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
A welcome rebound in operational performance following the platform unification phase highlighted Q4 reporting, but, as suspected, the results revealed working capital as the primary culprit behind the elevated cash consumption communicated with recent prelims. On the earnings call, management discussed plans to normalise working capital and rein in leverage. We consider the WC flare-up to be more transitory than structural and believe improvements should become visible in H1/26. The digital ad market looks supportive with market watchers forecasting solid growth, and Verve should continue to take market share with its enhanced technology stack, which already showed tangible benefits in Q4. We have aligned our 2026 forecasts with the midpoint of guidance and maintain our Buy rating with an unchanged TP of €4.5 (upside: 267%).