Original-Research: ad pepper media International N.V. (von First Berlin Equity Research GmbH): 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 bestätigt sein Kursziel von EUR 4,10. Zusammenfassung: ad pepper media (APM) hat ihren Q1-Bericht veröffentlicht. Die endgültigen Zahlen entsprachen den vorläufigen Werten. Zwar waren die Q1-Ergebnisse etwas schwächer als das Vorjahresquartal, aber wir halten den jüngsten Deal von APM für viel wichtiger als die Q1-Zahlen. Mit dem Erwerb von weiteren 14,5 % im April hat APM ihren Anteil an solute auf 59% erhöht und kann das Unternehmen nun konsolidieren. APM wandelt sich damit zu einem wesentlich stärkeren AdTech-Unternehmen mit einem kombinierten Umsatz von €66 Mio. und einem EBITDA von €5,9 Mio. (Zahlen für 2024). Dies macht den Business Case und die Equity Story von APM viel überzeugender. Der Anstieg des Aktienkurses seit dem 24. April zeigt, dass die Investoren den verstärkten AdTech-Fokus sowie die deutlich höheren Umsätze und Erträge goutieren. Ein aktualisiertes DCF-Modell führt zu einem unveränderten Kursziel von €4,10. Wir bestätigen unsere Kaufempfehlung. Aufwärtspotenzial: 37%. 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 4.10 price target. Abstract: ad pepper media (APM) has published its Q1 report. Final figures matched preliminary numbers. In terms of earnings, Q1 was somewhat weaker than the prior year quarter, but we deem APM's recent deal to be much more important than the Q1 figures. With the acquisition of another 14.5% of solute in April, APM increased its stake in solute to 59% and can now consolidate it. APM is thus 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. The share price rise since 24 April shows that investors welcome the increased AdTech focus as well as much higher revenues and earnings. An updated DCF model yields an unchanged €4.10 price target. We confirm our Buy recommendation. Upside: 37%. 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/32746.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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2146828 28.05.2025 CET/CEST
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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 21,79 | 25,62 | 27,65 | 24,87 | 21,75 | 21,45 | 53,00 | |
| EBITDA1,2 | 3,51 | 6,56 | 4,38 | 1,28 | 0,02 | 2,00 | 5,00 | |
| EBITDA-Margin3 | 16,11 | 25,61 | 15,84 | 5,15 | 0,09 | 9,32 | 9,43 | |
| EBIT1,4 | 2,52 | 5,45 | 3,19 | 0,19 | -0,99 | 1,16 | 3,75 | |
| EBIT-Margin5 | 11,57 | 21,27 | 11,54 | 0,76 | -4,55 | 5,41 | 7,08 | |
| Net Profit (Loss)1 | 1,92 | 4,34 | 2,56 | -0,25 | -0,70 | 2,42 | 2,70 | |
| Net-Margin6 | 8,81 | 16,94 | 9,26 | -1,01 | -3,22 | 11,28 | 5,09 | |
| Cashflow1,7 | 6,48 | 3,38 | 2,21 | 1,93 | 1,24 | 2,34 | 1,70 | |
| Earnings per share8 | 0,06 | 0,17 | 0,08 | -0,04 | -0,05 | 0,09 | 0,07 | |
| 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
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| INVESTOR-INFORMATION | ||||||
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| ad pepper media | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 940883 | NL0000238145 | N.V. | 70,38 Mio € | 09.10.2000 | Kaufen | 8FXHC3HQ+78 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 27,60 | 34,44 | 0,80 | 89,03 | 3,57 | 30,06 | 3,28 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 24.06.2025 | 23.05.2025 | 21.08.2025 | 18.11.2025 | 30.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -7,32% | -5,20% | +45,26% | +69,33% | -67,53% |
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