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 5,10 auf EUR 4,50. Zusammenfassung: Wie erwartet lagen die Q3-Ergebnisse auf vergleichbarer Basis unter den Vorjahreswerten. Das Management hatte den Markt bereits darauf hingewiesen, dass das September-Quartal durch die anhaltenden Auswirkungen des langsamen Aufbaus des Supply-Side-Platform-Geschäfts (SSP) nach umfangreichen Plattformvereinheitlichungen in Q2 und zu Beginn des dritten Quartals belastet sein würde. Nach zwei enttäuschenden Quartalen ist die Skepsis des Marktes wieder aufgekommen, und die Anleger werden auf das vierte Quartal blicken, um sich zu vergewissern, dass das Geschäft tatsächlich wieder auf Kurs ist. Die Geschäftsführung bestätigte die Guidance für 2025, die nun eine Änderung der Umsatzrealisierung gemäß IFRS 15 widerspiegelt. Das Unternehmen hat bereits zuvor schwierige Zeiten überwunden, und wir glauben, dass der schwache Abschwung zur Jahresmitte lediglich eine vorübergehende Unterbrechung seines Wachstumskurses darstellt. Unser Kursziel sinkt auf €4,50 (zuvor: €5,10), nachdem wir unsere Investitionsannahmen in unseren kurzfristigen Prognosen nach oben korrigiert haben. Wir behalten unsere Kaufempfehlung für Verve bei (Aufwärtspotenzial: 200%). 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 5.10 to EUR 4.50. Abstract: As expected, Q3 results were down YoY on a LFL-basis. Management had already signalled to the market that the September period would be burdened by the lingering effects of the slow ramp-up of the Supply Side Platform (SSP) business after extensive platform unifications in Q2 and early Q3. After two underwhelming quarters, market scepticism has resurfaced, and investors will look for Q4 to confirm that operations are indeed back on track. Management confirmed 2025 guidance that now reflects a change in revenue recognition as mandated by IFRS 15. The business has overcome headwinds before, and we believe the mid-year downturn is merely a temporary interruption in Verve's growth trajectory. Our TP moves to €4.5 (old: €5.1) after upping investment assumptions in our near-term forecasts. We remain Buy-rated on Verve (upside: 200%). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: VRV_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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2234250 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 | 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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