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: 17.04.2024
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 erhöht das Kursziel von EUR 2,80 auf EUR 2,90.
Zusammenfassung:
Der Geschäftsbericht 2023 von ad pepper media (APM) bestätigte die
vorläufigen Umsatz- und EBITDA-Zahlen. Das Management musste das zweite
schwierige Jahr in Folge mit rückläufigen Umsätzen (-13% J/J) und
Profitabilität (EBITDA nur Break-Even gegenüber €1,3 Mio. in 2022)
meistern. Im Jahr 2023 passte APM ihre Kostenbasis an und sparte €1,1 Mio.
an Personalkosten ein. Trotz des schwierigen Umfelds machte APM einen
wichtigen strategischen Schritt nach vorne und erwarb eine 26%ige
Beteiligung an solute, einem Betreiber von Preisvergleichsportalen. Das
Management von APM hat sein Ziel, eine Mehrheitsbeteiligung zu erwerben,
noch nicht erreicht, aber wir glauben, dass dies in diesem Jahr geschehen
und ein viel stärkeres Unternehmen schaffen wird. Die Aussichten von APM
für das laufende Jahr bleiben vorsichtig, aber es gibt erste Anzeichen für
eine steigende Werbenachfrage. Wir prognostizieren eine allmähliche
makroökonomische Verbesserung in den APM-Schlüsselmärkten Großbritannien
und Deutschland und bleiben optimistisch, dass das Wachstum des
Unternehmens (auf Standalone-Basis ohne die Konsolidierung von solute)
wieder einsetzen wird (+5% J/J). Kosteneinsparungen und operativer Leverage
sollten zu einem EBITDA-Anstieg auf ca. €1,1 Mio. führen. Das vorläufige
Q1-EBITDA von €221 Tsd. (Q1/23: €-328 Tsd.) unterstützt unsere positive
Einschätzung. Wir bestätigen unser Kaufen-Rating und erhöhen das Kursziel
auf €2,90 (zuvor: €2,80).
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 increased the price target from EUR 2.80 to EUR 2.90.
ad pepper media’s (APM) annual report confirms preliminary sales and EBITDA. In 2023, management faced the challenge of a second year in a row of declining revenue (-13% y/y) and profitability. EBITDA was only break-even versus €1.3m in 2022. APM adjusted its cost base in 2023, reducing personnel expenses by €1.1m. Despite the difficult environment, APM made an important strategic step forward and purchased a 26% stake in solute, an operator of price comparison portals. APM management has not yet reached its target of purchasing a majority stake, but we believe that this will happen this year and create a much stronger company. APM’s 2024 outlook remains cautious, but it sees first signs of rising ad demand. We forecast a gradual macro-economic improvement in APM’s key UK and Germany markets and remain optimistic that company growth (on a standalone basis without consolidating solute) will resume (+5% y/y). Cost savings and operating leverage should result in an EBITDA rebound to ca. €1.1m. Preliminary Q1 EBITDA of €221k (Q1/23: €-328k) supports our positive view. We confirm our Buy rating and raise the price target to €2.90 (previously: €2.80).
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/29447.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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