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 4,10 auf EUR 5,00. Zusammenfassung: Vor wenigen Monaten hat ad pepper media (APM) eine Mehrheitsbeteiligung an solute übernommen. Nach dieser Übernahme von Goliath durch David (der Umsatz von solute ist etwa doppelt so hoch wie der von APM) gelang ad pepper ein weiterer Coup: solute wird Checkout Charlie übernehmen, einen internationalen Affiliate-Marketing-Publisher, der mehrere führende Gutschein- und Cashback-Portale in der DACH-Region betreibt. Im Jahr 2024 erzielte Checkout Charlie einen Umsatz von ca. €9,6 Mio. und ein EBITDA von ca. €1,8 Mio. Für 2026 erwarten wir daher, dass APM einen Umsatz von über €80 Mio. erzielen wird, was ungefähr dem Vierfachen des Niveaus von 2024 entspricht. Die Zahlen von APM für das zweite Quartal 2025 entsprachen in etwa unseren Prognosen, was auf den starken Beitrag von solute zurückzuführen ist, das seit dem 1. Mai konsolidiert wird. Im Vergleich zu den Zahlen für das zweite Quartal 2024 ohne solute stieg der Konzernumsatz um 145% und das Konzern-EBITDA um 61%. Wir haben Checkout Charlie in unsere Prognosen integriert und gehen von einer Konsolidierung ab dem 1. Oktober aus. Ein aktualisiertes DCF-Modell ergibt ein neues Kursziel von €5,00 (zuvor: €4,10). Wir bestätigen unsere Kaufempfehlung. Aufwärtspotenzial: 60%. 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 4.10 to EUR 5.00. Abstract: Just a few months ago, ad pepper media (APM) acquired a majority stake in solute. Following this takeover of Goliath by David (solute’s revenue is roughly twice APM’s revenue), ad pepper scored another coup: solute will take over Checkout Charlie, an international affiliate marketing publisher operating several leading voucher and cashback portals in the DACH region. In 2024, Checkout Charlie generated ca. €9.6m in revenue and EBITDA of ca. €1.8m. In 2026, we thus expect APM to generate revenue of over €80m, roughly four times the 2024 level. APM’s Q2/25 figures were roughly in line with our forecasts due to a strong contribution from solute, which has been consolidated since 1 May. Compared to the Q2/24 figures without solute, group revenue and EBITDA rose 145% and 61% respectively. We have integrated Checkout Charlie into our forecasts and assume consolidation from 1 October. An updated DCF model yields a new price target of €5.00 (previously: €4.10). We confirm our Buy rating. Upside: 60%. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: APM_GR-2025-07-28_EN 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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2175292 28.07.2025 CET/CEST
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