| Revenues amount to € 25.84 million, an increase compared to the restated result of € 23.82 million for the previous fiscal year. EBITDA, amounting to € -0.20 million, shows a decrease compared to € 4.05 million for the restated previous fiscal year. EBIT stands at € -4.54 million, compared to the result of the last fiscal year of € 0.80 million and our previous estimates of € -4.25 million. Net Income is € -5.10 million, compared to € 0.49 million for FY22A. The NFP goes from € 14.43 million for FY22A to € 21.61 million of debt in FY23A. In light of the re-approval of the FY23A budget for the reasons mentioned above, we almost entirely confirm the estimates for both the current year and the coming years. In particular, we confirm the Value of Production for FY24E at € 30.00 million and an EBITDA of € 3.90 million, corresponding to a margin of 13.0%. For the following years, we expect the Value of Production to increase to € 42.00 million (CAGR 23A-27E: 9.2%) in FY27E, with an EBITDA of € 12.00 million (corresponding to a margin of 28.6%), an increase from € -0.20 million in FY23A (corresponding to an EBITDA margin of -0.7%). We estimate an NFP of debt for FY27E of € 7.10 million. We conducted our valuation of the equity value of Doxee based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 66.5 million. Using market multiples, the equity value of Doxee was calculated to be € 49.9 million (including a discount of 25%). The result is an average equity value of approximately € 58.2 million. The target price is € 6.75, with a BUY rating, and MEDIUM risk. |