Original-Research: Ad Pepper Media International N.V. (Von First Berlin Equity Research Gmbh)

7/16/2024 2:21:37 PM

(MENAFN- EQS Group) 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. Company Name: ad pepper media International N.V. ISIN: NL0000238145 Reason for the research: Update Recommendation: Buy from: 16.07.2024 Target price: 2,90 Euro Target price on sight of: 12 Monate Last rating change: 20.07.2020: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal 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 2,90. Zusammenfassung: Trotz geringerer Q2-Umsätze (-3% J/J) verbesserte sich das EBITDA deutlich (+€0,6 Mio. J/J). Das Q2-EBITDA betrug €487 Tsd. und war mehr als doppelt so hoch wie in Q1, während das EBITDA in Q2/23 bei €-118 Tsd. lag. Das H1/24 EBITDA verbesserte sich im Jahresvergleich von €-464 Tsd. auf €707 Tsd., was zeigt, wie gut das Unternehmen den Turnaround geschafft hat. APM erwartet ein starkes 4. Quartal in Bezug auf Umsatz und Rentabilität und prognostiziert ein starkes zweites Halbjahr für ihr Webgains-Segment aufgrund des Gewinns neuer Kunden und Künstlicher Intelligenz-Anwendungen. Da das EBITDA in Q2 deutlich über unserer Prognose lag und H2 saisonal stärker ist als H1, erhöhen wir unsere EBITDA-Schätzung für 2024 von €1,1 Mio. auf €1,8 Mio. Wir bestätigen unser Kaufen-Rating und das Kursziel von €2,90. 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 2.90 price target. Abstract: Despite lower Q2 revenue (-3% y/y), EBITDA improved significantly (+€0.6m y/y). Q2 EBITDA of €487k was twice as high as in Q1, while Q2/23 EBITDA was €-118k. H1/24 EBITDA improved y/y from €-464k to €707k, which shows how well the company managed its turnaround. APM expects a strong Q4 in terms of revenue and profitability, and is guiding towards a good H2 for its Webgains segment due to new client wins and artificial intelligence applications. As Q2 EBITDA was much higher than our forecast, and as H2 is seasonally stronger than H1, we increase our 2024 EBITDA estimate from €1.1m to €1.8m. We stick to our Buy rating and €2.90 price target. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: Contact for questions First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: E-Mail: ... -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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