| On June 15, 2026, Doxee announced the approval of its 2026–2028 Business Plan, marking the beginning of a new phase of consolidation and organic growth following the turnaround and integration process achieved through the O³ Strategy. The Plan aims to strengthen the Company’s positioning as a European cloud-sovereign technology vendor for regulated large enterprises, leveraging the scalability of the Doxee Platform® and the evolution of its offering towards integrated, personalized, and compliant solutions. The proprietary platform remains at the core of the strategy, supporting the management of the entire digital communication lifecycle and customers’ mission-critical processes. In this context, artificial intelligence acts as a technological accelerator, enabling controlled and agent-native forms of automation. The Plan also envisages an extension of the core business into adjacent areas, a continued focus on regulated industries, and geographic expansion concentrated on Italy, the DACH region, and France. Following the approval of the 2026–2028 Business Plan, we have revised our estimates for both the current year and the medium term. Specifically, we forecast FY26E Value of Production of € 36.50 million and EBITDA of € 7.00 million, corresponding to an EBITDA margin of 19.2%. Looking ahead, we expect Value of Production to increase to € 49.00 million by FY28E (FY25A–FY28E CAGR of 13.0%), with EBITDA reaching € 13.60 million (corresponding to a 27.8% EBITDA margin), compared to € 6.27 million in FY25A (18.5% EBITDA margin). From a balance sheet perspective, we estimate a net debt position of € 4.04 million by FY28E. 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 € 77.2 million. The equity value based on market multiples is € 80.4 million. The average equity value stands at approximately € 78.8 million. The target price is € 6.80, with a BUY rating and MEDIUM risk profile. |
