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 6.00 price target.

Abstract
Solid Q1 reporting was underpinned by another double digit OSG (organic sales growth) result (16%), while the earnings call discussed the latest adland developments and the first guidance for 2025 at length. The company is stepping up investment to spur future growth with an even sharper focus on AI and the agency sales team to leverage proven products. Market headwinds were not evident in Q1, but management acknowledged US economic risk that factor into their initial 2025 outlook. Digital advertising continues to evolve with privacy-first trends, and a bigger shakeup could be on the horizon with Google back in the regulator’s crosshairs. We expect some transitory short-term performance volatility ahead, but see no reason to rein in overall optimism on Verve’s prospects and stay Buy-rated with a €6 TP (upside: 104%).