1、1ADVANCED MANUFACTURINGTECHNOLOGYQ3 2022NEW YORK|LONDON|PARIS|MUNICH|SAN FRANCISCOLOS ANGELES|BERLIN|DUBAI|SINGAPOREINDUSTRY UPDATEPROVEN TRACK RECORD IN M&A AND GROWTH FINANCING ADVISORYDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted t

2、hrough Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)which is authorised and regulated by the Financial Conduct Authority.(1)Led by partner prior to joining Drake Star2CONTACT THE ADVANCED MANUFACTURING TECHNOLOGY DEAL TEAMMANAGING PARTNERNEW YORK+1 9

3、17 757 JAMES TURINOKAIS BAKERPARTNERMUNICH+49 89 1490 265 ANALYSTNEW YORK+1 904 315 CHASE GIBBSSTEVEN DANAPARTNERNEW YORK+1 646 594-0633 (1)DRAKE STAR COVERAGE ADVANCED MANUFACTURING TECHNOLOGY3MARKET MAPProduct Design&DevelopmentEnabling Systems&TechnologyAdditive ManufacturingPost ProcessDesignPri

4、ntAGV/AMRSafetyCobotsWeldingEnd-of-Line AutomationPickingCybersecurity IOTConnectivity IoTApplications/End of Arm toolingDronesRobotic Programming Laser SystemsProcurement ManagementIntegrators&ServicesAR/VRMES/MOMYIELD OPTIMIZATION&CONDITION MONITORINGPackagingPalletizingHMI&SCADASupervisoryInvento

5、ry Tracking&ValidationNote:All product and company names are trademarks or registered trademarks of their respective holders.Use of them does not imply any affiliation with or endorsement by them.OperationalQUALITY INSPECTIONManufacturing/Operations LZebra acquired Matrox for$875MRegalRexnord acquir

6、ed Altra Motion for$4.9 BillionMKS Instruments acquired Atotech for$5.1 BillionII-VI acquired Coherent for$7 BillionEmerson acquired Aspentech for$11.2 BillionMARKET OUTLOOK2022 has been a dynamic year for the advanced manufacturing technology market.We have seen continued deal activity and investor

7、 interest.This continuation defied expectations given supply chain disruptions,inflationary pressures,geopolitical concerns,and continuing Covid-related pressures,particularly in China and generally hesitant investor sentiment,as technology VCs have largely taken up a wait-and-see approach.We attrib

8、ute this resilience to a combination of secular trends:labor shortages,reshoring,significant infrastructure spending,and the evolution of enabling technology.We continue to see moderate M&A activity in 2022 with deal volumes and dollar value trailing the record levels from 2021 but on pace to exceed

9、 the level seen in 2018 and 2019.Landmark deals in the sector to date:DRAKE STAR COMMENTARY4After a flurry of activity in first quarter of 2022,the number of fundraising deals decreased sharply in the summer.Investors have become increasingly selective in their investments and have shifted focus to

10、optimizing their current portfolio.That said,advanced manufacturing continues to be an area of significant interest to a growing number of investors as evidenced by new fund formation focused on advanced manufacturing tech:Looking at the public markets,we saw a valuation contraction due to a variety

11、 of macro-factors geopolitical,inflationary,supply chain constraints,and interest rate hikes.This decline from January 2022 highs a high watermark perhaps has affected a wide swath of the technology market.The turbulence in the public markets has translated into a sharp decline in the number of SPAC

12、 deals and IPOs.As a sector,however,advanced manufacturing public comp groups have largely outperformed the Nasdaq,with industrial software,logistics,automation,motion control and test&measurement showing particular strength.Its an exciting time to be covering the advanced manufacturing technology s

13、pace.And we expect significant activity over the coming quarters as consolidation continues and secular tailwinds drive the market towards automation.Arsenal Capital Partners closes inaugural growth fund totaling$1.1B to pursue investments in next generation,emerging technology businesses Amazons In

14、dustrial Innovation Fund is investing$1.0 billion to spur supply chain,fulfillment,and logistics innovationWe expect an increasing amount of M&A volume as a high number of VC-funded industrial technology players evaluate their options amidst a more difficult funding landscape.Highly competitive M&A

15、and fundraising processes can still be seen for leading assets in a less crowded field.SE Ventures announces 500 million Fund II to accelerate climate and industrial tech start-ADVANCED MANUFACTURING TECH INSIGHTSSource:Pitchbook Transcripts This report is published solely for informational purposes

16、 and is not to be construed as an offer to sell or the solicitation ofan offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us and we assume no liability for its use.5NOTABLE PUBLIC COMMENTARY(I/II)“Robot Sales Hit Record High in N

17、orth America for Third-Straight Quarter”Association for Advancing Automation“We expect the pace of secular industry trends to accelerate,particularly in automotive,electronics,safety,digitization and sustainability we continue to innovate and invest in these areas”Mike Roman,CEO|3M“Were seeing suppl

18、y chains improving.We started to see the reliability of delivery,and were seeing more signs that our customers are experiencing the same”Richard Warzala,CEO|Allied Motion“We believe that logistics will continue to be an important growth driver for us their fastest-growing sector.We estimate the logi

