| Sales revenues amounted to € 12.54 million, marking a 3.2% increase compared to € 12.14 million recorded in 1H23A. EBITDA stands at € 0.54 million, an improvement compared to € -0.50 million in 1H23A. The EBITDA Margin is 3.9%, compared to -3.6% as of June 30, 2023. EBIT amounts to € -2.00 million, showing an improvement compared to € -2.56 million in 1H23A. The Net Income is negative at € 2.41 million, yet improved from € -3.25 million in 1H23A. On a balance sheet level, the Group’s NFP stands at € 16.96 million, marking a significant reduction from € 21.61 million in the previous semester. In light of the results published in the half-year report for 1H24A, we are revising estimates for both the current year and the upcoming years. Specifically, we estimate FY24E production value at € 30.00 million, with EBITDA of € 3.60 million, corresponding to a margin of 12.0%. For subsequent years, we expect production value to increase to € 42.00 million (CAGR 23A-27E: 9.2%) in FY27E, with EBITDA of € 11.20 million (corresponding to a margin of 26.7%), up from € -0.20 million in FY23A (corresponding to an EBITDA margin of -0.7%). On a balance sheet level, we estimate a debt NFP of € 6.63 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 € 77.9 million. Using market multiples, the equity value of Doxee was calculated to be € 73.7 million (including a discount of 25%). The result is an average equity value of approximately € 75.8 million. The target price is € 6.60, with a BUY rating, and MEDIUM risk. |