First Berlin Confirms BUY Rating for Ad Pepper Media International N.V.

First Berlin Equity Research GmbH has released an update on ad pepper media International N.V. (ISIN: NL0000238145). Analyst Dr. Karsten von Blumenthal reiterated his BUY recommendation and maintained a target price of EUR 2.90.

ad pepper media's Q1 report shows a 2% year-on-year revenue increase to €5.18 million, marking the first rise since Q3/21. The slight revenue growth and cost reductions led to an EBITDA increase from €549k to €221k. Reduced depreciation and amortization resulted in the first positive Q1 EBIT (€8k) since Q1/21. EBT totaled €65k due to €57k in net financial income.

The Q1 guidance appears notably more optimistic compared to April's annual report. Growth is expected in the Webgains segment. There are initial signs of client recovery in marketing spending. First Berlin's forecasts remain unchanged, but there's now a higher likelihood of a positive earnings surprise.