{"id":30056,"date":"2025-04-14T09:00:47","date_gmt":"2025-04-14T07:00:47","guid":{"rendered":"https:\/\/integrae.it\/?p=30056"},"modified":"2025-04-14T09:00:48","modified_gmt":"2025-04-14T07:00:48","slug":"update-9","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-9\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In FY24A, the Group reported improving results, with consolidated revenues of \u20ac 26.47 mln (+2.4%) and a return to positive EBITDA of \u20ac 2.94 mln, driven by efficiency initiatives and the new ONE Company operating model. EBIT stood at \u20ac -2.25 mln, recovering from \u20ac -4.54 mln in 2023, while Net Income amounted to \u20ac -3.67 mln. The DACH region was a key growth driver, with revenues up 30.0% to \u20ac 5.10 mln. The recurring component reached 72.7% of total revenues, supported by the launch of the new integrated Doxee Platform. The Net Financial Position improved to \u20ac 19.22 mln, also benefiting from a \u20ac 5.90 mln capital increase completed in the first half of FY24A.<br><br>Following the publication of the FY24A annual report, we have revised our estimates for the current and coming years. Specifically, we forecast FY25E production value of \u20ac 34.00 mln and EBITDA of \u20ac 6.10 mln, corresponding to a margin of 17.9%. For the following years, we expect production value to grow to \u20ac 42.00 mln by FY27E (CAGR 24A\u201327E: 12.1%), with EBITDA reaching \u20ac 10.80 mln (margin of 25.7%), up from \u20ac 2.94 mln in FY24A (EBITDA margin of 9.9%). At the balance sheet level, we estimate a net financial debt (NFP) of \u20ac 8.10 mln by FY27E. We evaluated Doxee\u2019s equity value using both the DCF method and peer group multiples. The DCF method (including a 2.50% company-specific risk in the WACC as a conservative measure) results in an equity value of \u20ac 81.7 mln. The equity value based on market multiples is \u20ac 63.1 mln. <strong>The average equity value stands at approximately \u20ac 72.4 mln. The target price is \u20ac 6.30, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In FY24A, the Group reported improving results, with consolidated revenues of \u20ac 26.47 mln (+2.4%) and a return to positive EBITDA of \u20ac 2.94 mln, driven by efficiency initiatives and the new ONE Company<\/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-30056","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 - 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-9\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In FY24A, the Group reported improving results, with consolidated revenues of \u20ac 26.47 mln (+2.4%) and a return to positive EBITDA of \u20ac 2.94 mln, driven by efficiency initiatives and the new ONE Company\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-9\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-14T07:00:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-14T07:00:48+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 - 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\/update-9\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In FY24A, the Group reported improving results, with consolidated revenues of \u20ac 26.47 mln (+2.4%) and a return to positive EBITDA of \u20ac 2.94 mln, driven by efficiency initiatives and the new ONE Company","og_url":"https:\/\/integrae.it\/en\/research\/update-9\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-04-14T07:00:47+00:00","article_modified_time":"2025-04-14T07:00:48+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; 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