Buy
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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 (APM) hat weitere 18,73% an solute erworben und besitzt nun 44,37% des Unternehmens. Das Management von APM beabsichtigt, die laufenden Gespräche mit anderen Anteilseignern von solute fortzusetzen, um eine Mehrheitsbeteiligung zu erreichen. solute meldete für das Jahr 2024 sehr starke Zahlen mit einem Umsatzanstieg von 26% J/J auf €44,7 Mio. und einem EBITDA, das sich von €1,8 Mio. auf €3,9 Mio. mehr als verdoppelt hat. Eine erfolgreiche Konsolidierung von solute würde APM mit einem kombinierten Umsatz von €66 Mio. und einem EBITDA von €5,9 Mio. zu einem wesentlich stärkeren Akteur im Bereich der digitalen Werbung machen. APM hatte im Jahr 2024 einen eigenständigen Umsatz von €21,5 Mio. und ein EBITDA von €2,0 Mio. Das Unternehmen wird €2,3 Mio. Aktien im Wert von €4,5 Mio. als Gegenleistung für die 18,73%ige Beteiligung an solute ausgeben. Bei der Überarbeitung unseres Modells haben wir die höhere Anzahl der APM-Aktien, das bessere solute-Ergebnis und die höhere Beteiligung von APM an solute berücksichtigt. 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 (APM) has acquired a further 18.73% of solute and now owns 44.37% of the company. APM management intends to continue its ongoing discussions with other shareholders in solute with the aim of achieving a majority stake. solute reported very strong 2024 figures with revenue rising 26% y/y to €44.7m, and EBITDA more than doubling from €1.8m to €3.9m. A successful consolidation of solute would transform APM into a much stronger player in the digital advertising business with combined revenue of €66m and EBITDA of €5.9m. APM had standalone revenue of €21.5m and EBITDA of €2.0m in 2024. The company is to issue 2.3m shares valued at €4.5m as consideration for the 18.73% stake in solute. In reworking our model, we have taken the higher number of APM shares, the stronger solute result and APM's higher stake in solute into account. 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/31849.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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2091223 25.02.2025 CET/CEST
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