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 erhöht das Kursziel von EUR 4,80 auf EUR 5,10. Zusammenfassung: Verve hat den M&A-Hebel gezogen und nacheinander die acardo Group AG, einen in Deutschland ansässigen Anbieter von Lösungen für Shopper-Aktivierung und digitale Coupons, sowie Captify Technologies Ltd, eine Suchintelligenzplattform, übernommen. Die beiden Transaktionen verschaffen Verve einen guten Zugang zu Einzelhandelsnetzwerken (acardo), tragen zur Steigerung messbarer Ergebnisse für Demand-Side-Kunden bei (beide) und stärken die Vertriebsmannschaften von Verve in den USA und Europa (beide). Die kombinierten Transaktionen sollen auf normalisierter Pro-forma-Basis für das Gesamtjahr 2025E einen Umsatz von €56 Mio. und ein EBITDA von €11 Mio. beitragen, aber aufgrund der jeweiligen Abschlussdaten am 1. Oktober und 16. September bleiben die aktualisierten Kennzahlen innerhalb der Guidance für 2025. Die KPIs dürften nun jedoch mit den Beiträgen für das zweite Halbjahr 2025 über den Mittelwerten liegen: Wir haben unsere Prognose entsprechend angepasst, und unser DCF weist nun einen fairen Wert von €5,10 pro Aktie aus (zuvor: €4,80). Die Neuzugänge scheinen strategisch gut zum Mutterunternehmen Verve zu passen, und wir bekräftigen unsere Kaufempfehlung (Aufwärtspotenzial: 115%). First Berlin Equity Research has published a research update on Verve Group SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 4.80 to EUR 5.10. Abstract: Verve has hit the M&A trail again with back-to-back acquisitions of acardo Group AG, a Germany-based provider of shopper activation and digital couponing solutions, and Captify Technologies Ltd, a search intelligence platform. The two deals give Verve good access to retail networks (acardo), help boost measurable outcomes for Demand Side clients (both), and strengthen Verve's US and European sales forces (both). The combined deals are set to contribute €56m in sales and €11m in EBITDA on a full-year normalised 2025E proforma basis, but the respective 1 October and 16 September closing dates mean that updated financials remain within 2025 guidance. However, the acquisitions' H2/25 contributions mean the KPIs should now land beyond the range midpoints. We have adjusted FBe accordingly, and our DCF model now points to fair value of €5.1 per share (old: €4.8). The newcomers appear a good strategic fit with the Verve mothership, and we reiterate our Buy rating (upside 115%). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: VRV_GR-2025-09-22_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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2201688 22.09.2025 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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