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

Milan, 13 June 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 60% discount vs its European peers in the sector “Software (System & Application)”.

Numbers of firms

EV/Sales

EV/EbitdaEV/EbitP/EGeography
222

4,83

19,9526,5980,06

Europe

10756,3622,5433,598,42Global
2557,2722,6235,02209,66

US

DHH 20171.4414.3221.7031.81Europe*
DHH 2017 vs EUROPE-70.25%-28.23%-18.37%-60.27%
DHH 2017 vs GLOBAL-77.41%-36.47%-35.21%-67.68%
DHH 2017 vs. US-80.23%-36.70%-38.02%-84.83%
DHH 2017PF1,348,5710,8314,92Europe
DHH 2017PF vs EUROPE-72,25%-57,02%-59,28%-81,36%
DHH 2017PF vs GLOBAL-78,92%-61,96%-67,68%-84,84%
DHH 2017PF vs US-81,56%-62,09%-69,08%-92,88%

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

* Note: DHH is a genuinely multinational business with a presence in 5 countries: 35% of sales are from Croatia; 32% from Italy; 26% from Slovenia; 5% from Switzerland; 2% from Serbia.

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 81%.

The table also includes 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 67% discount vs. its global peers and 85% discount vs. its US peers. DHH 2017 refers to the official consolidated results 2017 and 2017PF refers to the official pro-forma consolidated results 2017.

Based on Value Track estimates, DHH is trading at a 37% discount vs. its Italian peers listed on AIM Italia (EV/Sales 2018E).

CompanyEV / Sales (x)EV / OpFCF b.t. (x)
2018E2019E2018E2019E
AIM Italia digital players
Triboo0,60,58,44,4
Giglio0,70,67,913,6
Axélero0,90,810,28,0
Digitouch0,50,32,91,8
MailUp0,60,57,55,4
Piteco4,33,813,610,7
Wiit4,63,718,614,9
Vetrya0,70,610,46,1
Average1,61,39,98,1
DHH 2017 @ Market Price10,89,18,2
Discount % vs. avg.-37,50%-38,46%-8,08%1,23%
DHH 2017 PF @ Market Price10,86,55,9
Discount % vs. avg.-37,50%-38,46%-34,34%-27,16%

Source: Value Track estimates

The table includes data about 8 small-medium sized companies listed on AIM Italia stock market involved in digital businesses.

DHH Financials 

2017

2017PF

Revenue€ 5.289.151,00€ 5.670.110,00
EBITDA€ 530.806,00€ 886.405,00
EBIT€ 350.189,00€ 701.961,00
Net profit€ 238.958,00€ 509.383,00
Net debt€ 2.481.347,00
Information
Shares1.420.000,00
Price7,1
Market Cap€ 10.082.000,00
EV€ 7.600.653,00
Multiples20172017PF
EV/Rev1,441,34
EV/EBITDA14,328,57
EV/EBIT21,7010,83
P/E31,8114,92

Source: management accounts

The consolidated pro-forma p&l includes the full results of the acquisitions made during the 2017, 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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