19、stics segment to be a$2 billion market growing by 20%long-term”Robert Willett,CEO|Cognex“Customer demand and our order pipeline generally remains healthy yet has slowed since late Q3”Anders Gustafsson,CEO|Zebra“For quality assets,theyre still attracting a bit of a premium.But the multiples between p

20、ublic and private markets are coming in,theyre becoming closer together”David A Zapico,CEO|Ametek“By the end of 24,wed be down to 0.9 debt-to-EBITDA That gives us a lot of cash to do acquisitions,and that includes making maybe$500 million of acquisitions in the interim”Robert Mehrabian,CEO|Teledyne“

21、The strength in our balance sheet still leaves plenty of capacity for M&A We have a number of opportunities that we are currently considering”Andrew Heath,CEO|Spectris“The biggest challenge is finding the opportunity M&A where one of these targets is actionable and acquirable under highly attractive

22、 terms while we also have the readiness from an integration perspective”Louis Pinkham,CEO|Regal Rexnord“The global pandemic has exposed inefficiencies and gaps in our effectiveness.So,at this time,we are pausing M&A activity”Thomas Hook,CEO|Barnes GroupMarket Outlook&TrendsM&A/Fundraise ActivityIndu

23、stry Automation“Theres a tremendous investment in automation and robotics as a result of the labor shortages,people trying to bring things back from overseas and not being able to find labor”Carl Christenson,CEO|Altra“Many industrial segments machinery,packing,food&beverage,paper,consumer goods,and

24、others are about 30%,35%penetrated with automation solutions”Neil Schrimsher,CEO|Applied Industrial Technologies“Workforce challenges generally play to our favor as higher costs could be the tipping point,making the ROI more attractive for automation”Andrew Hider,CEO|ATS“And for this year,we expect

25、to ship well over 1,200 robots At MiR Mobile Industrial Robots,our sales to large customers continue to expand with more than 30 customers having fleet sizes greater than 20 robots.”Mark Jagiela,CEO|Teradyne“Sustainability,decarbonization,factory automation,modernizations,and re-shoring secular tren

26、ds continue to drive investment decisions in key industries”Frank Dellaquila,CFO|E“Its good finally that we saw some evidence of inflation starting to come down.Were going to need to see a continued run of this kind of behavior on inflation slowly starting to come down before we really start thinkin

27、g about taking our foot off the brakes here-7.7%CPI inflation is enormous.Its really not so much about the pace anymore,its where were going to end up.And where we end is going to be driven solely by what happens with inflation.”Christopher Waller,GovernorFederal Reserve SystemADVANCED MANUFACTURING

28、 TECH INSIGHTSNOTABLE PUBLIC COMMENTARY(II/II)Source:Pitchbook Transcripts This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believe to be reliabl

29、e but is not guaranteed by us and we assume no liability for its use.6“If I can hold it there at an elevated level for a year and really think that inflation is coming down,then thats probably a reasonable rate to stop at.It depends on what happens with inflation.If inflation does not come down or b

30、ounces back up,we may have to go higher-Right now inflation is determining where that number is going to end up.”Mary Daly,PresidentSan Francisco Federal ReserveGeneral Market Insights“You know that for the first 10 years,weve dedicated ourselves to perception AI.Now,the goal of perception,of course

31、,is to understand the context.But the ultimate goal of AI is to make a contribution to create something to generate product-and this is now the beginning of the era of generative AI.You probably see it all over the place,whether theyre generating images or generating videos or generating text of all

32、 kinds and the ability to augment our performance to enhance our performance to make productivity enhanced to reduce cost and improve whatever we do with whatever we have to work with,productivity is really more important than ever.”Jensen Huang,CEO|NVIDIA“When we talk to our customers,we feel very

33、good about the outlook.Our salespeople feel very good about what theyre hearing.The indicators we look at on a forward-looking basis remain very encouraging,and well be carrying a lot of momentum.Our customers continue to look very positive.And as we think about these emerging tailwinds that Matt an

34、d I have talked about,infrastructure kicking in,IRA kicking in,auto continuing to invest in EV,semis and energy are the 5 big buckets.”William Grace,CFO|United Rentals“I think the demand is holding up well on the automotive and the construction side and certainly on the power generation side and som

35、e other heavier industries.And I think theyre weathering through.”Christopher C.Clulow,VP of IR|CumminsFederal Reserve“As we look at the business,the only shift we see today,Daniel,on credit card is that coming off of 2020 and 2021,where we saw an increase in cash or debit,mainly because the stimulu

36、s dollars were in their accounts.Were seeing a reverting back more to a pre-pandemic level of credit card sales.So weve seen that shift back.And in that particular case,the consumer is working through any of the excess savings or cash that they have,theyre now leveraging and utilizing credit more co

37、nsistent with pre-pandemic.So were very in tune with that.”Kurt Barton,CFO|Tractor SSELECTED M&A DEALSQ3 2022Source:Capital IQ,Pitchbook,LinkedIn,Company WebsitesNote:Drake Star did not act as financial advisor on transactions listed on this page7UndisclosedACQUISITION BY Eclipse Automation is a man

38、ufacturer of custom automated engineering equipment for life science,energy,transportation,consumer,electronics and industrial sectors The acquisition will allow Accenture to offer automated production lines that leverage the cloud,data and artificial intelligence,making factories smarterAugust 2022

