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 5.50 to EUR 6.00.

Abstract
Verve capped off a good year with its fifth consecutive strong quarter. Spurred by 24% organic sales growth, all Q4 operating earnings KPIs showed Y/Y growth north of 50% with AEBITDA notching a 53% annualised uptick. The company’s commitment to ID-less advertising solutions continues to pay off handsomely, and the ad tech specialist now has a much better balanced business following last summer’s Jun Group acquisition. The story is resonating well with investors, who have been rewarded with a ~160% increase in the share price over the last twelve months. The company hinted at “meaningful double-digit organic growth for 2025,” and we have upped FBe on the Q4 outperformance. Our TP moves to €6 (old: €5.5), and our rating stays at Buy.