{"id":36892,"date":"2026-10-12T09:10:36","date_gmt":"2026-10-12T07:10:36","guid":{"rendered":"https:\/\/integrae.it\/?p=36892"},"modified":"2026-10-12T09:10:37","modified_gmt":"2026-10-12T07:10:37","slug":"update-117","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-117\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In 1H26A, Doxee recorded revenues of \u20ac 15.09 million, substantially stable compared to \u20ac 15.13 million in 1H25A, with a growing contribution from recurring revenues: Subscription revenues increased by 13.4% to \u20ac 12.36 million, accounting for 81.9% of total revenues. Value of Production stood at \u20ac 16.49 million, up 1.5%. EBITDA reached \u20ac 2.40 million, down 16.9% compared to \u20ac 2.89 million in the comparable period, with an EBITDA margin of 14.6%. EBIT remained substantially stable at \u20ac 0.47 million, while Net Income remained positive at \u20ac 0.03 million. From a balance sheet perspective, NFP improved significantly to \u20ac 10.60 million of net debt compared to \u20ac 14.28 million at year-end 2025.<br><br>In light of the results published in the 1H26A interim financial report, we revise our estimates for the current year and the following years. In particular, we estimate FY26E Value of Production at \u20ac 35.00 million and EBITDA at \u20ac 6.70 million, corresponding to a margin of 19.1%. For the following years, we expect Value of Production to increase to \u20ac 47.00 million in FY28E (25A-28E CAGR: 11.5%), with EBITDA reaching \u20ac 13.10 million and a margin of 27.9%, compared to \u20ac 6.27 million in FY25A, corresponding to an EBITDA margin of 18.5%. From a balance sheet perspective, we estimate NFP at \u20ac 10.69 million of debt in FY26E, progressively declining to \u20ac 0.44 million in FY28E. We valued Doxee\u2019s equity value using both the DCF methodology and the market multiples of a sample of comparable companies. The DCF method, which prudentially includes a 2.50% specific risk premium in the WACC calculation, yields an equity value of \u20ac 83.9 million. Doxee\u2019s equity value based on market multiples amounts to \u20ac 73.9 million. <strong>This results in an average equity value of approximately \u20ac 78.9 million. The target price is \u20ac 6.80, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 1H26A, Doxee recorded revenues of \u20ac 15.09 million, substantially stable compared to \u20ac 15.13 million in 1H25A, with a growing contribution from recurring revenues: Subscription revenues increased by 13.4% to \u20ac 12.36 million,<\/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-36892","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-117\/\" \/>\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 1H26A, Doxee recorded revenues of \u20ac 15.09 million, substantially stable compared to \u20ac 15.13 million in 1H25A, with a growing contribution from recurring revenues: Subscription revenues increased by 13.4% to \u20ac 12.36 million,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-117\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-12T07:10:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-12T07:10:37+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-117\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 1H26A, Doxee recorded revenues of \u20ac 15.09 million, substantially stable compared to \u20ac 15.13 million in 1H25A, with a growing contribution from recurring revenues: Subscription revenues increased by 13.4% to \u20ac 12.36 million,","og_url":"https:\/\/integrae.it\/en\/research\/update-117\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-10-12T07:10:36+00:00","article_modified_time":"2026-10-12T07:10:37+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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