Doxee (BIT:DOX) - Share price, News & Analysis

DOX fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	5/6
Past Performance	4/6
Financial Health	5/6
Dividends	0/6

DOX Stock Overview

Doxee S.p.A. develops cloud technologies in Italy, the United States, and the Czech Republic.

Rewards

Trading at 39.4% below our estimate of its fair value

Earnings are forecast to grow 36.24% per year

Earnings grew by 77.3% over the past year

Risk Analysis

High level of non-cash earnings

Shareholders have been diluted in the past year

Does not have a meaningful market cap (€86M)

Doxee Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Doxee
Historical stock prices
Current Share Price	€10.90
52 Week High	€14.20
52 Week Low	€8.60
Beta	0.37
1 Month Change	-16.15%
3 Month Change	-10.66%
1 Year Change	14.74%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	190.82%

Recent News & Updates

Jun 11

Is Doxee (BIT:DOX) Using Too Much Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

Apr 20

We Think That There Are Issues Underlying Doxee's (BIT:DOX) Earnings

Despite posting some strong earnings, the market for Doxee S.p.A.'s ( BIT:DOX ) stock hasn't moved much. We did some...

Shareholder Returns

	DOX	IT Software	IT Market
7D	2.3%	1.4%	1.1%
1Y	14.7%	-5.1%	-15.6%

Return vs Industry: DOX exceeded the Italian Software industry which returned -5.1% over the past year.

Return vs Market: DOX exceeded the Italian Market which returned -15.6% over the past year.

Price Volatility

Is DOX's price volatile compared to industry and market?
DOX volatility
DOX Average Weekly Movement	5.6%
Software Industry Average Movement	5.2%
Market Average Movement	5.1%
10% most volatile stocks in IT Market	7.1%
10% least volatile stocks in IT Market	3.3%

Stable Share Price: DOX is not significantly more volatile than the rest of Italian stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: DOX's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2001	125	Sergio Casali	https://www.doxee.com

Doxee S.p.A. develops cloud technologies in Italy, the United States, and the Czech Republic. It offers Doxee Document Experience (dX), a customer communications management product for managing business processes related to data transformation and document production, distribution, and archiving; and Doxee Paperless Experience (pX) for dematerialization and digital transformation of documents, such as electronic invoicing, digital storage, and electronic ordering products. The company also provides interactive experience products, such as Doxee Pvideo and Doxee Pweb for digital customer experience.

Doxee Fundamentals Summary

How do Doxee's earnings and revenue compare to its market cap?
DOX fundamental statistics
Market Cap	€85.89m
Earnings (TTM)	€1.67m
Revenue (TTM)	€25.94m

51.5x

P/E Ratio

3.3x

P/S Ratio

Is DOX overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
DOX income statement (TTM)
Revenue	€25.94m
Cost of Revenue	€19.58m
Gross Profit	€6.36m
Other Expenses	€4.69m
Earnings	€1.67m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	0.21
Gross Margin	24.52%
Net Profit Margin	6.43%
Debt/Equity Ratio	67.8%

How did DOX perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is DOX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DOX?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for DOX. This is calculated by dividing DOX's market cap by their current preferred multiple.
What is DOX's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€85.89m

DOX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.4x
Enterprise Value/EBITDA	43.3x
PEG Ratio	1.4x

Price to Earnings Ratio vs Peers

How does DOX's PE Ratio compare to its peers?

DOX PE Ratio vs Peers

The above table shows the PE ratio for DOX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	59x

Forward PE

Price-To-Earnings vs Peers: DOX is good value based on its Price-To-Earnings Ratio (51.5x) compared to the peer average (59x).

Price to Earnings Ratio vs Industry

How does DOX's PE Ratio compare vs other companies in the Software Industry?

Price-To-Earnings vs Industry: DOX is expensive based on its Price-To-Earnings Ratio (51.5x) compared to the Italian Software industry average (38.2x)

Price to Earnings Ratio vs Fair Ratio

What is DOX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DOX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	51.5x
Fair PE Ratio	33.6x

Price-To-Earnings vs Fair Ratio: DOX is expensive based on its Price-To-Earnings Ratio (51.5x) compared to the estimated Fair Price-To-Earnings Ratio (33.6x).

Share Price vs Fair Value

What is the Fair Price of DOX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DOX (€10.9) is trading below our estimate of fair value (€17.98)

Significantly Below Fair Value: DOX is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: DOX is poor value based on its PEG Ratio (1.4x)

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Future Growth

How is Doxee forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

36.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: DOX's forecast earnings growth (36.2% per year) is above the savings rate (1.7%).

Earnings vs Market: DOX's earnings (36.2% per year) are forecast to grow faster than the Italian market (10.2% per year).

High Growth Earnings: DOX's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: DOX's revenue (12.6% per year) is forecast to grow faster than the Italian market (0.3% per year).

High Growth Revenue: DOX's revenue (12.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: DOX's Return on Equity is forecast to be high in 3 years time (27%)

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Past Performance

How has Doxee performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

17.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: DOX has a high level of non-cash earnings.

Growing Profit Margin: DOX's current net profit margins (6.4%) are higher than last year (4.3%).

Past Earnings Growth Analysis

Earnings Trend: DOX's earnings have grown by 17.4% per year over the past 5 years.

Accelerating Growth: DOX's earnings growth over the past year (77.3%) exceeds its 5-year average (17.4% per year).

Earnings vs Industry: DOX earnings growth over the past year (77.3%) exceeded the Software industry 58.8%.

Return on Equity

High ROE: DOX's Return on Equity (15.8%) is considered low.

Discover strong past performing companies

Financial Health

How is Doxee's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: DOX's short term assets (€17.4M) exceed its short term liabilities (€11.5M).

Long Term Liabilities: DOX's short term assets (€17.4M) exceed its long term liabilities (€8.9M).

Debt to Equity History and Analysis

Debt Level: DOX's net debt to equity ratio (11.6%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if DOX's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: DOX's debt is well covered by operating cash flow (43.7%).

Interest Coverage: DOX's interest payments on its debt are well covered by EBIT (9.4x coverage).

Balance Sheet

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Dividend

What is Doxee current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate DOX's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate DOX's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if DOX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if DOX's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as DOX has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

4.7yrs

Average management tenure

CEO

Sergio Casali

no data

Tenure

Mr. Sergio Muratori Casali serves as a Founder, Vice President, CEO and Director at Doxee Spa. He began his career in various roles in the sales and marketing departments in the industrial printing sector....

Leadership Team

Experienced Management: DOX's management team is considered experienced (4.7 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 10.1%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/25 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31