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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.
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: ad pepper media hat vorläufige Zahlen zu Umsatz und EBITDA für Q3 vorgelegt. Während der Umsatz im Jahresvergleich um 3% auf €5,2 Mio. zurückging, verfünffachte sich das EBITDA nahezu auf €485 Tsd., und die EBITDA-Marge stieg von 1,9% auf 9,3%. Der Hauptgrund für die kräftige EBITDA-Verbesserung waren Kostenoptimierungen. Der Anstieg des EBITDA in den ersten neun Monaten auf €1.192 Tsd. von €-345 Tsd. in 9M/23 belegt die beeindruckende Ergebniswende. Da das EBITDA in Q3 besser als erwartet ausfiel und Q4 das saisonal stärkste Quartal ist (Weihnachtsgeschäft), haben wir unsere EBITDA-Prognose für GJ/24 um 9% angehoben. Ein aktualisiertes DCF-Modell führt zu einem unveränderten Kursziel von € 2,90. Wir bestätigen unsere Kaufempfehlung. 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: ad pepper media has reported preliminary Q3 revenue and EBITDA. While revenue declined 3% y/y to €5.2m, EBITDA almost quintupled to €485k, and the EBITDA margin widened from 1.9% to 9.3%. The main reason for the strong EBITDA improvement was cost optimisation. In an eye-catching earnings turnaround, 9M EBITDA rose to €1,192k from €-345k in 9M/23. As Q3 EBITDA was better than expected, and Q4 is the seasonally strongest quarter (Christmas business), we have increased our FY/24 EBITDA forecast by 9%. An updated DCF model yields an unchanged €2.90 price target. We confirm our Buy recommendation. 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/31061.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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2009713 16.10.2024 CET/CEST
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