First Berlin Reaffirms Buy Rating for ad pepper media International N.V.

First Berlin Equity Research has maintained its Buy recommendation for ad pepper media International N.V., with a target price of €2.90. The update follows the company's preliminary Q3 results. Revenue decreased by 3% to €5.2 million, whereas EBITDA surged nearly fivefold to €485,000, raising the EBITDA margin from 1.9% to 9.3%.

The significant improvement in EBITDA is attributed to successful cost optimisations. Notably, EBITDA for the first nine months of 2024 reached €1.192 million, a remarkable turnaround from a negative €345,000 in the same period of the previous year. Given the unexpectedly strong Q3 and the anticipation for a robust Q4, First Berlin has increased the fiscal year 2024 EBITDA forecast by 9%.