39、$7.0BACQUISITION BY(4.3x EV/REV)Coherent is a developer of photonics-based technologies intended to serve the scientific,commercial and industrial sectors The acquisition enables II-VI to establish itself as a global leader in materials,networking,and lasers.II-VI Incorporated has taken the name of

40、Coherent CorpJuly 2022$225MACQUISITION BYJuly 2022 Malema Engineering is a designer and manufacturer of measurement and control instruments intended to improve process control The acquisition enables Dover to expand its biopharma single-use production offering and further strengthens its sensor port

41、folio with new proprietary technology$700MACQUISITION BY Elmo is a developer and manufacturer of network motion controllers and servo drives catering to medical and lab automation,smart warehouse,material handling,semiconductor and robotics industries Through the acquisition,Bosch is strengthening i

42、ts portfolio through the development of innovative products such as ctrlX AutomationSeptember 2022$628MACQUISITION BY(6.1x EV/REV)SLM Solutions Group AG is a developer of industrial metal 3D printing machines focused on metal additive manufacturing and multi-laser technology for the aerospace and de

43、fense,automotive,energy,healthcare,tooling and research markets The company reached a definitive agreement to be acquired by Nikon(TKS:7731)September 2022$640MACQUISITION BY Micromine is a developer of modular data management software designed to deliver insights on mining data Through this acquisit

44、ion,Aspen Technology gains a comprehensive suite of applications for the exploration,modeling,design,scheduling and operations of minesJuly TOP 20 DISCLOSED M&A TRANSACTIONSYTD SEPTEMBER 2022(I/II)Note:Selected deals only.Drake Star did not act as financial advisor on transactions listed on this pag

45、eSource:Pitchbook,Drake Star analysis8TARGETACQUIRERSUBSECTORDATEDEAL SIZE($M)TOTAL LTM REV MULTIPLETOTAL LTM EBITDA MULTIPLETARGET COUNTRYIndustrial SoftwareMay-22$11.2B8.5x19.4xLaser SystemsJul-22$7.0B4.3x27.4xAutomationAug-22$5.1B4.4x15.9xMotion ControlOct-22$4.9B2.5x24.0 xMachine VisionJun-22$87

46、5M8.8x-Laser SystemsNov-22$701M-Motion ControlSep-22$700M-Industrial SoftwareJul-22$640M-Additive Manufacturing Sep-22$628M6.1x-Machine VisionNov-22$480M8.3x-TARGETACQUIRERSUBSECTORDATEDEAL SIZE($M)TOTAL LTM REV MULTIPLETOTAL LTM EBITDA MULTIPLETARGET COUNTRYLogisticsSep-22$406M-Test&MeasurementJul-

47、22$225M-Laser SystemsJun-22$217M3.1x-AutomationJul-22$165M-Motion ControlMay-22$152M-Motion ControlFeb-22$133M-RoboticsApr-22$100M-Additive ManufacturingAug-22$98M-Additive ManufacturingAug-22$81M-AutomationAug-22-TOP 20 DISCLOSED M&A TRANSACTIONSYTD SEPTEMBER 2022(II/II)Note:Selected deals only.Dra

48、ke Star did not act as financial advisor on transactions listed on this pageSource:Pitchbook,Drake Star SELECTED FUNDRAISE DEALSQ3 2022Source:Capital IQ,Pitchbook,LinkedIn,Company WebsitesDrake Star acted as financial advisor10 Gray Matter Robotics develops smart robotic solutions help manufacturers

49、 increase capacity and save costs by automating complex surface finishing and treatment applications With the new capital,GrayMatter Robotics will expand its team to meet rapidly growing customer demands.August 2022 Jaka aims to develop collaborative robotic technologies that are utilized in smart f

50、actories where their robots work in intelligent equipment production lines AKA plans to use the Series D funding to further support globalization of the company and the research and development of its collaborative robot(cobot)armJuly 2022September 2022 Novarc develops collaborative welding robots d

51、esigned to solve automation welding problems The funds will be used to scale their team in robotics,AI,vision,welding,sales and support to meet the demand for factory automation OpenSpace is an artificial intelligence and machine vision platform that makes construction site progress more visually ac

52、cessible The funds will be used to continue evolving the business and expand other AI-based technologies and to expand OpenSpaces fast-growing global platformAugust 2022 Nikola Labs produces rapidly deployable,end-to-end condition monitoring sensors designed to prevent unplanned downtime The funding

53、 will enable Nikola Labs to accelerate development of our IoT platform and machine learning capabilitiesJuly 2022 Geek is a developer of robotics technology designed to improve automation for logistics and warehouses The company will use this funding to accelerate its global market expansion and inv

54、est in its AMR technology research and development for key product innovationAugust 2022$149MFUNDRAISELED BY$110MFUNDRAISELED BY$100MFUNDRAISELED BY$20MFUNDRAISELED BY$30MFUNDRAISELED BYUndisclosedFUNDRAISELED BYTOP 20 DISCLOSED FUNDING ROUNDSYTD SEPTEMBER 2022(I/II)Note:Selected deals only.Drake St

