| Revenues amounted to € 25.46 million, showing a growth of 22.2% compared to the figure of € 20.85 million reported in the previous year. EBITDA, equal to € 4.93 million, recorded a slight decrease of 10.1%, compared to € 5.49 million in the previous year. Consequently, the EBITDA Margin fell from 23.2% in FY21A to 17.2% in FY22A. EBIT came in at € 1.80 million (€ 1.94 million in 2021), after amortization and depreciation equal to € 3.13 million. Net Income amounted to € 1.25 million, down on the € 1.77 million of the previous year. In light of the results published in the Annual Report for FY22A, and the application of IAS/IFRS international accounting standards, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate a FY23E Value of Production of € 33.00 million, and an EBITDA of € 6.65 million, corresponding to a margin of 20.2%. In the following years, we expect the Value of Production to rise to € 53.50 million (CAGR 22A-26E: 16.8%) in FY26E, with an EBITDA of € 15.30 million (corresponding to a margin of 28.6%), up from € 4.93 million in FY22A (corresponding to an EBITDA Margin of 17.2%). On the balance sheet, we estimate a cash positive NFP of € 4.28 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 € 115.0 million. Using market multiples, the equity value of Doxee is € 109.3 million (including a 25% discount). The result gives an average equity value of approximately € 112.1 million. The target price is € 13.00, BUY rating, and MEDIUM risk. |