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 6.00 to EUR 5.80.

Abstract
Verve has successfully placed 12.9m new shares at SEK28 (€2.55) with institutional investors for gross proceeds of SEK360m (€32.8m). The issue was oversubscribed and new long-term orientated investors include a Swedish multi-family office, as well as Cicero Fonder and DNB Asset Management. The rationale and timing of the cap hike is somewhat puzzling, given the absence of a glaring need for cash to drive business prospects or to shore up the balance sheet. Our DCF model now factors in the updated capital structure, and the changes point to a €5.8 TP (old: €6.0) (upside: 135%). The stock trades at an attractive EV /AEBITDA multiple of 5.2x on 2026 FBe, and we stay Buy-rated on Verve.