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 5,00. Zusammenfassung: ad pepper media (APM) hat die endgültigen Zahlen für das dritte Quartal veröffentlicht, die mit den vorläufigen Zahlen übereinstimmen. Zum ersten Mal wurde die neue Tochtergesellschaft solute für ein ganzes Quartal konsolidiert und leistete mit €972 tsd. den mit Abstand stärksten EBITDA-Beitrag zum Konzern. Der zweitgrößte Beitrag kam von Webgains, der anderen Ad-Tech-Tochtergesellschaft von APM (€494 tsd.). Beide bilden den Kern der zukünftigen Ad-Tech-Ökosphäre von APM, die das Management durch weitere M&A-Aktivitäten mit Schwerpunkt auf Preisvergleichs- und Gutscheinportalen ausbauen will. Die Zahlen für das vierte Quartal werden erstmals das Gutscheinportal Checkout Charlie enthalten, das solute dieses Jahr übernommen hat. Die APM-Gruppe steigerte das EBITDA im dritten Quartal um 165% J/J auf €1,3 Mio. Wir erwarten aufgrund des Online-Weihnachtsgeschäfts (Black Friday, Cyber Monday) ein starkes Q4 EBITDA von €2,5 Mio. Im Jahr 2026E werden solute und Checkout Charlie erstmals für das gesamte Geschäftsjahr konsolidiert. Dies, die Internationalisierung, Cross-Selling-Möglichkeiten zwischen Webgains und solute sowie die technologiegetriebene Skalierung des Geschäftsbetriebs sollten für starkes Wachstum sorgen. Unser aktualisiertes DCF-Modell ergibt ein unverändertes Kursziel von €5. Wir bestätigen unsere Kaufempfehlung (Aufwärtspotenzial: 71%). 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 5.00 price target. Abstract: ad pepper media (APM) has reported final Q3 figures, which matched preliminary numbers. For the first time, the new subsidiary solute was consolidated for a whole quarter and delivered by far the strongest EBITDA contribution to the group (€972k). The second largest contribution came from Webgains, APM's other ad-tech subsidiary (€494k). Both form the nucleus of APM's future ad-tech ecosphere, which management plans to expand by further M&A activity with a focus on price comparison and voucher portals. Q4 figures will for the first time contain the voucher portal Checkout Charlie, which solute acquired earlier this year. The APM group increased Q3 EBITDA by 165% y/y to €1.3m. We expect a strong Q4 EBITDA of €2.5m due to online Christmas shopping (Black Friday, Cyber Monday). In 2026E, solute and Checkout Charlie will be consolidated for the whole FY for the first time. This, internationalisation, cross selling opportunities between Webgains and solute, as well the tech-driven scaling of operations look set to generate strong growth. Our updated DCF model yields an unchanged €5 price target. We confirm our Buy recommendation (upside: 71%). 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-2025-11-21_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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2234182 21.11.2025 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. | 73,95 Mio € | 09.10.2000 | Kaufen | 8FXHC3HQ+78 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 29,00 | 34,94 | 0,83 | 93,55 | 3,75 | 31,59 | 3,45 |
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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 |
| -2,88% | -0,30% | +45,26% | +69,33% | -67,53% |
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