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
The ad pepper media share has roughly doubled over the past year on the back of the solute and Checkout Charlie acquisitions. APM is now a much stronger company, and acquisition-driven earnings momentum will persist into 2026E. The takeover of solute with its leading German price comparison portal has strengthened APM’s ad-tech focus, and the combination with its affiliate network Webgains offers synergies. The Q2 report confirms preliminary figures. Q2 EBITDA rose 61% to €0.8m due to solute’s strong contribution (€0.9m), which has been consolidated since 1 May. We expect consolidation of Checkout Charlie from 1 October resulting in further external growth in Q4. Management is guiding towards significantly higher revenues and EBITDA compared to the previous year. An updated DCF model yields an unchanged €5 price target. We confirm our Buy recommendation (upside: 43%).