{"id":20129,"date":"2023-10-12T09:23:49","date_gmt":"2023-10-12T07:23:49","guid":{"rendered":"https:\/\/integrae.it\/?p=20129"},"modified":"2023-10-12T09:25:36","modified_gmt":"2023-10-12T07:25:36","slug":"__trashed-2","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/__trashed-2\/","title":{"rendered":"UPDATE &#8211; 11.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Group\u2019s revenues amounted to \u20ac 12.14 million, marking a growth of 9.9% compared to the \u20ac 11.05 million reported in 1H22A. EBITDA came in negative at \u20ac 0.50 million, clearly down on the 1H22A figure, positive by \u20ac 1.53 million. The EBITDA margin went from 12.0% in 1H22A to -3.6% for the first half-year of 2023. EBIT was negative by \u20ac 2.56 million, compared to the positive result of \u20ac 0.07 million achieved in 1H22A. Net Income came in negative for \u20ac 3.25 million, compared to a positive result in 1H22A of \u20ac 0.27 million.<br><br>In light of the published 1H23A half-year results, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate an FY23E value of production of \u20ac 28.40 million, and an EBITDA of \u20ac -0.05 million, corresponding to a margin of -0.2%. In the following years, we expect the value of production to rise to \u20ac 45.70 million (CAGR 22A-26E: 12.3%) in FY26E, with EBITDA equal to \u20ac 12.65 million (corresponding to a margin of 27.7%), up compared to \u20ac 4.93 million in FY22A (corresponding to an EBITDA margin of 17.2%). On the balance sheet, we estimate a NFP of \u20ac 4.11 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 100.6 million. Using market multiples, the equity value of Doxee is \u20ac 66.8 million (including a 25% discount). <strong>The results give an average equity value of approximately \u20ac 83.7 million. The target price is \u20ac 9.70, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Group\u2019s revenues amounted to \u20ac 12.14 million, marking a growth of 9.9% compared to the \u20ac 11.05 million reported in 1H22A. EBITDA came in negative at \u20ac 0.50 million, clearly down on the<\/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-20129","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 - 11.10.2023 - 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\/__trashed-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 11.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The Group\u2019s revenues amounted to \u20ac 12.14 million, marking a growth of 9.9% compared to the \u20ac 11.05 million reported in 1H22A. EBITDA came in negative at \u20ac 0.50 million, clearly down on the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/__trashed-2\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-12T07:23:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-12T07:25:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/doxee-400x400-1-ojt36q7xpsma6ed8vb7991m2pirybbeu85q9bld09s.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - 11.10.2023 - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/__trashed-2\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 11.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"The Group\u2019s revenues amounted to \u20ac 12.14 million, marking a growth of 9.9% compared to the \u20ac 11.05 million reported in 1H22A. EBITDA came in negative at \u20ac 0.50 million, clearly down on the","og_url":"https:\/\/integrae.it\/en\/research\/__trashed-2\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2023-10-12T07:23:49+00:00","article_modified_time":"2023-10-12T07:25:36+00:00","og_image":[{"width":400,"height":400,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/doxee-400x400-1-ojt36q7xpsma6ed8vb7991m2pirybbeu85q9bld09s.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/__trashed-2\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/doxee-400x400-1-ojt36q7xpsma6ed8vb7991m2pirybbeu85q9bld09s.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/doxee-400x400-1-ojt36q7xpsma6ed8vb7991m2pirybbeu85q9bld09s.jpg","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/__trashed-2\/#webpage","url":"https:\/\/integrae.it\/en\/research\/__trashed-2\/","name":"UPDATE - 11.10.2023 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/__trashed-2\/#primaryimage"},"datePublished":"2023-10-12T07:23:49+00:00","dateModified":"2023-10-12T07:25:36+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/__trashed-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/__trashed-2\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/__trashed-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 11.10.2023"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/20129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=20129"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/20129\/revisions"}],"predecessor-version":[{"id":20132,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/20129\/revisions\/20132"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11533"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=20129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=20129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=20129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}