Doxee
On 17 December 2019, Doxee S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 19 December 2019.
Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 4.5 million, through the issuance of 1,666,500 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 3.0; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 21.6 million.
The enterprise. DOXEE is a multinational High-Tech company, a leader in the Customer Communications Management, Paperless, and Digital Customer Experience markets. Doxee offers innovative technology products based on the only proprietary platform, the Doxee Platform, and delivered in Cloud mode to over 200 Enterprise-sized companies. The products offered to represent a powerful tool to innovate communication strategies between the company and its clients by creating personalized and two-way relationships.
Ultima Ricerca Doxee
UPDATE| In 1H25A, the Group reported markedly improved results, with consolidated revenues of € 15.13 mln (+20.7%) and EBITDA of € 2.89 mln, driven by higher revenues and efficiency measures on direct costs. The combined effect of these factors led to an EBITDA margin of 17.8%, compared to 3.9% in the prior period. EBIT returned to positive territory at € 0.49 mln, versus € – 2.00 mln in 1H24A, while Net Income amounted to € 0.04 mln. The recurring component, demonstrating the scalability of the business model, remained stable at 72.2% of revenues, supported by the new Doxee Platform. At the balance sheet level, the Group’s Net Financial Position improved to € 15.41 mln, from € 19.22 mln in FY24A. In light of the results published in the 1H25A half-year report, we largely confirm our estimates for the current year and the coming years. Specifically, we forecast FY25E Value of Production of € 34.00 mln and EBITDA of € 6.10 mln, corresponding to a margin of 17.9%. For the following years, we expect Value of Production to rise to € 42.00 mln in FY27E (CAGR 24A–27E: 12.1%), with EBITDA of € 10.80 mln (margin of 25.7%), compared to € 2.94 mln in FY24A (EBITDA margin of 9.9%). At the balance sheet level, we forecast FY27E Net Financial Position of € 6.70 mln of net debt. We evaluated Doxee’s equity value using both the DCF method and peer group multiples. The DCF method (including a 2.50% company-specific risk in the WACC as a conservative measure) results in an equity value of € 75.3 million. The equity value based on market multiples is € 73.1 million. The average equity value stands at approximately € 74.2 million. The target price is € 6.40, with a BUY rating and MEDIUM risk profile. |
