Last close As at 05/08/2026
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Market capitalisation
EUR274m
Research: TMT
Verve Group’s Q324 update shows a further sequential quarterly step up in top-line growth to 31% as its privacy-first advertising solutions build traction in the market. Comparatives will now start to toughen, but this update indicates that the full year revenue figure is more likely to be in the upper end of the guided range of €400–420m, delivering adjusted EBITDA again towards the higher end of the €125–135m range. The full Q3 numbers are scheduled for release on 28 November. Despite a substantial re-rating from €1.03 at the start of the year, the valuation remains at a discount to (mostly US-based) peers, with parity of rating indicating a price of €4.75.
Verve Group |
Strong momentum sustained through Q3 |
Q324 update |
Media |
30 October 2024 |
Share price performance
Business description
Analyst
Verve Group is a research client of Edison Investment Research Limited |
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Verve Group’s Q324 update shows a further sequential quarterly step up in top-line growth to 31% as its privacy-first advertising solutions build traction in the market. Comparatives will now start to toughen, but this update indicates that the full year revenue figure is more likely to be in the upper end of the guided range of €400–420m, delivering adjusted EBITDA again towards the higher end of the €125–135m range. The full Q3 numbers are scheduled for release on 28 November. Despite a substantial re-rating from €1.03 at the start of the year, the valuation remains at a discount to (mostly US-based) peers, with parity of rating indicating a price of €4.75.
Year end |
Revenue (€m) |
Adjusted EBITDA (€m) |
PBT* |
EPS* |
EV/EBITDA |
P/E |
12/22 |
324.4 |
93.2 |
38.6 |
13.4 |
11.5 |
26.6 |
12/23 |
322.0 |
95.2 |
26.8 |
35.8 |
11.2 |
10.0 |
12/24e |
410.0 |
130.0 |
59.4 |
24.6 |
8.2 |
14.6 |
12/25e |
505.0 |
175.0 |
106.5 |
38.6 |
6.1 |
9.4 |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Verve has increased its number of large software clients (those generating over $100k of annualised revenue) from 690 to 998, excluding the Jun acquisition. This will be a mix of new accounts and increased revenue from existing clients stepping up their activity levels to bring them over this disclosure threshold. The update also draws attention to higher revenues being generated on iOS devices, where Apple had deprecated its own Identifier for Advertising (IDFA) in April 2021, leading to advertisers shifting budgets across to cookie-based delivery mechanisms. This would seem a clear indicator that the market is confident in Verve’s privacy-first approach.
We are also encouraged to see that the positive tone extends to full-screen video ads, where revenues more than trebled and where there is still plenty of headroom for further growth.
Further details will likely emerge at the Q3 release on 28 November, along with some indications of momentum into FY25.
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Research: Metals & Mining
Ahead of Wheaton’s scheduled Q3 results after the bell on Thursday 7 November, we have adjusted our earnings forecasts for the quarter to take account of generally higher precious metals prices, lower production and sales at Penasquito, Constancia and San Dimas, but higher production and sales at Salobo. Specifically, Vale’s announcement that Salobo produced 46.6kt of copper in Q3 implies gold production attributable to Wheaton of 65,019oz ±3,480oz (cf 54,750oz previously forecast). As a result, we have upgraded our forecast EPS for Q3 fractionally. However, we have upgraded our forecast for FY24 by a more material 9.9c/share, largely on account of the effect of higher precious metals prices on Q4 earnings. Note that if current metals prices persist, our FY25 EPS forecast will be US$1.72/share (cf the US$1.24/share shown below).