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 increased the price target from EUR 2.90 to EUR 4.10.

Abstract
ad pepper media (APM) has acquired another 14.5% of solute from various shareholders for €3.5m in cash, thus increasing APM’s stake in solute to 59%. After implementation of the current transactions – probably in the course of Q2/25 – APM will consolidate solute. APM is now metamorphosing into a much stronger AdTech player with combined revenue of €66m and EBITDA of €5.9m (2024 figures). This makes APM’s business case and equity story much more compelling. We believe that investors welcome the increased AdTech focus as well as much higher revenues and earnings. Our revised DCF valuation including solute yields a new price target of €4.10 (previously: €2.90). We confirm our Buy Rating. Upside: 40%.