{"id":27017,"date":"2024-10-09T09:32:09","date_gmt":"2024-10-09T07:32:09","guid":{"rendered":"https:\/\/integrae.it\/?p=27017"},"modified":"2024-10-09T09:32:10","modified_gmt":"2024-10-09T07:32:10","slug":"update-09-10-2024-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-09-10-2024-4\/","title":{"rendered":"UPDATE &#8211; 09.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Sales revenues amounted to \u20ac 12.54 million, marking a 3.2% increase compared to \u20ac 12.14 million recorded in 1H23A. EBITDA stands at \u20ac 0.54 million, an improvement compared to \u20ac -0.50 million in 1H23A. The EBITDA Margin is 3.9%, compared to -3.6% as of June 30, 2023. EBIT amounts to \u20ac -2.00 million, showing an improvement compared to \u20ac -2.56 million in 1H23A. The Net Income is negative at \u20ac 2.41 million, yet improved from \u20ac -3.25 million in 1H23A. On a balance sheet level, the Group\u2019s NFP stands at \u20ac 16.96 million, marking a significant reduction from \u20ac 21.61 million in the previous semester.<br><br>In light of the results published in the half-year report for 1H24A, we are revising estimates for both the current year and the upcoming years. Specifically, we estimate FY24E production value at \u20ac 30.00 million, with EBITDA of \u20ac 3.60 million, corresponding to a margin of 12.0%. For subsequent years, we expect production value to increase to \u20ac 42.00 million (CAGR 23A-27E: 9.2%) in FY27E, with EBITDA of \u20ac 11.20 million (corresponding to a margin of 26.7%), up from \u20ac -0.20 million in FY23A (corresponding to an EBITDA margin of -0.7%). On a balance sheet level, we estimate a debt NFP of \u20ac 6.63 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 77.9 million. Using market multiples, the equity value of Doxee was calculated to be \u20ac 73.7 million (including a discount of 25%). <strong>The result is an average equity value of approximately \u20ac 75.8 million. The target price is \u20ac 6.60, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Sales revenues amounted to \u20ac 12.54 million, marking a 3.2% increase compared to \u20ac 12.14 million recorded in 1H23A. EBITDA stands at \u20ac 0.54 million, an improvement compared to \u20ac -0.50 million in 1H23A.<\/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-27017","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 - 09.10.2024 - 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-09-10-2024-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 09.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"Sales revenues amounted to \u20ac 12.54 million, marking a 3.2% increase compared to \u20ac 12.14 million recorded in 1H23A. 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