 Solution

The category of elements of $X$ has objects $(W,x)$ with $x\in X(W)$ and morphisms $f:(W,x)\to (V,y)$ satisfying $X(f)y=x$. Send $(W,x)$ to the representable presheaf $H_W$ and a morphism to $H_f$. The Yoneda lemma gives a canonical cocone to $X$, whose leg at $(W,x)$ corresponds to $x$.

For any target presheaf $Z$, a cocone from this diagram to $Z$ is a family of maps $H_W\to Z$, or equivalently elements $z_{W,x}\in Z(W)$, with $z_{W,x}=Z(f)z_{V,y}$ whenever $X(f)y=x$. Such a family is exactly a natural transformation $X\to Z$, via $x\mapsto z_{W,x}$. This bijection respects the canonical cocone, so it proves its colimit universal property. Consequently the canonical colimit presentation of a presheaf isEquivalently, the density coend identifies the disjoint copies of the representables by exactly these element-category arrows. Smallness of $\mathcal{C}$ and the set-valued fibers make the indexing category small.