DHH S.p.A (DHH.MI) Stock Analysis & Winston Score

DHH S.p.A. is an Italian technology company that provides web hosting, cloud computing, and internet infrastructure services. Its core products include domain registration, virtual private servers, dedicated servers, and managed cloud solutions, sold mainly to small and medium-sized businesses and developers across Europe. The company operates under several brands in the Italian and broader European hosting market.

DHH earns money by charging recurring fees for hosting plans, cloud services, and domain registrations — a subscription-style model that generates relatively predictable revenue. The company is headquartered in Milan, Italy, and operates primarily in Southern and Central Europe, with a market capitalization of roughly $0.2 billion, making it a small player in a fragmented regional market. Its main competitive challenge is standing out against much larger global providers like AWS, OVHcloud, and GoDaddy, which have significantly more resources and brand recognition — meaning pricing pressure and customer retention remain ongoing risks.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+17.6% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

70.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$23M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

DHH S.p.A is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-7.0%

Thin — -7.0% gross margin

Operating Margin

-9.8%

Losing money on operations — -9.8%

ROCE

-3.8%

Weak — -3.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+10.6%

Steady sales growth (+10.6% YoY)

EPS YoY

+10.5%

Earnings growing (+10.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

250%

Turns 250% of profit into real cash

FCF Margin

16.8%

Converts sales into free cash efficiently (16.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.42

Conservative — low debt load (0.42)

Interest Cover

12.14x

Comfortably covers interest (12.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

31.5x

no trend

Pricey — P/E 31.5

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+3.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.5 → 27.6)

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Dividends

Not applicable for this business.

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