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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 4,10. Zusammenfassung: ad pepper media (APM) hat ihren Q1-Bericht veröffentlicht. Die endgültigen Zahlen entsprachen den vorläufigen Werten. Zwar waren die Q1-Ergebnisse etwas schwächer als das Vorjahresquartal, aber wir halten den jüngsten Deal von APM für viel wichtiger als die Q1-Zahlen. Mit dem Erwerb von weiteren 14,5 % im April hat APM ihren Anteil an solute auf 59% erhöht und kann das Unternehmen nun konsolidieren. APM wandelt sich damit zu einem wesentlich stärkeren AdTech-Unternehmen mit einem kombinierten Umsatz von €66 Mio. und einem EBITDA von €5,9 Mio. (Zahlen für 2024). Dies macht den Business Case und die Equity Story von APM viel überzeugender. Der Anstieg des Aktienkurses seit dem 24. April zeigt, dass die Investoren den verstärkten AdTech-Fokus sowie die deutlich höheren Umsätze und Erträge goutieren. Ein aktualisiertes DCF-Modell führt zu einem unveränderten Kursziel von €4,10. Wir bestätigen unsere Kaufempfehlung. Aufwärtspotenzial: 37%. 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 4.10 price target. Abstract: ad pepper media (APM) has published its Q1 report. Final figures matched preliminary numbers. In terms of earnings, Q1 was somewhat weaker than the prior year quarter, but we deem APM's recent deal to be much more important than the Q1 figures. With the acquisition of another 14.5% of solute in April, APM increased its stake in solute to 59% and can now consolidate it. APM is thus metamorphosing into a much stronger AdTech player with combined revenue of €66m and EBITDA of €5.9m (2024 figures). This makes APM's business case and equity story much more compelling. The share price rise since 24 April shows that investors welcome the increased AdTech focus as well as much higher revenues and earnings. An updated DCF model yields an unchanged €4.10 price target. We confirm our Buy recommendation. Upside: 37%. 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/32746.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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