55、ar did not act as financial advisor on transactions listed on this pageSource:Pitchbook,Drake Star analysis11COMPANYSUBSECTORDATEDEAL AMOUNTPOST-MONEY VALUATIONSELECT INVESTOR(S)TARGET COUNTRYAdditive ManufacturingAug-22$200M$2.6BRoboticsJul-22$149M-LogisticsJan-22$132M$244MRoboticsMar-22$115M$840MM

56、achine VisionAug-22$111M$911MRoboticsMay-22$110M-RoboticsAug-22$100M$2.0BAdditive ManufacturingMay-22$100M$330MSoftwareMay-22$95M-RoboticsMar-22$73M$553MTOP 20 DISCLOSED FUNDING ROUNDSYTD SEPTEMBER 2022(II/II)Note:Selected deals only.Drake Star did not act as financial advisor on transactions listed

57、 on this pageSource:Pitchbook,Drake Star analysis12COMPANYSUBSECTORDATEDEAL AMOUNTPOST-MONEY VALUATIONSELECT INVESTOR(S)TARGET COUNTRYRoboticsSep-22$70M-RoboticsFeb-22$68M$124MSoftwareJun-22$67M$159MWorkplace SafetyJan-22$50M$200MTest&MeasurementAug-22$35M$140MTest&MeasurementJun-22$29M$91MAutomatio

58、nJan-22$27M$100MWorkplace SafetyJun-22$24M$264MRoboticsAug-22$20M$61MRoboticsSep-22-PUBLIC MARKETSPast performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of September 30,2022.Equally weightedNote:See the following slid

59、es for specific companies included in each index13ADVANCED MANUFACTURING TECHNOLOGY PUBLIC COMPANY INDEX TRACKINGSELECTED SPAC MERGERS&PIPE RAISESJun-7:Symbotic,automation technology company,announced the completion of its reverse merger with SVF Investment Corp.3(NASDAQ:SVFC)(“SVFC”),a SPAC sponsor

60、ed by an affiliate of SoftBank Investment Advisers,to become a publicly traded company.SPAC at a valuation of$4.8BAug-2:FedEx Corp.has agreed to purchase$200 million in warehouse robotics products and services from Berkshire Grey,developer of robotic solutions,in exchange for warrants representing 2

61、5 million shares of Berkshire Grey stock.The acquisition allows FedEx to stock its fulfillment centers with the firms robotic order fulfillment system.Sep-2:SLM Solutions Group,developer of industrial metal 3D printing machines,and Nikon Corporation have entered into an Investment Agreement in relat

62、ion to a voluntary public takeover offer that Nikon intends to launch for all outstanding shares of SLM at a cash consideration of EUR 20 per share.Bid value of$622M.(50%)(40%)(30%)(20%)(10%)0%10%Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Laser Systems:(46.8%)SIX ADVANCED MANUFACTURING TE

63、CH INDICES SIX ADVANCED MANUFACTURING TECH INDICES TRADED ABOVE THE NASDAQ:TRADED ABOVE THE NASDAQ:Diversified Global Automation,Test and Measurement,Industrial Software,Logistics,Motion Control,and ServicesLogistics:(30.4%)Industrial Software:(29.9%)Diversified Global Automation:(28.0%)Test and Mea

64、surement:(29.1%)NASDAQ:(33.2%)Services:(32.8%)Additive Manufacturing:(43.3%)Machine Vision:(44.8%)Robotics:(44.5%)Motion Control:(31.8%)-1.0 x0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x7.0 x8.0 x9.0 x10.0 x11.0 x12.0 x13.0 x14.0 x15.0 xJan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22

65、PUBLIC MARKETSPast performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of September 30,2022.Equally weightedNote:See the following slides for specific companies included in each index14ADVANCED MANUFACTURING TECHNOLOGY

66、EV/REV MULTIPLESValuation contraction due geopolitical tensions,inflation,and expected interest rate hikesCovid-19Industrial Software:9.6xLaser Systems:7.9xTest and Measurement:5.7xLogistics:4.8xNASDAQ:3.2xRobotics:3.2xDiversified Global Automation:3.1xMotion Control:2.7xAdditive Manufacturing:1.8xS

67、ervices:1.0 xMachine Vision:PUBLICLY TRADED COMPS(I/IV)Past performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of September 30,2022,in$M except share price,EV/Revenue and EV/EBITDA multiples less than 0 and greater tha

68、n 100 are denoted as NM 15DIVERSIFIED GLOBAL AUTOMATION,INDUSTRIAL SOFTWARECompany NameTickerCountryLTMPriceMCAPEVRevenueEBITDAGross MarginEBITDA MarginDiversified Global AutomationLTMLTMLTMNTMLTMNTMLTMNTMLTMLTMABB Ltd ABBNCH30-Sep-22$26.29$49,765.6$55,658.7$29,189.0$4,525.02.0 x1.8x12.6x11.5x2%6%33

69、%16%Danaher Corporation DHRUS30-Sep-22$258.29$187,891.9$206,744.9$31,250.0$10,896.06.7x6.8x18.6x20.2x11%-3%61%35%Emerson Electric Co.EMRUS30-Sep-22$73.22$43,295.0$58,870.0$19,629.0$4,590.03.1x2.9x13.0 x11.3x8%4%42%23%Fortive Corporation FTVUS30-Sep-22$58.30$20,731.5$23,735.8$5,670.6$1,462.64.3x4.0 x

