{"id":35570,"date":"2026-06-18T08:44:55","date_gmt":"2026-06-18T06:44:55","guid":{"rendered":"https:\/\/integrae.it\/?p=35570"},"modified":"2026-06-18T08:44:56","modified_gmt":"2026-06-18T06:44:56","slug":"update-105","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-105\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
On June 15, 2026, Doxee announced the approval of its 2026\u20132028 Business Plan, marking the beginning of a new phase of consolidation and organic growth following the turnaround and integration process achieved through the O\u00b3 Strategy. The Plan aims to strengthen the Company\u2019s positioning as a European cloud-sovereign technology vendor for regulated large enterprises, leveraging the scalability of the Doxee Platform\u00ae and the evolution of its offering towards integrated, personalized, and compliant solutions. The proprietary platform remains at the core of the strategy, supporting the management of the entire digital communication lifecycle and customers\u2019 mission-critical processes. In this context, artificial intelligence acts as a technological accelerator, enabling controlled and agent-native forms of automation. The Plan also envisages an extension of the core business into adjacent areas, a continued focus on regulated industries, and geographic expansion concentrated on Italy, the DACH region, and France.

Following the approval of the 2026\u20132028 Business Plan, we have revised our estimates for both the current year and the medium term. Specifically, we forecast FY26E Value of Production of \u20ac 36.50 million and EBITDA of \u20ac 7.00 million, corresponding to an EBITDA margin of 19.2%. Looking ahead, we expect Value of Production to increase to \u20ac 49.00 million by FY28E (FY25A\u2013FY28E CAGR of 13.0%), with EBITDA reaching \u20ac 13.60 million (corresponding to a 27.8% EBITDA margin), compared to \u20ac 6.27 million in FY25A (18.5% EBITDA margin). From a balance sheet perspective, we estimate a net debt position of \u20ac 4.04 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 77.2 million. The equity value based on market multiples is \u20ac 80.4 million. The average equity value stands at approximately \u20ac 78.8 million. The target price is \u20ac 6.80, with a BUY rating and MEDIUM risk profile<\/strong>.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

On June 15, 2026, Doxee announced the approval of its 2026\u20132028 Business Plan, marking the beginning of a new phase of consolidation and organic growth following the turnaround and integration process achieved through the<\/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-35570","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-105\/\" \/>\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=\"On June 15, 2026, Doxee announced the approval of its 2026\u20132028 Business Plan, marking the beginning of a new phase of consolidation and organic growth following the turnaround and integration process achieved through the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-105\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-18T06:44:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-18T06:44:56+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-105\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"On June 15, 2026, Doxee announced the approval of its 2026\u20132028 Business Plan, marking the beginning of a new phase of consolidation and organic growth following the turnaround and integration process achieved through the","og_url":"https:\/\/integrae.it\/en\/research\/update-105\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-06-18T06:44:55+00:00","article_modified_time":"2026-06-18T06:44:56+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 & TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-105\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/doxee-400x400-1-ojt36q7xpsma6ed8vb7991m2pirybbeu85q9bld09s.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2021\/03\/doxee-400x400-1-ojt36q7xpsma6ed8vb7991m2pirybbeu85q9bld09s.jpg","width":400,"height":400},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-105\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-105\/","name":"UPDATE - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-105\/#primaryimage"},"datePublished":"2026-06-18T06:44:55+00:00","dateModified":"2026-06-18T06:44:56+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-105\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-105\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-105\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/35570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=35570"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/35570\/revisions"}],"predecessor-version":[{"id":35571,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/35570\/revisions\/35571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/11533"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=35570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=35570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=35570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}