First Berlin Equity Research has published a research update on Verve Group SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 5.40 price target.

Abstract
Q2 reporting confirmed preliminary KPIs released on 12 August. Business is good, and investors are finally jumping on the Verve bandwagon in the wake of cascading news flow YTD: (1) OSG beats; (2) surprise M&A; and (3) 2x upped guidance. OSG (organic sales growth) topped 26% in the June-quarter, and management hinted at continued KPI strength at its CMD pointing to good performance in July and August. ?Privacy-first? is rapidly reshaping the digital-ad game, and Verve is at the vanguard of this transformation with its ID-less targeting tools. Verve shares are up a whopping 200% YTD but still trade at 5.0x 2025E EV/EBITDA. We stick to our Buy rating and €5.4 TP.