70、17.4x15.4x9%5%58%26%Hitachi,Ltd.6501JP30-Sep-22$42.26$40,393.8$61,121.9$74,980.6$6,919.20.8x0.9x8.3x6.7x11%-12%25%9%Honeywell International Inc.HONUS30-Sep-22$166.97$112,486.4$124,558.4$34,937.0$8,499.03.6x3.4x14.3x13.2x1%5%32%24%OMRON Corporation 6645JP30-Sep-22$45.73$9,110.8$8,530.2$5,515.3$760.61

71、.6x1.5x12.8x10.7x10%7%45%14%Rockwell Automation,Inc.ROKUS30-Sep-22$215.11$24,831.3$29,069.0$7,760.4$1,561.03.9x3.5x19.4x15.8x11%7%40%20%Roper Technologies,Inc.ROPUS30-Sep-22$359.64$38,125.3$42,703.2$6,141.5$2,348.67.1x8.0 x18.1x19.8x25%-13%67%38%Sandvik AB SANDSE30-Sep-22$13.74$17,231.5$20,984.1$10,

72、801.8$2,260.12.1x2.1x9.2x8.5x45%-6%39%21%Schneider Electric S.E.SUFR30-Jun-22$114.67$63,655.1$76,386.0$32,623.9$6,072.52.5x2.3x12.6x11.5x14%8%41%19%Siemens Limited SIEMENSIN30-Sep-22$34.05$12,125.9$11,526.5$1,983.2$216.05.8x5.1xNM43.2x18%9%32%11%Average3.6x3.5x14.2x15.7x13.8%1.5%42.8%21.3%Median3.3x

73、3.1x13.0 x12.4x10.8%4.9%40.3%20.5%Industrial SoftwareAltair Engineering Inc.ALTRUS30-Sep-22$44.22$3,535.2$3,449.5$552.6$21.06.2x5.9x43.1x35.1x5%6%78%4%Altium Limited ALUUS30-Jun-22$22.18$2,920.0$2,742.5$220.8$73.513.3x11.2x37.1x31.0 x23%72%50%33%ANSYS,Inc.ANSSUS30-Sep-22$221.70$19,303.1$19,671.0$2,0

74、27.1$690.19.9x9.3x29.1x21.1x8%5%91%34%Autodesk,Inc.ADSKUS31-Oct-22$186.80$40,322.5$41,796.5$4,744.4$990.18.8x7.9x38.1x21.1x17%12%92%21%AVEVA Group plc AVVGB30-Sep-22$35.01$10,568.5$11,126.3$1,399.4$122.58.4x7.2xNM25.2x30%10%80%9%Bentley Systems,Incorporated BSYUS30-Sep-22$30.59$9,481.3$11,266.0$1,07

75、9.9$204.410.6x9.7xNM28.7x18%8%78%19%Cadence Design Systems,Inc.CDNSUS1-Oct-22$163.43$44,758.6$44,077.0$3,283.2$1,134.113.4x12.2x38.1x29.0 x14%10%90%35%Dassault Systmes SE DSYFR30-Sep-22$35.04$46,049.3$46,539.6$5,343.4$1,454.79.1x8.2x34.1x21.8x16%6%84%27%Hexagon AB HEXA BSE30-Sep-22$9.43$25,389.3$28,

76、897.2$4,872.5$1,525.76.3x5.5x19.2x14.1x19%7%65%31%PTC Inc.PTCUS30-Sep-22$104.60$12,287.0$13,584.6$1,933.3$560.77.1x6.5x25.4x18.2x7%7%80%29%Synopsys,Inc.SNPSUS31-Jul-22$305.51$46,715.9$45,901.5$4,949.7$1,326.69.3x8.4x32.1x24.0 x21%10%81%27%Average9.3x8.4x32.9x24.5x16.1%13.9%78.9%24.4%Median9.1x8.2x34

77、.1x24.0 x17.4%8.0%80.0%27.2%EV/RevenueEV/EBITDARevenue GPUBLICLY TRADED COMPS(II/IV)Past performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of September 30,2022,in$M except share price,EV/Revenue and EV/EBITDA multiple

78、s less than 0 and greater than 100 are denoted as NM 16ADDITIVE MANUFACTURING,LASER SYSTEMS,ROBOTICSCompany NameTickerCountryLTMPriceMCAPEVRevenueEBITDAGross MarginEBITDA MarginAdditive ManufacturingLTMLTMLTMNTMLTMNTMLTMNTMLTMLTM3D Systems Corporation DDDUS30-Sep-22$7.98$1,039.6$906.3$556.2-$56.61.6

79、x1.6xNMNM-13%2%41%-10%Desktop Metal,Inc.DMUS30-Sep-22$2.59$817.0$696.9$205.1-$169.43.8x2.4xNMNM220%39%13%-83%Markforged Holding Corporation MKFGUS30-Sep-22$1.98$382.0$187.9$97.9-$80.01.9x1.6xNMNM10%23%53%-82%Materialise NV MTLSBE30-Sep-22$10.71$632.6$551.4$221.9$19.92.4x2.4x18.4x22.4x17%6%56%9%Prodw

