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 5.40 price target.

Abstract
Verve published a handful of preliminary Q3 KPIs, which showed a continuation of growth trends evident in the prior three quarters. OSG (organic sales growth) was up 31% Y/Y underpinned by customer onboardings, scaling up existing customers, greater demand for ID-less targeting solutions as well as full-screen and video ads. Verve operations have been on a heater this year?this appears to have extended in the September quarter. We expect earnings to be similarly good when the company reports a full set of Q3 numbers on 28 November. The stock caught a bid on today’s ad-hoc, extending the exceptional YTD share price performance. We are Buy-rated on Verve with an unchanged €5.4 TP.