First Berlin Equity Research Maintains Buy Rating for ad pepper media International N.V.

First Berlin Equity Research has published a research update for ad pepper media International N.V. (ISIN: NL0000238145). Analyst Dr. Karsten von Blumenthal has reiterated his Buy rating and maintained a price target of EUR 2.90.

Despite a 3% year-over-year decline in Q2 revenue, ad pepper media's EBITDA improved significantly, increasing by €0.6 million compared to the previous year. Q2 EBITDA reached €487k, more than double the Q1 figure, while Q2/23 EBITDA was €-118k. For the first half of the year, EBITDA rose from €-464k to €707k year-over-year, reflecting a successful turnaround.

The company anticipates a strong Q4 in terms of revenue and profitability, driven by new client wins and AI applications in its Webgains segment. Given the robust Q2 EBITDA performance and a traditionally stronger H2, First Berlin Equity Research has increased its 2024 EBITDA estimate from €1.1 million to €1.8 million. The Buy rating and the price target of €2.90 remain unchanged.