| In 1H26A, Doxee recorded revenues of € 15.09 million, substantially stable compared to € 15.13 million in 1H25A, with a growing contribution from recurring revenues: Subscription revenues increased by 13.4% to € 12.36 million, accounting for 81.9% of total revenues. Value of Production stood at € 16.49 million, up 1.5%. EBITDA reached € 2.40 million, down 16.9% compared to € 2.89 million in the comparable period, with an EBITDA margin of 14.6%. EBIT remained substantially stable at € 0.47 million, while Net Income remained positive at € 0.03 million. From a balance sheet perspective, NFP improved significantly to € 10.60 million of net debt compared to € 14.28 million at year-end 2025. In light of the results published in the 1H26A interim financial report, we revise our estimates for the current year and the following years. In particular, we estimate FY26E Value of Production at € 35.00 million and EBITDA at € 6.70 million, corresponding to a margin of 19.1%. For the following years, we expect Value of Production to increase to € 47.00 million in FY28E (25A-28E CAGR: 11.5%), with EBITDA reaching € 13.10 million and a margin of 27.9%, compared to € 6.27 million in FY25A, corresponding to an EBITDA margin of 18.5%. From a balance sheet perspective, we estimate NFP at € 10.69 million of debt in FY26E, progressively declining to € 0.44 million in FY28E. We valued Doxee’s equity value using both the DCF methodology and the market multiples of a sample of comparable companies. The DCF method, which prudentially includes a 2.50% specific risk premium in the WACC calculation, yields an equity value of € 83.9 million. Doxee’s equity value based on market multiples amounts to € 73.9 million. This results in an average equity value of approximately € 78.9 million. The target price is € 6.80, with a BUY rating and MEDIUM risk. |
