Original-Research: Verve Group SE (von First Berlin Equity Research GmbH): Kaufen
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Original-Research: Verve Group SE - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Verve Group SE
First Berlin Equity Research hat ein Research Update zu Verve Group SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 5,80 auf EUR 4,80. Zusammenfassung: Die Hauptkennzahlen für Q2 lagen über dem Vorjahresniveau, waren jedoch schwächer als in den Vorquartalen. Das Management hatte bereits bei dem Q1 Conference Call angekündigt, dass das Juni-Quartal durch geplante Maßnahmen zur Vereinheitlichung der Plattform belastet werden würde, um alle In-App-Marktplatzaktivitäten in einem einzigen Technologie-Stack zu konsolidieren. Diese Upgrades wurden zwar termingerecht abgeschlossen, doch nachfolgende Probleme bei der Wiederherstellung der vollen Leistungsfähigkeit der Supply Side Platform (SSP) wirkten sich bis ins dritte Quartal hinein aus und führten zu Umsatzverlusten in den ersten sechs Wochen von Q3. Dies ist neben den negativen Wechselkurseffekten der Hauptgrund für die reduzierte Guidance, die nun einen Umsatz zwischen €485 Mio. und €515 Mio. und ein AEBITDA zwischen €125 Mio. und €140 Mio. vorsieht (bisher: €530 Mio. bis €565 Mio. bzw. €155 Mio. bis €175 Mio.). Die aktualisierte Prognose weist erneut eine große Bandbreite auf, um der wirtschaftlichen Unsicherheit in den USA Rechnung zu tragen. Wir sehen hinter der Guidancesenkung eher ein vorübergehendes denn ein strukturelles Problem und behalten unsere Kaufempfehlung für Verve bei. Unser Kursziel sinkt auf €4,80 (bisher: €5,80), nachdem wir unsere Schätzung an das untere Ende der revidierten Prognose angepasst haben (Aufwärtspotenzial: 167%). First Berlin Equity Research has published a research update on Verve Group SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 5.80 to EUR 4.80. Abstract: Headline Q2 KPIs were up YoY but weaker than prior quarters. Management had already signalled on the Q1 earnings call that the June quarter would be burdened by planned platform unification measures to consolidate all in-app marketplace activities into a single technology stack. These upgrades were completed on time, but subsequent problems in revving the Supply Side Platform (SSP) back up to full tilt bled into Q3 causing revenue loss during the first six weeks of the September quarter. This, alongside Fx headwinds, is the primary culprit behind the reduced guidance, which now calls for sales ranging from €485m to €515m and AEBITDA of €125m to €140m (old: €530m to €565m; €155m to €175m respectively). The updated guidance again features a wide range to account for US economic uncertainty. We regard the downgrade as more of a hiccup than a structural problem and stay Buy-rated on Verve. Our TP moves down to €4.8 (old: €5.8) after adjusting FBe to the lower end of the revised outlook (upside: 167%). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: VRV_GR-2025-08-18_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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2185094 18.08.2025 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 | 83,89 | 140,22 | 252,17 | 324,44 | 321,98 | 437,01 | 497,00 | |
| EBITDA1,2 | 15,54 | 26,55 | 65,04 | 84,75 | 128,46 | 128,52 | 126,00 | |
| EBITDA-Margin3 | 18,52 | 18,94 | 25,79 | 26,12 | 39,90 | 29,41 | 25,35 | |
| EBIT1,4 | 5,00 | 11,04 | 36,80 | 26,62 | 99,00 | 90,28 | 71,00 | |
| EBIT-Margin5 | 5,96 | 7,87 | 14,59 | 8,21 | 30,75 | 20,66 | 14,29 | |
| Net Profit (Loss)1 | 1,25 | 2,71 | 16,06 | -20,41 | 46,22 | 28,81 | 7,00 | |
| Net-Margin6 | 1,49 | 1,93 | 6,37 | -6,29 | 14,36 | 6,59 | 1,41 | |
| Cashflow1,7 | 16,20 | 25,20 | 64,84 | 134,22 | 69,45 | 136,99 | 62,00 | |
| Earnings per share8 | -0,01 | 0,03 | 0,11 | -0,12 | 0,03 | 0,14 | 0,03 | |
| 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: Deloitte
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 | ||||||
| Verve Group | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A3D3A1 | SE0018538068 | SE | 335,20 Mio € | Kaufen | 9FFW83PF+F9 | |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 11,96 | 31,44 | 0,38 | 29,91 | 0,70 | 2,45 | 0,77 |
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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 |
| 11.06.2025 | 20.05.2026 | 19.08.2025 | 18.11.2025 | 07.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -19,53% | -38,37% | -46,42% | -54,83% | +45,26% |
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