{"id":34683,"date":"2026-04-07T08:54:50","date_gmt":"2026-04-07T06:54:50","guid":{"rendered":"https:\/\/integrae.it\/?p=34683"},"modified":"2026-04-07T08:54:51","modified_gmt":"2026-04-07T06:54:51","slug":"update-83","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-83\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
In FY25A, Doxee reported a Value of Production of \u20ac 33.95 million, up 13.7% from \u20ac 29.85 million in FY24A and broadly in line with our previous estimates, supported by the positive performance of both Italy and the DACH region, with the latter showing further strong expansion. The Subscription component remains predominant, with revenues of \u20ac 22.48 million and a 72.4% share of total revenues, confirming the recurring and highly visible nature of the business. EBITDA reached \u20ac 6.27 million, more than doubling compared to \u20ac 2.94 million in FY24A, with a margin of 18.5%, above our expectations. EBIT returned to positive territory at \u20ac 1.40 million, while Net Income amounted to \u20ac 0.35 million, marking a return to profitability after a loss of \u20ac -3.67 million in FY24A. From a balance sheet perspective, net financial position improved significantly to \u20ac 14.16 million from \u20ac 19.22 million, supported by strong operating cash generation.

In light of the FY25A results, we largely confirm our estimates for both the current year and the medium term. Specifically, we forecast FY26E Value of Production at \u20ac 38.00 million and EBITDA at \u20ac 8.70 million, corresponding to a margin of 22.9%. Looking ahead, we expect Value of Production to reach \u20ac 46.00 million by FY28E (CAGR 25A\u201328E: 10.7%), with EBITDA of \u20ac 13.00 million (28.3% margin), up from \u20ac 6.27 million in FY25A (18.5% margin). From a financial standpoint, we estimate a cash-positive net financial position of \u20ac 0.86 million by FY28E. 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 83.4 million. The equity value based on market multiples is \u20ac 78.9 million. The average equity value stands at approximately \u20ac 81.2 million. The target price is \u20ac 7.00, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

In FY25A, Doxee reported a Value of Production of \u20ac 33.95 million, up 13.7% from \u20ac 29.85 million in FY24A and broadly in line with our previous estimates, supported by the positive performance of<\/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-34683","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-83\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 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