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Previous Equity Researches
DHH Group – Pro-forma FY20 Gross Sales up 7% y/y – Report (16/02/2021)
DHH Group – Seeweb merger now “live”, healthy 3Q Gross Sales – Report (12/11/2020)
DHH Group – Strong 1H – Quite “immune” to Covid-19 – Report (30/09/2020)
DHH Group – Cloud computing business as-a-service – Report (07/07/2020)
DHH – 3Q gross sales growing at 17% YoY rate – Report (20/11/2019)
DHH – Ready to take a leap forward – Report (24/09/2019)
DHH – On the “cloud” to look beyond the horizon – Report (17/10/2018)
DHH -Positively adapting to new market environment – Report (04/04/2018)
DHH – Building the Internet platform of the Emerging Markets of Europe (30/01/2018)
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).