The Discounted Cash Flow (DCF) valuation of ExOne Co (XONE) is (43.35) USD. With the latest stock price at 49.45 USD, the upside of ExOne Co based on DCF is -187.7%.

Is XONE a buy or a sell?

Based on the latest price of 49.45 USD and our DCF valuation, ExOne Co (XONE) is a sell. Selling XONE stocks now will result in a potential gain of 187.7%.

Note: valuation result may not be accurate due to the company's negative earnings.

	Range	Selected
WACC / Discount Rate	5.8% - 7.9%	6.9%
Long-term Growth Rate	3.0% - 5.0%	4.0%
Fair Price	(171.59) - (21.84)	(43.35)
Upside	-447.0% - -144.2%	-187.7%

49.45 USD

Stock Price

(43.35) USD

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

XONE DCF Valuation: Revenue & Expenses Forecast

(USD in millions)		Projections

	12-2020	12-2021	12-2022	12-2023	12-2024	12-2025

Revenue	59	76	94	121	140	159
% Growth	11%	28%	24%	29%	16%	14%

Cost of goods sold	(45)	(54)	(64)	(79)	(86)	(93)
% of Revenue	76%	72%	68%	65%	62%	58%

Selling, G&A expenses	(21)	(27)	(33)	(43)	(50)	(56)
% of Revenue	35%	35%	35%	35%	35%	35%

Research & Development	(9)	(11)	(14)	(18)	(21)	(24)
% of Revenue	15%	15%	15%	15%	15%	15%

Net interest & other expenses	1	1	1	1	1	2
% of Revenue	1%	1%	1%	1%	1%	1%

Tax expense	(0)	0	0	0	0	0
Tax rate	1%	1%	1%	1%	1%	1%

Net profit	(15)	(16)	(16)	(17)	(15)	(12)
% Margin	-25%	-21%	-17%	-14%	-11%	-8%