DHH S.p.A

DHH.MI

Software - Infrastructure · Technology

Exchange

Italian Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

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Winston Score History

The full picture

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.

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

Profit per sale

Gross Margin

-7.0%

Thin — -7.0% gross margin

Profit after running costs

Operating Margin

-9.8%

Losing money on operations — -9.8%

Return on the money invested

ROCE

9.3%

Below par — 9.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+10.6%

Steady sales growth (+10.6% YoY)

Profit growth

EPS YoY

+10.5%

Earnings growing (+10.5% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

250%

Turns 250% of profit into real cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

0.42

Conservative — low debt load (0.42)

Covers its interest

Interest Cover

12.14x

Comfortably covers interest (12.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

31.7x

no trend

Pricey — P/E 31.7

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

Cheaper or dearer next year

P/E vs Forward

+4.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.7 → 27.6)

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Dividends

Not applicable for this business.

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