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 erhöht das Kursziel von EUR 2,90 auf EUR 4,10. Zusammenfassung: ad pepper media (APM) hat für €3,5 Mio. in bar weitere 14,5% an solute von verschiedenen Gesellschaftern erworben und damit den Anteil von APM an solute auf 59% erhöht. Nach Durchführung der aktuellen Transaktionen - voraussichtlich im Laufe des 2. Quartals 2025 - wird APM solute konsolidieren. APM wandelt sich damit in einen wesentlich stärkeren AdTech-Player mit einem kombinierten Umsatz von €66 Mio. und einem EBITDA von €5,9 Mio. (Zahlen für 2024). Das macht den Business Case und die Equity Story von APM deutlich attraktiver. Wir gehen davon aus, dass die Investoren den verstärkten AdTech-Fokus sowie die deutlich höheren Umsätze und Erträge goutieren werden. Unsere überarbeitete DCF-Bewertung einschließlich solute führt zu einem neuen Kursziel von €4,10 (vorher: €2,90). Wir bestätigen unsere Kaufempfehlung. Aufwärtspotenzial: 40%. 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 2.90 to EUR 4.10. Abstract: ad pepper media (APM) has acquired another 14.5% of solute from various shareholders for €3.5m in cash, thus increasing APM's stake in solute to 59%. After implementation of the current transactions - probably in the course of Q2/25 - APM will consolidate solute. APM is now 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. We believe that investors welcome the increased AdTech focus as well as much higher revenues and earnings. Our revised DCF valuation including solute yields a new price target of €4.10 (previously: €2.90). We confirm our Buy Rating. Upside: 40%. 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/32420.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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2130076 05.05.2025 CET/CEST
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