Hi Daniel,
what I mean is that this dac, if I've well understood, has a passive output stage: two transformers and therefore no opamps, then low
gain. In the manual they wrote: Output Level Maximum nominal output level 0dB and this is not clear to me. They have to speak about output voltage: 2Vrms or double in this balanced output stage. This approach has positive aspects on the sound; natural mids,
no dry highs but the bass loses impact and energy.
I don't know if your hi-fi system has big woofers or not, but what
you have to pay attention above all is the bass impact.
Ciao
Alberto