The dataset includes 222 European public tech companies in the sector “Software (System & Application)”, many of them listed on secondary markets like AIM Italia, AIM UK, Euronext Growth, Nasdaq First North, NewConnect Poland, MaB Madrid

Milan, 14 March 2018. DHH S.p.A. (“DHH”) (DHH.MI | WDHH21.MI) (ISIN shares IT0005203622 | ISIN warrants IT0005203689), a tech company whose mission is to create the “Internet Platform of the Emerging markets of Europe”, announces that, analyzing the dataset created by Prof. Aswath Damodaran (Stern School of Business, New York University), DHH is trading at a 48% discount vs its European peers in the sector “Software (System & Application)”.

Numbers of firmsEV/SalesEV/EbitdaEV/EbitP/EGeography
2224,8319,9526,5980Europe
10756,3622,5433,598,42Global
2557,2722,6235,02209,66US
DHH 2017E1,4616,523,241,1Europe
DHH 2017E vs EUROPE-69,77%-17,29%-12,75%-48,63%
DHH 2017E vs GLOBAL-77,04%-26,80%-30,75%-58,24%
DHH 2017E vs US-79,92%-27,06%-33,75%-80,40%
DHH 2017EPF1,3410,212,719,3Europe
DHH 2017EPF vs EUROPE-72,26%-48,87%-52,24%-75,88%
DHH 2017EPF vs GLOBAL-78,93%-54,75%-62,09%-80,39%
DHH 2017EPF vs US-81,57%-54,91%-63,74%-90,79%

Source: http://pages.stern.nyu.edu/~adamodar/

The dataset includes 222 European public tech companies in the sector “Software System & Application”, many of them listed on secondary markets like AIM Italia, AIM UK, Euronext Growth, Nasdaq First North, NewConnect Poland, MaB Madrid.

Taking into account the estimated pro-forma results of DHH the discount vs European peers is 75%.

The table includes also the data of the 255 public tech companies listed in the US and the ones of the 1075 public tech companies listed in the different world Stock Exchanges, in both cases in the sector “Software (System & Application)”.

DHH trades at a 58% discount vs its global peers and at a 80% discount vs its US peers.

DHH 2017E refers to the estimates by Value Track and 2017EPF refers to the estimates by Value Track related to the consolidated pro-forma results.

(€’000)2017EPF2017E
Total Revenues from Sales5.813,095.340,79
Total Value of Production6.126,325.655,79
EBITDA766,71471,89
EBITDA margin0,130,09
EBIT615,24336,89
EBIT margin0,110,06
Pre tax profit583,14302,09
Net Profit (Loss)527,33247,00
NOSH (mn)1,42
Mkt. Price (€)7,15
Market Cap (€mn)10,153
NFP (€ mn)2,35
Enterprise Value (€mn)7,81
EV/Sales 20171,34x1,46x
EV/EBITDA 201710,2x16,5x
EV/EBIT 201712,7x23,2x
P/E 201719,3x41,1x
Source: Value Track Estimates

The consolidated pro-forma p&l includes the full results of the acquisitions made during the year, while the official consolidated p&l includes only the pro-quota results after the acquisition date of the new companies.

Furthermore, all direct and indirect costs related to being a company publicly listed on the Italian Stock Exchange have been deleted in the pro-forma consolidated p&l, together with all direct and indirect costs related to M&A and extraordinary activities.

The consolidated pro-forma has been prepared:

  • to have a comparable representation to the consolidated p&l
  • to have a representation useful to compare DHH to its private peers, which are not listed and don’t afford this kind of costs.

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