 years ago
Tuesday should be interesting!

Fell 2.37% on Monday.
Schris Schris 10 years ago
Monday should be interesting.

Even though the US Market will be closed on Monday, this stock will trade on the French exchange under symbol - ALMDG:FR

Yahoo ticker: ALMDG.PA


Shares Outstanding: 4.69M

Good luck to all!

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