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
Thanks to a disposal gain of €2.3m from the sale of ad agents, ad pepper media (APM) reported record preliminary FY 2025 EBITDA of €7.2m (2024: €2.0m, +258% y/y). Even adjusted for the disposal gain, APM showed a record Q4 EBITDA of €2.7m, which more than tripled y/y on the back of acquisition-driven growth (solute including Checkout Charlie) and was 9% ahead of our Q4 forecast. Following the strong quarterly and annual EBITDA, we see the main growth drivers as intact (consolidation, further acquisitions, internationalisation, synergies, technology) and believe that APM’s business will benefit from improved business cycle momentum. With liquid funds of €27.3m (2024: €24.2m) and very little debt APM has further strengthened its strong balance sheet and has ample liquidity for further acquisitions. An updated DCF model yields an unchanged €5 price target. APM remains an attractively valued growth story (2026E EV/EBITDA: 7x). We confirm our Buy recommendation (upside: 70%).