{"id":24701,"date":"2024-05-15T10:07:39","date_gmt":"2024-05-15T08:07:39","guid":{"rendered":"https:\/\/integrae.it\/?p=24701"},"modified":"2024-05-15T10:07:40","modified_gmt":"2024-05-15T08:07:40","slug":"update-15-05-2024","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-15-05-2024\/","title":{"rendered":"UPDATE &#8211; 15.05.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Revenues amount to \u20ac 25.84 million, an increase compared to the restated result of \u20ac 23.82 million for the previous fiscal year. EBITDA, amounting to \u20ac -0.20 million, shows a decrease compared to \u20ac 4.05 million for the restated previous fiscal year. EBIT stands at \u20ac -4.54 million, compared to the result of the last fiscal year of \u20ac 0.80 million and our previous estimates of \u20ac -4.25 million. Net Income is \u20ac -5.10 million, compared to \u20ac 0.49 million for FY22A<em>. The NFP goes from \u20ac 14.43 million for FY22A<\/em> to \u20ac 21.61 million of debt in FY23A.<br><br>In light of the re-approval of the FY23A budget for the reasons mentioned above, we almost entirely confirm the estimates for both the current year and the coming years. In particular, we confirm the Value of Production for FY24E at \u20ac 30.00 million and an EBITDA of \u20ac 3.90 million, corresponding to a margin of 13.0%. For the following years, we expect the Value of Production to increase to \u20ac 42.00 million (CAGR 23A-27E: 9.2%) in FY27E, with an EBITDA of \u20ac 12.00 million (corresponding to a margin of 28.6%), an increase from \u20ac -0.20 million in FY23A (corresponding to an EBITDA margin of -0.7%). We estimate an NFP of debt for FY27E of \u20ac 7.10 million.<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 66.5 million. Using market multiples, the equity value of Doxee was calculated to be \u20ac 49.9 million (including a discount of 25%). The result is an average equity value of approximately \u20ac 58.2 million. The target price is \u20ac 6.75, with a BUY rating, and MEDIUM risk.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Revenues amount to \u20ac 25.84 million, an increase compared to the restated result of \u20ac 23.82 million for the previous fiscal year. EBITDA, amounting to \u20ac -0.20 million, shows a decrease compared to \u20ac<\/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-24701","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 - 15.05.2024 - 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-15-05-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 15.05.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Revenues amount to \u20ac 25.84 million, an increase compared to the restated result of \u20ac 23.82 million for the previous fiscal year. 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