{"id":13739,"date":"2022-12-13T17:24:22","date_gmt":"2022-12-13T16:24:22","guid":{"rendered":"https:\/\/integrae.it\/?p=13739"},"modified":"2022-12-13T17:33:26","modified_gmt":"2022-12-13T16:33:26","slug":"update-28-09-2022","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-28-09-2022\/","title":{"rendered":"UPDATE – 28.09.2022"},"content":{"rendered":"\n

The Group’s value of production amounted to \u20ac 14.69 million, 27.0% up compared to the half-yearly data of the previous period (\u20ac 11.57 million). EBITDA for the period amounted to \u20ac 1.60 million, 4.0% up compared to \u20ac 1.54 million in 1H21A. However, the EBITDA margin decreased by 2.4% from 13.3% in 1H21A to 10.9% in 1H22A. EBIT is equal to \u20ac – 0.15 million, down from \u20ac 0.25 million in 1H21A. Finally, Net Income amounted to \u20ac 0.14 million, down compared to the previous period (\u20ac 0.25 million). The NFP is equal to \u20ac 1.91 million, a worsening compared to 1.62 million on 31 December 2021.<\/p>\n\n\n\n

In the light of the results published in the half-yearly report for 1H22A, we modify our previous estimates both for the current year and for the coming years. In particular, we estimate a value of production for FY22E of \u20ac 30.00 million and an estimated EBITDA of \u20ac 5.80 million, corresponding to a marginality of 19.3%. For subsequent years, we expect the value of production to increase up to \u20ac 54.20 million (CAGR 21A-25E: 20.0%) in FY25E, with EBITDA of \u20ac 16.30 million (corresponding to an EBITDA margin of 30.1%), up from \u20ac 5.33 million in FY21A (corresponding to an EBITDA margin of 20.4%). <\/p>\n\n\n\n

We have conducted the valuation of Doxee\u2019s equity value based on the DCF methodology and market multiples of a comparable companies sample. The DCF method (which in the calculation of the WACC includes for prudential purposes also a specific risk of 2.5%) provides an equity value of \u20ac 129.0 million. The equity value of Doxee using the market multiple EV\/EBITDA, is equal to \u20ac \u20ac 94.3 million. The result is an average equity value of \u20ac 111.7 million. The target price is, therefore, \u20ac 14.00 (prev. \u20ac14.50). We confirm BUY rating and MEDIUM risk.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Group’s value of production amounted to \u20ac 14.69 million, 27.0% up compared to the half-yearly data of the previous period (\u20ac 11.57 million). EBITDA for the period amounted to \u20ac 1.60 million, 4.0%<\/p>\n","protected":false},"author":5,"featured_media":11533,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[188],"class_list":["post-13739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-doxee-en"],"acf":[],"yoast_head":"\nUPDATE - 28.09.2022 - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-28-09-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 28.09.2022 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The Group’s value of production amounted to \u20ac 14.69 million, 27.0% up compared to the half-yearly data of the previous period (\u20ac 11.57 million). 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