Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Vection Technologies

    MCap

    AUD14m

    Last close

    AUD0.01

    ▲ 0.00 (30.00%)

    Alkane Resources

    MCap

    AUD330m

    Last close

    AUD0.59

    ▲ 0.04 (7.34%)

    OSE Immunotherapeutics

    MCap

    EUR215m

    Last close

    EUR10.36

    ▲ 0.53 (5.39%)

  • Sectors

    Sectors

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

Verve Group (OMX: VER)

Last close As at 21/10/2024

EUR3.49

▲ 0.01 (0.29%)

Market capitalisation

EUR648m

Verve Group is an advertising software platform helping advertisers efficiently acquire customers across different media channels, as well as enabling publishers to efficiently and optimally monetise advertising space.

The Verve rebrand is enabling the group to go to market with a more coherent proposition, particularly important when dealing with its global clients and agency customers. The market remains inefficient and overpopulated, with many subscale players, but Verve is a prominent participant with an established privacy-first ethos and strong, collaborative relationships, including projects with Google. Verve now has the elements in place on both the supply (publisher) side and the demand (advertiser) side, enhanced by the recent acquisition of Jun, to address the considerable market opportunity.

Latest Insights

View More

TMT | Update

Verve Group — Driving better media outcomes

TMT | Update

Verve Group — Another substantial upgrade

TMT | Update

Verve — Jun helps Verve blossom

TMT | Update

MGI – Media and Games Invest — A strong start to the year
Media and Games Invest_resized
Visit Website

Sector

TMT

Equity Analyst

Fiona Orford-Williams

Fiona Orford-Williams

Director, TMT

Milo Bussell

Analyst, Consumer and TMT

Key Management

  • Paul Echt

    FD

  • Remco Westerman

    Executive Chairman

Balance Sheet

Forecast net debt (€m)

372

Forecast gearing ratio (%)

84

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.6 39.4 300.1
Relative (2.3) 30.2 204.3
52 week high/low €3.7/€0.8

Financials

Verve Group’s Q224 figures clearly showed the benefit of its strategic focus on privacy-first targeted advertising solutions, with growth well ahead of the market. Organic revenues grew 26% in Q2 and the operating leverage against a tighter cost base delivered an adjusted EBITDA margin of 30%. We raised our forecasts at the H124 update, and have now finessed our assumptions. The capital markets day, held with the results, highlighted the further potential from mobile in-app full screen and video, as well as Connected TV, retail media, audio and digital out-of-home. 78% of Verve’s revenues in Q2 were generated in North America, yet the rating remains well below (mostly US-based) peers.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 324.4 84.8 38.6 12.0 29.0 N/A
2023A 322.0 128.5 26.8 32.1 10.9 12.0
2024E 410.0 124.9 60.2 22.2 15.7 23.9
2025E 505.0 172.9 106.5 35.1 9.9 11.4

Research

Update

TMT

Verve Group — Another substantial upgrade

Update

TMT

Verve — Jun helps Verve blossom

TMT

Update

Verve Group — Driving better media outcomes
View All

Further insights

insight

Consumer

MGI – Media and Games Invest: EKF 2023 QuickView

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022 CMT

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Thematics

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
View All

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free