Ad Pepper Media Increases Stake in Solute

First Berlin Equity Research maintains its BUY recommendation for ad pepper media International N.V. The firm has maintained its price target at EUR 2.90. Analyst Dr. Karsten von Blumenthal highlights that ad pepper media (APM) has upped its stake in solute by 18.73%, bringing its total ownership to 44.37%.

The company aims to secure a majority position by engaging with other solute shareholders. In 2024, solute's revenue rose 26% to €44.7 million, with EBITDA climbing to €3.9 million. Consolidating solute successfully could bolster APM's presence in digital advertising, combining revenues to €66 million and EBITDA to €5.9 million.

APM's individual 2024 performance included a revenue of €21.5 million and EBITDA of €2.0 million. The acquisition involves issuing 2.3 million shares valued at €4.5 million. A revised DCF model supports maintaining the price target. The Buy recommendation remains firm.