First Berlin Equity Research has published a research update on Verve Group SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his BUY rating and increased the price target from EUR 5.40 to EUR 5.50.

Abstract
Q3 reporting featured another strong performance led by 31% organic sales growth. It has been a good year for Verve, thanks to the rebound in the advertising market spearheaded by a strong American economy where the ad-tech specialist does 80% of its business. And optimism is high that this will continue in 2025 after the Republican clean sweep of November elections. Plus, Verve’s early investment into its suite of “privacy-first” solutions is paying off handsomely in terms of software client growth and also has the company at the vanguard of ID-less targeting tools. An updated DCF now points to fair value per share of €5.5 (old: €5.4). We remain Buy-rated on Verve.