{"id":16313,"date":"2023-04-12T09:54:00","date_gmt":"2023-04-12T08:54:00","guid":{"rendered":"https:\/\/integrae.it\/?p=16313"},"modified":"2023-04-12T09:54:02","modified_gmt":"2023-04-12T08:54:02","slug":"update-11-04-2023-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-11-04-2023-2\/","title":{"rendered":"UPDATE &#8211; 11.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues amounted to \u20ac 25.46 million, showing a growth of 22.2% compared to the figure of \u20ac 20.85 million reported in the previous year. EBITDA, equal to \u20ac 4.93 million, recorded a slight decrease of 10.1%, compared to \u20ac 5.49 million in the previous year. Consequently, the EBITDA Margin fell from 23.2% in FY21A to 17.2% in FY22A. EBIT came in at \u20ac 1.80 million (\u20ac 1.94 million in 2021), after amortization and depreciation equal to \u20ac 3.13 million. Net Income amounted to \u20ac 1.25 million, down on the \u20ac 1.77 million of the previous year.<br><br>In light of the results published in the Annual Report for FY22A, and the application of IAS\/IFRS international accounting standards, we have adjusted our estimates for both the current year and the coming years. In particular, we estimate a FY23E Value of Production of \u20ac 33.00 million, and an EBITDA of \u20ac 6.65 million, corresponding to a margin of 20.2%. In the following years, we expect the Value of Production to rise to \u20ac 53.50 million (CAGR 22A-26E: 16.8%) in FY26E, with an EBITDA of \u20ac 15.30 million (corresponding to a margin of 28.6%), up from \u20ac 4.93 million in FY22A (corresponding to an EBITDA Margin of 17.2%). On the balance sheet, we estimate a cash positive NFP \u00a0of \u20ac 4.28 million for FY26E.<br><br>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 \u20ac 115.0 million. Using market multiples, the equity value of Doxee is \u20ac 109.3 million (including a 25% discount).\u00a0<strong>The result gives an average equity value of approximately \u20ac 112.1 million. The target price is \u20ac 13.00, BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amounted to \u20ac 25.46 million, showing a growth of 22.2% compared to the figure of \u20ac 20.85 million reported in the previous year. EBITDA, equal to \u20ac 4.93 million, recorded a slight decrease<\/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-16313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-doxee-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 11.04.2023 - 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-11-04-2023-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 11.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues amounted to \u20ac 25.46 million, showing a growth of 22.2% compared to the figure of \u20ac 20.85 million reported in the previous year. 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