Ad pepper media Reports Strong Q4 Results, Buy Recommendation Maintained

First Berlin Equity Research has updated its analysis of ad pepper media International N.V., reiterating a "Buy" recommendation with a target price of €2.90. The update follows the company's preliminary Q4 results, which showed an impressive EBITDA increase of 120% year-over-year, reaching €2.0 million in 2024. The EBITDA margin improved significantly from 6.3% in Q4 2023 to 13.9%, driven mainly by the robust performance of the Webgains segment.

Despite conservative growth prospects in primary markets like the UK and Germany, ad pepper media anticipates a 5% growth in 2025, with further EBITDA margin improvement to 10.3%. A strategic focus includes potentially acquiring a majority stake in solute, the operator of 'billiger.de', to support further growth. The company's current 26% stake in solute aligns with its expansion plans. The unchanged price target of €2.90 reflects these developments, supporting the ongoing Buy recommendation.