Portale Sardegna
On 14 November 2017, Portale Sardegna S.p.A. obtained the admission of its shares to the AIM Italia market organized and managed by Borsa Italiana. Negotiations began on 16 November 2017.
Integrae SIM has acted as Nomad, Global Coordinator of Private Placement and is currently a Specialist of the Issuer.
The total equivalent of the resources raised through the operation amounts to Euro 1.3 million, through the issuance of 406,000 newly issued shares without nominal value.
The placement price The unit price of the shares resulting from the placement was set at Euro 3.20; based on this price, the market capitalization at the beginning of the negotiations is equal to Euro 5.3 million.
The enterprise. Founded in 2001, based in Nuoro, by a group of young entrepreneurs to promote the tourist potential of Sardinia. It has become in a few years a consolidated reality of the online tourism market. Specializing in the incoming segment, it allows the purchase of both tourist products aggregated into packages and individual services. The business model of Portale Sardegna is based on 4 pillars that characterize it, diversifying it from the big players in the sector and making it the protagonist in its reference market: web monitoring, strong specialization in the territory, travel advisory, and competitive pricing.
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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. |
