Original-Research: ad pepper media International N.V. (von First Berlin Equity Research GmbH): 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: 28.05.2024
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 bestätigt sein Kursziel von EUR 2,90.
Zusammenfassung:
ad pepper media (APM) hat ihren Q1-Bericht veröffentlicht. Die endgültigen
Zahlen entsprechen den vorläufigen Werten. Der Umsatz in Q1/24 stieg um 2%
J/J auf €5,18 Mio. Dies ist das erste Quartal seit Q3/21, in dem APM ihren
Umsatz im Jahresvergleich steigern konnte. Der leichte Umsatzanstieg und
Kosteneinsparungen führten zu einem EBITDA-Swing von €549 tsd. auf €221
tsd. Geringere Abschreibungen führten zum ersten positiven Q1-EBIT (€8
tsd.) seit Q1/21. Dank eines Nettofinanzergebnisses von €57 tsd. belief
sich das EBT auf €65 tsd. Die Guidance im Q1-Bericht klingt im Vergleich zu
den Formulierungen im Jahresbericht vom April deutlich positiver. APM
erwartet nun ein Wachstum insbesondere im Segment Webgains. Im April wies
das Management darauf hin, dass die Zurückhaltung der Kunden bei den
Marketingausgaben wahrscheinlich anhalten wird und sah nur erste Anzeichen
für eine Verbesserung der Bereitschaft der Kunden, Kampagnen zu buchen. Wir
halten an unseren Prognosen fest, sehen nun aber eine größere
Wahrscheinlichkeit für eine positive Gewinnüberraschung. 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 published its Q1 report. Final figures matched
preliminary numbers. Q1/24 revenue climbed 2% y/y to €5.18m. This is the
first quarter since Q3/21 in which APM has increased revenue y/y. The
slight revenue increase and cost savings led to an EBITDA swing of €549k to
€221k. Lower D&A yielded the first positive Q1 EBIT (€8k) since Q1/21.
Thanks to a net financial income of €57k, EBT amounted to €65k. Guidance in
the Q1 report sounds much more positive compared to wording in the annual
report of April. APM now expects growth especially in the Webgains segment.
In April, management noted that client caution on marketing spend will
likely persist and saw only initial indications for an improvement in
clients' appetite for booking campaigns. We stick to our forecasts, but now
see greater probability of a positive earnings surprise. An updated DCF
model yields an unchanged €2.90 price target. We confirm our Buy rating.
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/29923.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
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 20,27 | 21,79 | 25,62 | 27,65 | 24,87 | 21,75 | 0,00 | |
| EBITDA1,2 | 1,35 | 3,51 | 6,56 | 4,38 | 1,28 | 0,02 | 0,00 | |
| EBITDA-Margin3 | 6,66 | 16,11 | 25,61 | 15,84 | 5,15 | 0,09 | 0,00 | |
| EBIT1,4 | 1,03 | 2,52 | 5,45 | 3,19 | 0,19 | -0,99 | 0,00 | |
| EBIT-Margin5 | 5,08 | 11,57 | 21,27 | 11,54 | 0,76 | -4,55 | 0,00 | |
| Net Profit (Loss)1 | 0,54 | 1,92 | 4,34 | 2,56 | -0,25 | -0,70 | 0,00 | |
| Net-Margin6 | 2,66 | 8,81 | 16,94 | 9,26 | -1,01 | -3,22 | 0,00 | |
| Cashflow1,7 | -1,52 | 6,48 | 3,38 | 2,21 | 1,93 | 1,24 | 0,00 | |
| Earnings per share8 | 0,01 | 0,06 | 0,17 | 0,08 | -0,04 | -0,05 | 0,04 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Ernst & Young
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| ad pepper media | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 940883 | NL0000238145 | N.V. | 45,46 Mio € | 09.10.2000 | Halten | 8FXHC3HQ+78 |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 17,82 | 42,07 | 0,42 | 57,65 | 2,57 | 36,69 | 2,09 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 18.06.2024 | 24.05.2024 | 16.08.2024 | 19.11.2024 | 10.04.2024 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +16,93% | +4,62% | -16,24% | -16,95% | -76,94% |
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