Doxee
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
UPDATE| In FY25A, Doxee reported a Value of Production of € 33.95 million, up 13.7% from € 29.85 million in FY24A and broadly in line with our previous estimates, supported by the positive performance of both Italy and the DACH region, with the latter showing further strong expansion. The Subscription component remains predominant, with revenues of € 22.48 million and a 72.4% share of total revenues, confirming the recurring and highly visible nature of the business. EBITDA reached € 6.27 million, more than doubling compared to € 2.94 million in FY24A, with a margin of 18.5%, above our expectations. EBIT returned to positive territory at € 1.40 million, while Net Income amounted to € 0.35 million, marking a return to profitability after a loss of € -3.67 million in FY24A. From a balance sheet perspective, net financial position improved significantly to € 14.16 million from € 19.22 million, supported by strong operating cash generation. In light of the FY25A results, we largely confirm our estimates for both the current year and the medium term. Specifically, we forecast FY26E Value of Production at € 38.00 million and EBITDA at € 8.70 million, corresponding to a margin of 22.9%. Looking ahead, we expect Value of Production to reach € 46.00 million by FY28E (CAGR 25A–28E: 10.7%), with EBITDA of € 13.00 million (28.3% margin), up from € 6.27 million in FY25A (18.5% margin). From a financial standpoint, we estimate a cash-positive net financial position of € 0.86 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 € 83.4 million. The equity value based on market multiples is € 78.9 million. The average equity value stands at approximately € 81.2 million. The target price is € 7.00, with a BUY rating and MEDIUM risk profile. |