80、ays Group SA PWGFR30-Jun-22$3.15$161.2$166.6$83.6$10.92.1x2.0 x13.4x11.7x22%7%51%13%Proto Labs,Inc.PRLBUS30-Sep-22$36.43$1,001.9$897.5$496.4$75.21.8x1.7x10.9x9.0 x6%4%45%15%SLM Solutions Group AG AM3DDE30-Sep-22$19.26$437.2$506.7$99.0-$3.95.6x5.0 xNMNM39%2%56%-4%Stratasys Ltd.SSYSUS30-Sep-22$14.41$9

81、61.9$535.8$659.2-$10.70.8x0.8xNM11.2x13%1%43%-2%Velo3D,Inc.VLDUS30-Sep-22$3.94$728.8$604.5$61.4-$92.811.9x5.0 xNMNM158%98%5%-151%voxeljet AG VJETDE30-Sep-22$3.15$26.2$42.2$27.4-$6.61.5x1.5xNMNM23%4%32%-24%Average3.3x2.4x14.2x13.6x49.5%18.6%39.5%-31.8%Median2.0 x1.9x13.4x11.5x19.3%4.8%44.1%-7.1%Laser

82、 SystemsCoherent Corp.COHRUS30-Sep-22$34.85$4,561.0$5,649.9$3,866.1$851.11.7x1.0 x7.7x3.9x22%41%37%22%Hamamatsu Photonics K.K.6965JP30-Sep-22$42.85$6,635.0$5,893.5$1,443.1$487.24.3x4.0 x12.8x12.8x24%3%54%34%IPG Photonics Corporation IPGPUS30-Sep-22$84.35$4,235.0$3,040.2$1,460.5$420.22.0 x2.0 x6.7x6.

83、9x2%5%45%29%Jenoptik AG JENDE30-Sep-22$19.95$1,141.6$1,655.3$911.2$144.61.9x1.7x11.2x9.3x48%5%35%16%Keyence Corporation 6861JP20-Sep-22$331.06$80,290.6$73,231.9$5,871.3$3,283.113.6x11.8x24.0 x21.5x29%7%82%56%LPKF Laser&Electronics AG LPKDE30-Sep-22$7.25$177.5$182.2$124.8$10.91.6x1.3x16.0 x8.3x46%8%6

84、6%9%Lumentum Holdings Inc.LITEUS1-Oct-22$68.57$4,674.2$4,061.2$1,712.6$477.82.4x1.9x8.3x6.3x-2%23%50%28%Novanta Inc.NOVTUS30-Sep-22$115.65$4,122.1$4,484.7$841.5$157.15.6x5.1x27.2x23.8x28%5%44%19%Average4.1x3.6x14.2x11.6x24.5%12.1%51.5%26.5%Median2.2x2.0 x12.0 x8.8x26.0%6.0%47.5%25.0%RoboticsAutoStor

85、e Holdings Ltd.AUTONO30-Sep-22$1.11$3,694.1$3,983.8$531.1$187.49.4x5.9x31.7x12.5x83%27%59%35%Berkshire Grey,Inc.BGRYUS30-Sep-22$1.70$399.6$300.4$76.1-$127.74.2x2.7xNMNM147%47%-12%-168%Fanuc Corporation6954JP30-Sep-22$140.03$26,785.9$23,043.3$5,512.9$1,605.14.4x3.8x13.1x12.7x19%9%39%29%OMRON Corporat

86、ion 6645JP30-Sep-22$45.73$9,110.8$8,530.2$5,515.3$760.61.6x1.5x12.8x10.7x10%7%45%14%Symbotic Inc.SYMUS24-Sep-22$11.50$636.2$290.6$593.3-$134.40.7x0.4xNMNM136%29%17%-23%Teradyne,Inc.TERUS2-Oct-22$75.15$11,782.1$11,038.1$3,431.7$1,144.83.2x3.4x9.3x11.9x0%-6%60%33%YASKAWA Electric Corporation 6506JP31-

87、Aug-22$28.79$7,525.1$7,690.9$3,626.4$544.02.3x2.1x14.9x12.7x14%7%35%15%Average3.7x2.8x16.4x12.1x58.2%17.1%34.6%-9.1%Median3.2x2.7x13.1x12.5x18.6%9.3%38.9%15.0%EV/RevenueEV/EBITDARevenue GPUBLICLY TRADED COMPS(III/IV)Past performance does not guarantee future results.This is not a recommendation to b

88、uy or sell any specific security.Source:Capital IQ as of September 30,2022,in$M except share price,EV/Revenue and EV/EBITDA multiples less than 0 and greater than 100 are denoted as NM 17MACHINE VISION,MOTION CONTROL,TEST&MEASUREMENTCompany NameTickerCountryLTMPriceMCAPEVRevenueEBITDAGross MarginEBI

89、TDA MarginMachine VisionLTMLTMLTMNTMLTMNTMLTMNTMLTMLTMAntares Vision S.p.A.AVIT30-Jun-22$7.12$491.8$539.1$198.1$22.32.9x2.3x25.8x10.2x37%26%81%11%Basler Aktiengesellschaft BSLDE30-Sep-22$22.90$684.4$719.9$250.4$35.43.2x2.6x26.0 x13.6x24%11%50%14%Bruker Corporation BRKRUS30-Sep-22$53.06$7,860.2$8,339

