| The Group’s revenues amounted to € 12.14 million, marking a growth of 9.9% compared to the € 11.05 million reported in 1H22A. EBITDA came in negative at € 0.50 million, clearly down on the 1H22A figure, positive by € 1.53 million. The EBITDA margin went from 12.0% in 1H22A to -3.6% for the first half-year of 2023. EBIT was negative by € 2.56 million, compared to the positive result of € 0.07 million achieved in 1H22A. Net Income came in negative for € 3.25 million, compared to a positive result in 1H22A of € 0.27 million. In light of the published 1H23A half-year results, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate an FY23E value of production of € 28.40 million, and an EBITDA of € -0.05 million, corresponding to a margin of -0.2%. In the following years, we expect the value of production to rise to € 45.70 million (CAGR 22A-26E: 12.3%) in FY26E, with EBITDA equal to € 12.65 million (corresponding to a margin of 27.7%), up compared to € 4.93 million in FY22A (corresponding to an EBITDA margin of 17.2%). On the balance sheet, we estimate a NFP of € 4.11 million for FY26E. 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 € 100.6 million. Using market multiples, the equity value of Doxee is € 66.8 million (including a 25% discount). The results give an average equity value of approximately € 83.7 million. The target price is € 9.70, with a BUY rating and MEDIUM risk. |