First Berlin Equity Research Reaffirms Buy Recommendation for ad pepper media

First Berlin Equity Research GmbH has released a research update on ad pepper media International N.V., reiterating its "Buy" recommendation. Following strategic changes, including acquiring significant stakes in solute and Checkout Charlie, ad pepper has strengthened its position in the Ad-Tech sector. The company recently sold a 60% stake in ad agents for €4 million in December 2025, valuing the agency at 11 times its EBITDA for the past year.

This transaction boosts ad pepper's resources to €31 million, facilitating planned acquisitions of smaller Ad-Tech companies. The updated DCF model maintains a target price of €5.00, indicating an 87% upside potential. Key growth drivers include acquisition-driven profit growth, international expansion, and cross-selling opportunities within its portfolio.