90、.1$2,505.8$538.13.4x3.3x15.1x13.9x6%2%51%21%Carl Zeiss Meditec AG AFXDE30-Jun-22$105.36$9,423.8$9,551.6$1,862.3$396.25.5x5.0 x24.5x20.0 x14%10%59%21%Cognex Corporation CGNXUS2-Oct-22$41.45$7,187.3$6,861.9$1,085.9$333.06.3x7.3x20.1x29.3x10%-14%71%31%FARO Technologies,Inc.FAROUS30-Sep-22$27.44$515.2$4

91、35.1$342.1$0.71.3x1.2x39.8x20.3x3%2%53%0%Hexagon AB HEXA BSE30-Sep-22$9.43$25,389.3$28,897.2$4,872.5$1,525.76.3x5.5x19.2x14.1x19%7%65%31%Olympus Corporation 7733JP30-Sep-22$19.20$24,447.3$25,203.5$6,399.0$1,677.74.1x3.6x14.6x12.5x20%9%66%26%Stemmer Imaging AG S9IDE30-Sep-22$26.18$170.2$146.3$141.8$2

92、1.21.1x1.0 x7.2x6.9x16%3%38%15%Teledyne Technologies Incorporated TDYUS2-Oct-22$337.47$15,815.4$19,620.4$5,364.4$1,227.73.7x3.5x15.4x14.9x54%4%41%23%TKH Group N.V.TWEKANL30-Jun-22$32.75$1,343.1$1,808.3$1,774.7$245.61.1x1.1x7.3x7.2x27%1%48%14%Tomra Systems ASA TOMNO30-Sep-22$17.71$5,229.4$5,474.1$1,0

93、82.8$178.35.2x4.5x25.5x21.4x11%12%57%16%Viscom AG V6CDE30-Jun-22$7.28$64.6$91.0$94.7$4.51.0 x1.0 x12.6x7.5x37%2%62%5%Average3.5x3.2x19.5x14.8x21.5%5.9%57.1%17.7%Median3.4x3.3x19.2x13.9x19.2%4.0%56.8%16.5%Motion ControlAllied Motion Technologies Inc.AMOTUS30-Sep-22$28.62$457.3$681.6$468.7$53.01.6x1.3

94、x12.8x9.8x17%12%31%11%Altra Industrial Motion Corp.AIMCUS30-Sep-22$33.62$2,187.5$3,126.5$1,945.9$354.91.6x1.6x8.3x8.1x3%-1%35%18%Moog Inc.MOG.AUS1-Oct-22$70.35$2,253.0$3,121.2$2,992.1$337.71.0 x1.0 x8.5x7.9x6%4%27%11%covestro6594JP30-Sep-22$56.19$32,296.0$35,484.5$14,778.6$2,007.82.6x2.2x18.5x15.5x2

95、0%8%20%14%Regal Rexnord Corporation RRXUS30-Sep-22$140.36$9,330.8$10,948.3$5,189.8$918.92.3x2.1x13.0 x9.1x54%2%31%18%SMC Corporation 6273JP30-Sep-22$402.39$26,292.0$21,324.3$5,461.7$1,841.84.1x3.7x11.9x10.5x20%4%50%34%Average2.2x2.0 x12.2x10.1x20.0%5.1%32.4%17.6%Median2.0 x1.8x12.4x9.4x18.6%4.2%30.9

96、%15.6%Test and MeasurementAMETEK,Inc.AMEUS30-Sep-22$113.41$26,036.5$28,364.5$6,028.6$1,775.34.8x4.6x15.7x15.3x15%3%35%29%Itron,Inc.ITRIUS30-Sep-22$42.11$1,900.8$2,216.7$1,813.7$63.71.2x1.1x24.3x15.9x-10%8%28%4%Keyence Corporation 6861JP20-Sep-22$331.06$80,290.6$73,231.9$5,871.3$3,283.113.6x11.8x24.0

97、 x21.5x29%7%82%56%Keysight Technologies,Inc.KEYSUS31-Oct-22$157.36$28,135.4$28,312.4$5,271.0$1,578.05.4x5.1x17.2x16.1x8%6%64%30%National Instruments Corporation NATIUS30-Sep-22$37.74$4,993.6$5,407.1$1,629.3$252.03.4x3.0 x21.0 x16.3x15%9%69%15%Roper Technologies,Inc.ROPUS30-Sep-22$359.64$38,125.3$42,

98、703.2$6,141.5$2,348.67.1x8.0 x18.1x19.8x25%-13%67%38%Spectris plc SXSGB30-Jun-22$30.49$3,207.8$3,398.5$1,609.7$269.22.3x2.4x13.8x12.0 x4%-3%56%17%TE Connectivity Ltd.TELCH30-Sep-22$110.36$35,297.4$38,782.4$16,281.0$3,749.02.5x2.3x10.0 x10.1x9%2%32%23%Teledyne Technologies Incorporated TDYUS2-Oct-22$

