Press Releases

Milan, 2 April 2021. DHH S.p.A. (“DHH”) (DHH.MI | WDHH21.MI) (ISIN shares IT0005203622 | ISIN warrants IT0005203689), the cloud computing provider of Southeast Europe, announces that Value Track, independent financial analysis boutique led by Marco Greco, published an update report on the company.

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), which compares to current €14,3 market price. The company has a market cap of €64,6M.

The equity research is available on the website of DHH, in the related section:
https://www.dhh.international/equity-research

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