Highlights – Value Track equity research report,
31 March 2021

Value Track highlights once again DHH business resiliency in a challenging environment with FY20 pro-forma results that came in better than estimates and provide evidence that: a) revenues increase high-single digit to €18,1M, with recurring stream at ~90%, b) greater efficiency in operating expenses leading to further increase in profitability, with EBITDA at €6,8M (+21,4% y/y), with EBITDA margin close to 38% (+430 bps y/y), c) subscription based business model bringing in a strong cash generation (OpFCF b.t. at 78% of EBITDA), with Positive Net Cash Position at €1,5M compared to Net Debt of €2,2M as of Dec’19, d) dividend in kind through free allocation of treasury shares, with a 1:25 ratio.

Value Track significantly increased DHH fair value to €20,4 per share, (from €18,5).