99、337.47$15,815.4$19,620.4$5,364.4$1,227.73.7x3.5x15.4x14.9x54%4%41%23%Average4.9x4.6x17.7x15.8x16.5%2.6%52.8%26.1%Median3.7x3.5x17.2x15.9x15.0%4.0%56.4%23.0%EV/RevenueEV/EBITDARevenue GPUBLICLY TRADED COMPS(IV/IV)Past performance does not guarantee future results.This is not a recommendation to buy o

100、r sell any specific security.Source:Capital IQ as of September 30,2022,in$M except share price,EV/Revenue and EV/EBITDA multiples less than 0 and greater than 100 are denoted as NM 18LOGISTICS,SERVICESCompany NameTickerCountryLTMPriceMCAPEVRevenueEBITDAGross MarginEBITDA MarginLogisticsLTMLTMLTMNTML

101、TMNTMLTMNTMLTMLTMAmerican Software,Inc.AMSW.AUS31-Oct-22$15.32$516.2$402.2$129.6$15.03.1x3.0 x24.4x22.3x14%5%60%12%Basware Oyj BAS1VFI30-Jun-22$38.88$562.1$615.1$163.4$11.94.0 x3.7x40.3x23.7x3%8%57%7%Coupa Software Incorporated COUPUS31-Jul-22$58.80$4,464.7$5,873.5$786.6-$119.57.5x6.5xNMNM22%16%60%-

102、15%E2open Parent Holdings,Inc.ETWOUS31-Aug-22$6.07$1,832.7$3,093.5$602.2$159.26.0 x4.5x21.2x13.6x0%15%66%26%Honeywell International Inc.HONUS30-Sep-22$166.97$112,486.4$124,558.4$34,937.0$8,499.03.6x3.4x14.3x13.2x1%5%32%24%Kinaxis Inc.KXSCA30-Sep-22$99.84$2,756.0$2,571.0$336.9$28.78.8x6.7xNM42.7x42%1

103、3%65%9%Manhattan Associates,Inc.MANHUS30-Sep-22$133.03$8,343.5$8,155.2$740.5$142.111.5x10.7xNM40.9x16%3%53%19%Park City Group,Inc.PCYGUS30-Sep-22$5.35$98.8$80.3$18.2$5.34.5x4.1x15.3x11.4x-10%7%83%29%Samsara Inc.IOTUS30-Jul-22$12.07$6,208.7$5,516.2$535.7-$411.110.3x8.0 xNMNM0%29%71%-77%SPS Commerce,I

104、nc.SPSCUS30-Sep-22$124.23$4,474.2$4,233.5$431.6$93.710.2x8.8x45.4x30.4x18%12%66%22%Tecsys Inc.TCSCA31-Jul-22$21.31$310.4$293.2$107.8$4.82.9x2.7xNM38.1x8%9%42%4%The Descartes Systems Group Inc.DSGCA31-Jul-22$63.88$5,416.9$5,248.5$460.7$191.012.2x10.2x28.7x23.3x20%11%76%41%Trimble Inc.TRMBUS30-Sep-22$

105、54.27$13,440.4$14,498.8$3,745.8$760.03.9x3.7x16.7x14.3x5%5%59%20%WiseTech Global Limited WTCAU30-Jun-22$33.50$10,865.4$10,574.9$435.6$191.126.0 x21.2xNM40.8x25%23%85%44%Zebra Technologies Corporation ZBRAUS1-Oct-22$262.01$13,612.7$15,830.7$5,803.0$1,148.02.7x2.6x12.9x11.1x12%5%45%20%Average7.8x6.6x2

106、4.4x25.1x11.7%11.1%61.3%12.4%Median6.0 x4.5x21.2x23.3x12.4%8.5%59.9%19.8%ServicesATS Automation Tooling SystemsATSCA2-Oct-22$26.56$2,436.4$3,188.0$1,767.5$229.91.9x1.7x13.7x10.7x41%11%28%13%Drr Aktiengesellschaft DUEDE30-Sep-22$21.02$1,454.9$1,542.4$4,001.8$271.00.4x0.4x5.3x4.2x19%0%22%7%MAX Automat

107、ion SE MXHNDE31-Dec-21$4.49$185.2$277.9$420.9$30.10.9x0.7xNM10.1x20%8%54%7%Scott Technology Limited SCTNZ31-Aug-22$1.59$126.7$140.0$136.2$12.11.1xNA10.9xNA8%NA41%9%Average1.1x0.9x10.0 x8.3x21.9%6.0%36.4%9.0%Median1.0 x0.7x10.9x10.1x19.4%7.6%34.7%8.0%EV/RevenueEV/EBITDARevenue GGLOBAL REACH COMBINED

108、WITH LOCAL PRESENCE19ONE OF THE LARGEST TECH TEAMS WITH OVER 100 PROFESSIONALS IN THE US,EUROPE,AND MIDDLE EAST6countries+70%cross-border transactions9 offices3continents+100professionals+400transactionsNew YorkMunichLondonSingaporeDubaiBerlinParisSan FranciscoLos AADVANCED MANUFACTURINGTECHNOLOGYWW

109、W.DRAKESTAR.COMQ3 2022 MARKET UPDATEThis report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us,and we as

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