First Berlin Equity Research Recommends "Buy" for ad pepper media

First Berlin Equity Research has released an update on ad pepper media International N.V., maintaining a "Buy" recommendation. The target price remains at €5.00, reflecting confidence in the company's performance and prospects. Analyst Dr. Karsten von Blumenthal cites a record EBITDA of €7.2 million for 2025, largely due to a €2.3 million gain from selling ad agents.

Even excluding this gain, ad pepper media saw a substantial increase in EBITDA driven by acquisitions like solute and Checkout Charlie. The firm exceeded Q4 expectations by 9%. With liquid assets at €27.3 million and minimal debt, the company is well-positioned for further acquisitions. The growth potential remains high, attributed to consolidation, international expansion, and technological synergies.

The company's strong financial position supports its growth strategy. The evaluation of 2026E EV/EBITDA at 7x underscores its status as an attractive growth entity, offering a potential upside of 70%.