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 3.50 price target.

In an ad-hoc news, ad pepper media (APM) announced its intention to acquire a 25.65% stake in solute Holding GmbH & Co. KG (solute), a leading price comparison portal business in the German market ( and The price for the stake will presumably be ca. €4.1m. APM plans to issue up to 1.75m new shares against a contribution in kind to finance the deal. solute has more than 170 employees and generated €33m in revenue and EBITDA of €2.0m in the past financial year. We believe that APM’s next step will be the acquisition of a majority stake, which it will then be able to consolidate. This would more than double APM’s revenue, and give the company much broader market access. We believe that the advertising technology (adtech) company solute, with its broad digital marketing know-how and strong competitive position in the German price comparison portal market, is a good fit for APM. We expect the deal to be value-accretive. We leave our forecasts unchanged pending completion of the transaction. We stick to our Buy rating at an unchanged €3.50 price target.