| In FY24A, the Group reported improving results, with consolidated revenues of € 26.47 mln (+2.4%) and a return to positive EBITDA of € 2.94 mln, driven by efficiency initiatives and the new ONE Company operating model. EBIT stood at € -2.25 mln, recovering from € -4.54 mln in 2023, while Net Income amounted to € -3.67 mln. The DACH region was a key growth driver, with revenues up 30.0% to € 5.10 mln. The recurring component reached 72.7% of total revenues, supported by the launch of the new integrated Doxee Platform. The Net Financial Position improved to € 19.22 mln, also benefiting from a € 5.90 mln capital increase completed in the first half of FY24A. Following the publication of the FY24A annual report, we have revised our estimates for the current and coming years. Specifically, we forecast FY25E production value of € 34.00 mln and EBITDA of € 6.10 mln, corresponding to a margin of 17.9%. For the following years, we expect production value to grow to € 42.00 mln by FY27E (CAGR 24A–27E: 12.1%), with EBITDA reaching € 10.80 mln (margin of 25.7%), up from € 2.94 mln in FY24A (EBITDA margin of 9.9%). At the balance sheet level, we estimate a net financial debt (NFP) of € 8.10 mln by FY27E. 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 € 81.7 mln. The equity value based on market multiples is € 63.1 mln. The average equity value stands at approximately € 72.4 mln. The target price is € 6.30, with a BUY rating and MEDIUM risk profile. |
