Buy
Original-Research: ad pepper media International N.V. - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to ad pepper media International N.V.
Company Name: ad pepper media International N.V. ISIN: NL0000238145
Reason for the research: Update
Recommendation: Buy
from: 16.07.2024
Target price: 2,90 Euro
Target price on sight of: 12 Monate
Last rating change: 20.07.2020: Hochstufung von Hinzufügen auf Kaufen
Analyst: Dr. Karsten von Blumenthal
First Berlin Equity Research hat ein Research Update zu ad pepper media International N.V. (ISIN: NL0000238145) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 2,90.
Zusammenfassung:
Trotz geringerer Q2-Umsätze (-3% J/J) verbesserte sich das EBITDA deutlich
(+€0,6 Mio. J/J). Das Q2-EBITDA betrug €487 Tsd. und war mehr als doppelt
so hoch wie in Q1, während das EBITDA in Q2/23 bei €-118 Tsd. lag. Das
H1/24 EBITDA verbesserte sich im Jahresvergleich von €-464 Tsd. auf €707
Tsd., was zeigt, wie gut das Unternehmen den Turnaround geschafft hat. APM
erwartet ein starkes 4. Quartal in Bezug auf Umsatz und Rentabilität und
prognostiziert ein starkes zweites Halbjahr für ihr Webgains-Segment
aufgrund des Gewinns neuer Kunden und Künstlicher Intelligenz-Anwendungen.
Da das EBITDA in Q2 deutlich über unserer Prognose lag und H2 saisonal
stärker ist als H1, erhöhen wir unsere EBITDA-Schätzung für 2024 von €1,1
Mio. auf €1,8 Mio. Wir bestätigen unser Kaufen-Rating und das Kursziel von
€2,90.
First Berlin Equity Research has published a research update on ad pepper media International N.V. (ISIN: NL0000238145). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 2.90 price target.
Abstract:
Despite lower Q2 revenue (-3% y/y), EBITDA improved significantly (+€0.6m
y/y). Q2 EBITDA of €487k was twice as high as in Q1, while Q2/23 EBITDA was
€-118k. H1/24 EBITDA improved y/y from €-464k to €707k, which shows how
well the company managed its turnaround. APM expects a strong Q4 in terms
of revenue and profitability, and is guiding towards a good H2 for its
Webgains segment due to new client wins and artificial intelligence
applications. As Q2 EBITDA was much higher than our forecast, and as H2 is
seasonally stronger than H1, we increase our 2024 EBITDA estimate from
€1.1m to €1.8m. We stick to our Buy rating and €2.90 price target.
Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/30221.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
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