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 5.00 price target.

Abstract
Following the purchase of a majority stake in solute (price comparison portals) and the takeover of Checkout Charlie (discount & voucher portals), ad pepper media (APM) has completed step 3 of its repositioning as an ad-tech player – the sale of its 60% stake in the agency ad agents in December 2025. The sale price is €4m in cash, valuing ad agents at 11x LTM (last 12 months) EBITDA. In our view, APM received a good price for its stake, and the cash injection frees up resources for further takeovers of smaller ad-tech companies (plan: one takeover per year). Adding the €4m to liquid funds of €27m (end Q3/25) will result in some €31m in financial firepower. We have adjusted our group forecasts to reflect ad agents’ deconsolidation at end December 2025 and slightly revised segment forecasts. An updated DCF model yields an unchanged price target of €5.00. We consider all catalysts (acquisition-driven earnings momentum, further M&A, internationalisation, cross-selling opportunities between Webgains and solute, tech-driven scalability) intact and confirm our Buy rating (upside: 87%).