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 increased the price target from EUR 4.10 to EUR 5.00.

Abstract
Just a few months ago, ad pepper media (APM) acquired a majority stake in solute. Following this takeover of Goliath by David (solute’s revenue is roughly twice APM’s revenue), ad pepper scored another coup: solute will take over Checkout Charlie, an international affiliate marketing publisher operating several leading voucher and cashback portals in the DACH region. In 2024, Checkout Charlie generated ca. €9.6m in revenue and EBITDA of ca. €1.8m. In 2026, we thus expect APM to generate revenue of over €80m, roughly four times the 2024 level. APM’s Q2/25 figures were roughly in line with our forecasts due to a strong contribution from solute, which has been consolidated since 1 May. Compared to the Q2/24 figures without solute, group revenue and EBITDA rose 145% and 61% respectively. We have integrated Checkout Charlie into our forecasts and assume consolidation from 1 October. An updated DCF model yields a new price target of €5.00 (previously: €4.10). We confirm our Buy rating. Upside: 60%.