{"id":24035,"date":"2024-04-08T08:57:18","date_gmt":"2024-04-08T06:57:18","guid":{"rendered":"https:\/\/integrae.it\/?p=24035"},"modified":"2024-04-08T09:03:32","modified_gmt":"2024-04-08T07:03:32","slug":"update-08-04-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-08-04-2024\/","title":{"rendered":"UPDATE &#8211; 08.04.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues came in at \u20ac 25.21 million, substantially in line with the previous year\u2019s result of&nbsp;\u20ac 25.46 million and with our estimate of \u20ac 25.60 million. EBITDA, equal to \u20ac -0.99 million, recorded a decrease from \u20ac 4.39 million in the previous year. As a consequence, EBIT was \u20ac -5.33 million, compared to the result of the last financial year of \u20ac 1.80 million and our previous estimate of \u20ac -4.25 million. Net Income came in at \u20ac -5.34 million, compared to \u20ac 1.25 million in FY22A, and \u20ac -5.75 million estimated in our previous report. NFP went from \u20ac 14.43 million in FY22A to \u20ac 20.94 million of debt in FY23A.<br><br>In light of the results published in the annual report for FY23A, we have adjusted our estimates for both the current year and the coming years. In particular, we now estimate an FY24E value of production of \u20ac 30.00 million, and an EBITDA of \u20ac 3.90 million, corresponding to a margin of 13.0%. In the following years, we expect the value of production to reach \u20ac 42.00 million (CAGR 23A-27E: 9.8%) in FY27E, with EBITDA equal to \u20ac 12.00 million (corresponding to a margin of 28.6%), up from \u20ac -0.99 million in FY23A (corresponding to an EBITDA margin of -3.4%). On the balance sheet, we estimate a debt NFP of \u20ac 7.09 million for FY27E.<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 67.0 million. Using market multiples, the equity value of Doxee was calculated to be&nbsp;\u20ac 50.3 million (including a discount of 25%). <strong>The result is an average equity value of approximately \u20ac 58.7 million. The target price is \u20ac 6.80, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues came in at \u20ac 25.21 million, substantially in line with the previous year\u2019s result of&nbsp;\u20ac 25.46 million and with our estimate of \u20ac 25.60 million. EBITDA, equal to \u20ac -0.99 million, recorded a<\/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-24035","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 - 08.04.2024 - 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-08-04-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 08.04.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues came in at \u20ac 25.21 million, substantially in line with the previous year\u2019s result of&nbsp;\u20ac 25.46 million and with our estimate of \u20ac 25.60 million. 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