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 4.10 price target.

Abstract
ad pepper media (APM) has published its Q1 report. Final figures matched preliminary numbers. In terms of earnings, Q1 was somewhat weaker than the prior year quarter, but we deem APM’s recent deal to be much more important than the Q1 figures. With the acquisition of another 14.5% of solute in April, APM increased its stake in solute to 59% and can now consolidate it. APM is thus metamorphosing into a much stronger AdTech player with combined revenue of €66m and EBITDA of €5.9m (2024 figures). This makes APM’s business case and equity story much more compelling. The share price rise since 24 April shows that investors welcome the increased AdTech focus as well as much higher revenues and earnings. An updated DCF model yields an unchanged €4.10 price target. We confirm our Buy recommendation. Upside: 37%.