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
ad pepper media (APM) has published its H1 report. Final figures matched preliminary KPIs. With H1 EBITDA of €3.1m, the online marketing company is well on track to reach 2026 guidance of €6.5m to €7.5m since Q4 is by far the strongest quarter of the year. A high net cash position leaves ample financial means for further M&A activity. An updated DCF model yields an unchanged €5 price target, and we confirm our Buy recommendation (upside: 89%).