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 4.50 price target.

Abstract
Verve has successfully tapped the bond market under its existing senior unsecured bond framework. Following the €50m issuance, outstanding bonds (ISIN SE0023848429) now total €550m. The new notes were oversubscribed and placed at a floating rate of 3-month Euribor plus 4.97%. The proceeds strengthen liquidity and restore financial flexibility, allowing Verve to continue executing planned growth initiatives. Recently reported Q4 prelims suggest the bond issue reflects transient balance sheet pressures rather than deterioration in underlying business momentum. Our rating remains Buy with an unchanged €4.5 target price (upside: 233%).