ad pepper media International N.V.
ISIN: NL0000238145
WKN: 940883
16 July 2024 03:17PM

Original-Research: ad pepper media International N.V. (von First Berlin Equity Research GmbH): Buy

ad pepper media International N.V. · ISIN: NL0000238145 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20221

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: 16.07.2024
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:
Trotz geringerer Q2-Umsätze (-3% J/J) verbesserte sich das EBITDA deutlich (+€0,6 Mio. J/J). Das Q2-EBITDA betrug €487 Tsd. und war mehr als doppelt so hoch wie in Q1, während das EBITDA in Q2/23 bei €-118 Tsd. lag. Das H1/24 EBITDA verbesserte sich im Jahresvergleich von €-464 Tsd. auf €707 Tsd., was zeigt, wie gut das Unternehmen den Turnaround geschafft hat. APM erwartet ein starkes 4. Quartal in Bezug auf Umsatz und Rentabilität und prognostiziert ein starkes zweites Halbjahr für ihr Webgains-Segment aufgrund des Gewinns neuer Kunden und Künstlicher Intelligenz-Anwendungen. Da das EBITDA in Q2 deutlich über unserer Prognose lag und H2 saisonal stärker ist als H1, erhöhen wir unsere EBITDA-Schätzung für 2024 von €1,1 Mio. auf €1,8 Mio. Wir bestätigen unser Kaufen-Rating und das Kursziel von €2,90.

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:
Despite lower Q2 revenue (-3% y/y), EBITDA improved significantly (+€0.6m y/y). Q2 EBITDA of €487k was twice as high as in Q1, while Q2/23 EBITDA was €-118k. H1/24 EBITDA improved y/y from €-464k to €707k, which shows how well the company managed its turnaround. APM expects a strong Q4 in terms of revenue and profitability, and is guiding towards a good H2 for its Webgains segment due to new client wins and artificial intelligence applications. As Q2 EBITDA was much higher than our forecast, and as H2 is seasonally stronger than H1, we increase our 2024 EBITDA estimate from €1.1m to €1.8m. We stick to our Buy rating and €2.90 price target.

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/30221.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
Quelle: boersengefluester.de and Company information
Explanation

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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
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
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-2,00%
1,96 €
ATH 9,05 €
+16,93% +4,62% -16,24% -16,95% -76,94%

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