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 4.80 to EUR 5.10.

Abstract
Verve has hit the M&A trail again with back-to-back acquisitions of acardo Group AG, a Germany-based provider of shopper activation and digital couponing solutions, and Captify Technologies Ltd, a search intelligence platform. The two deals give Verve good access to retail networks (acardo), help boost measurable outcomes for Demand Side clients (both), and strengthen Verve’s US and European sales forces (both). The combined deals are set to contribute €56m in sales and €11m in EBITDA on a full-year normalised 2025E proforma basis, but the respective 1 October and 16 September closing dates mean that updated financials remain within 2025 guidance. However, the acquisitions’ H2/25 contributions mean the KPIs should now land beyond the range midpoints. We have adjusted FBe accordingly, and our DCF model now points to fair value of €5.1 per share (old: €4.8). The newcomers appear a good strategic fit with the Verve mothership, and we reiterate our Buy rating (upside 115%).