{"id":32742,"date":"2025-09-30T09:07:21","date_gmt":"2025-09-30T07:07:21","guid":{"rendered":"https:\/\/integrae.it\/?p=32742"},"modified":"2025-09-30T09:07:23","modified_gmt":"2025-09-30T07:07:23","slug":"update-42","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-42\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In 1H25A, the Group reported markedly improved results, with consolidated revenues of \u20ac 15.13 mln (+20.7%) and EBITDA of \u20ac 2.89 mln, driven by higher revenues and efficiency measures on direct costs. The combined effect of these factors led to an EBITDA margin of 17.8%, compared to 3.9% in the prior period. EBIT returned to positive territory at \u20ac 0.49 mln, versus \u20ac – 2.00 mln in 1H24A, while Net Income amounted to \u20ac 0.04 mln. The recurring component, demonstrating the scalability of the business model, remained stable at 72.2% of revenues, supported by the new Doxee Platform. At the balance sheet level, the Group\u2019s Net Financial Position improved to \u20ac 15.41 mln, from \u20ac 19.22 mln in FY24A.

In light of the results published in the 1H25A half-year report, we largely confirm our estimates for the current year and the coming years. Specifically, we forecast FY25E Value of Production 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 Value of Production to rise to \u20ac 42.00 mln in FY27E (CAGR 24A\u201327E: 12.1%), with EBITDA of \u20ac 10.80 mln (margin of 25.7%), compared to \u20ac 2.94 mln in FY24A (EBITDA margin of 9.9%). At the balance sheet level, we forecast FY27E Net Financial Position of \u20ac 6.70 mln of net debt. 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 75.3 million. The equity value based on market multiples is \u20ac 73.1 million. The average equity value stands at approximately \u20ac 74.2 million. The target price is \u20ac 6.40, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

In 1H25A, the Group reported markedly improved results, with consolidated revenues of \u20ac 15.13 mln (+20.7%) and EBITDA of \u20ac 2.89 mln, driven by higher revenues and efficiency measures on direct costs. The combined<\/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-32742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-doxee-en"],"acf":[],"yoast_head":"\nUPDATE - 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-42\/\" \/>\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 1H25A, the Group reported markedly improved results, with consolidated revenues of \u20ac 15.13 mln (+20.7%) and EBITDA of \u20ac 2.89 mln, driven by higher revenues and efficiency measures on direct costs. 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