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Original-Research: ad pepper media International N.V. (von First Berlin Equity Research GmbH)

·3-min read
Original-Research: ad pepper media International N.V. - von First Berlin Equity Research GmbH Einstufung von First Berlin Equity Research GmbH zu ad pepper media International N.V. Unternehmen: ad pepper media International N.V. ISIN: NL0000238145 Anlass der Studie: Update Empfehlung: Buy seit: 20.07.2020 Kursziel: 4,70 Euro Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: 28.05.2020: Herabstufung von Kaufen auf Hinzufügen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research Update zu ad pepper media International N.V. (ISIN: NL0000238145) veröffentlicht. Analyst Dr. Karsten von Blumenthal stuft die Aktie auf BUY herauf und erhöht das Kursziel von EUR 3,70 auf EUR 4,70. Zusammenfassung: Nach der Veröffentlichung hervorragender vorläufiger Zahlen für das zweite Quartal erwartet das Management für 2020 ein EBITDA von €4,5 Mio. (EBITDA 2019: €3,5 Mio.). Dies entspricht einem erwarteten EBITDA-Wachstum von fast 29% in einem Jahr, das wahrscheinlich die schlimmste Rezession seit dem Zweiten Weltkrieg erleben wird. Wenn ad pepper ihr Ziel erreicht, wäre dies eine erstaunliche Leistung, und wir haben keinen Zweifel daran, dass dies der Fall sein wird. Bisher haben wir erwartet, dass der Digitalisierungstrend dem rezessiven Gegenwind entgegenwirkt. Tatsächlich hat die Pandemie zu einer deutlich größeren Verschiebung der Werbebudgets von offline zu online geführt, als wir erwartet haben. Diese Verschiebung ist so stark, dass sie die schrumpfenden Werbebudgets bei weitem überwiegt. ad pepper als rein digitales Werbeunternehmen wird weiterhin enorm von dieser Verschiebung profitieren. Wir erhöhen unsere Prognosen für 2020E und die Folgejahre. Ein aktualisiertes DCF-Modell ergibt ein neues Kursziel von €4,70 (zuvor €3,70). Wir stufen die Aktie von Hinzufügen zu Kaufen hoch. First Berlin Equity Research has published a research update on ad pepper media International N.V. (ISIN: NL0000238145). Analyst Dr. Karsten von Blumenthal upgraded the stock to BUY and increased the price target from EUR 3.70 to EUR 4.70. Abstract: Following publication of excellent preliminary Q2 figures management is guiding towards EBITDA of €4.5m in 2020 (2019 EBITDA: €3.5m). This corresponds to expected EBITDA growth of almost 29% in a year which will likely see the worst recession since World War II. If achieved, this would be an amazing performance, and we have no doubt that ad pepper will reach it. We had expected digitisation trends to counter recessionary headwinds. However, the pandemic has led to a much greater shift in advertising budgets from offline to online than we had anticipated. This massive shift has far outweighed shrinking ad budgets. And as a purely digital advertising company, ad pepper is benefitting tremendously from this shift. We increase our forecasts for 2020E and the following years. An updated DCF model yields a new price target of €4.70 (previously: €3.70). We upgrade the stock from Add to Buy. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe http://firstberlin.com/imprint/ oder die vollständige Analyse. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/21233.pdf Kontakt für Rückfragen First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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