On 17 December 2019, Doxee S.p.A. obtained admission to negotiate ordinary shares on AIM Italia, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 19 December 2019.
Integrae SIM acted as Nomad, Global Coordinator, Private Placement Bookrunner, and Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 4.5 million, through the issuance of 1,666,500 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 3.0; based on this price, the market capitalization at the beginning of the negotiations was equal to Euro 21.6 million.
The enterprise. DOXEE is a multinational High-Tech company, a leader in the Customer Communications Management, Paperless, and Digital Customer Experience markets. Doxee offers innovative technology products based on the only proprietary platform, the Doxee Platform, and delivered in Cloud mode to over 200 Enterprise-sized companies. The products offered to represent a powerful tool to innovate communication strategies between the company and its clients by creating personalized and two-way relationships.
Ultima Ricerca Doxee
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UPDATE – 08.04.2024
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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.
Latest Research Doxee
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UPDATE – 08.04.2024
Revenues came in at € 25.21 million, substantially in line...
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UPDATE – 11.10.2023
The Group’s revenues amounted to € 12.14 million, markin...
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BREAKING NEWS – 30.06.2023
In the press release of June 28th, 2023, Doxee SpA – a mul...
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BREAKING NEWS – 19.06.2023
In the press release of June 14, 2023, Doxee SpA – a multi...
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UPDATE – 11.04.2023
Revenues amounted to € 25.46 million, showing a growth of ...
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UPDATE – 28.09.2022
The Group’s value of production amounted to € 14.69 ...