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.