| Revenues came in at € 25.21 million, substantially in line with the previous year’s result of € 25.46 million and with our estimate of € 25.60 million. EBITDA, equal to € -0.99 million, recorded a decrease from € 4.39 million in the previous year. As a consequence, EBIT was € -5.33 million, compared to the result of the last financial year of € 1.80 million and our previous estimate of € -4.25 million. Net Income came in at € -5.34 million, compared to € 1.25 million in FY22A, and € -5.75 million estimated in our previous report. NFP went from € 14.43 million in FY22A to € 20.94 million of debt in FY23A. In light of the results published in the annual report for FY23A, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate an FY24E value of production of € 30.00 million, and an EBITDA of € 3.90 million, corresponding to a margin of 13.0%. In the following years, we expect the value of production to reach € 42.00 million (CAGR 23A-27E: 9.8%) in FY27E, with EBITDA equal to € 12.00 million (corresponding to a margin of 28.6%), up from € -0.99 million in FY23A (corresponding to an EBITDA margin of -3.4%). On the balance sheet, we estimate a debt NFP of € 7.09 million for FY27E. 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 € 67.0 million. Using market multiples, the equity value of Doxee was calculated to be € 50.3 million (including a discount of 25%). The result is an average equity value of approximately € 58.7 million. The target price is € 6.80, with a BUY rating, and MEDIUM risk. |