Fenix Entertainment
On 12 August 2020, Fenix Entertainment 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 14 August 2020.
Integrae SIM acted as the Nomad of the Issuer.
The admission of Fenix Entertainment took place following the placement in Capital Increase of a total of 377,500 shares, at an offer price of 4 euros per share, for a total equivalent value of 1.51 million euros. The capitalization concerning the offer price is equal to Euro 9.51 million, and Euro 11.3 million at the end of the first day of negotiating.
The enterprise. Fenix Entertainment has started the activity through co-productions of films and musical productions of quality works and artists, winners of awards at the Festivals, and a source of accreditation and strengthening the visibility of the brand. The start of the autonomous production activity took place in 2019, both in the cinema (with “Burraco Fatale”, distributed in 2020), and in TV programs (“That’s Amore”, broadcast in 2019 by Rai3). The distinctive feature of Fenix is its presence throughout the value chain, both in the cinema-television and music sectors: from the choice of subjects to a screenplay, from production, co-production, and post-production, up to distribution.
Ultima Ricerca Fenix Entertainment
UPDATE| 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. |
