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Verve
30.1 SEK +3.79%Inderes conducts commissioned research on Verve. See disclaimer.
Verve (Ticker: VER) is a fast-growing, profitable, digital media company that provides AI-driven ad-software solutions. Verve matches global advertiser demand with publisher ad-supply, enhancing results through first-party data from its own content. Aligned with the mission, “Let’s make media better,” the company focuses on enabling better outcomes for brands, agencies, and publishers with responsible advertising solutions, with an emphasis on emerging media channels. Verve’s main operational presence is in North America and Europe. Its shares are listed on the Nasdaq First North Premier Growth Market in Stockholm and the Scale segment of the Frankfurt Stock Exchange. The company has three secured bonds listed on Nasdaq Stockholm and the Frankfurt Stock Exchange Open Market.
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Extensive report
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![Christoffer Jennel Christoffer Jennel](https://www.inderes.se/cdn-cgi/image/format=auto,width=128,height=128,quality=90,fit=cover/https://content.inderes.se/assets/7703ad88-6445-4612-ba96-438fed0e62ad.png)
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Financial calendar
Major OwnersSource: Millistream Market Data AB
Owner | Capital | Votes |
---|---|---|
Bodhivas GmbH | 27.7 % | 27.7 % |
Oaktree Capital | 17.7 % | 17.7 % |
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Income statement
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Revenue | 140.2 | 252.2 | 324.4 | 322.0 | 391.8 | 481.9 | 526.2 | 567.3 |
growth-% | 67.1 % | 79.8 % | 28.7 % | -0.8 % | 21.7 % | 23.0 % | 9.2 % | 7.8 % |
EBITDA | 26.5 | 65.0 | 84.8 | 128.5 | 106.6 | 149.3 | 165.2 | 175.9 |
EBIT (adj.) | 17.5 | 54.9 | 76.6 | 76.9 | 91.5 | 122.3 | 132.1 | 138.0 |
EBIT | 11.0 | 36.8 | 26.6 | 99.0 | 71.2 | 105.3 | 114.3 | 120.2 |
Profit before taxes | 3.9 | 14.9 | -11.3 | 48.9 | 16.0 | 62.6 | 78.0 | 90.0 |
Net income | 3.1 | 16.1 | -20.3 | 46.7 | 14.0 | 46.9 | 58.5 | 67.5 |
EPS (adj.) | 0.11 | 0.24 | 0.19 | 0.15 | 0.20 | 0.34 | 0.41 | 0.46 |
growth-% | 30.5 % | 117.0 % | -21.2 % | -18.4 % | 28.6 % | 72.3 % | 19.4 % | 11.9 % |
Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Dividend ratio |
Profitability and return on capital
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
EBITDA-% | 18.9 % | 25.8 % | 26.1 % | 39.9 % | 27.2 % | 31.0 % | 31.4 % | 31.0 % |
EBIT-% (adj.) | 12.5 % | 21.8 % | 23.6 % | 23.9 % | 23.4 % | 25.4 % | 25.1 % | 24.3 % |
EBIT-% | 7.9 % | 14.6 % | 8.2 % | 30.7 % | 18.2 % | 21.8 % | 21.7 % | 21.2 % |
ROE | 2.2 % | 6.6 % | -6.4 % | 13.8 % | 3.7 % | 10.9 % | 12.1 % | 12.4 % |
ROI | 4.3 % | 7.7 % | 3.7 % | 13.1 % | 8.8 % | 12.1 % | 12.7 % | 12.9 % |
Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (EUR) | 2.07 | 4.42 | 1.72 | 1.05 | 2.56 | 2.56 | 2.56 | 2.56 |
Shares | 117.1 | 149.7 | 159.2 | 159.2 | 186.4 | 186.4 | 186.4 | 186.4 |
Market cap | 242.3 | 661.6 | 273.9 | 167.2 | 477.5 | 477.5 | 477.5 | 477.5 |
Enterprise value | 297.5 | 857.4 | 545.2 | 460.0 | 843.5 | 844.1 | 809.2 | 737.0 |
EV/S | 2.1 | 3.4 | 1.7 | 1.4 | 2.2 | 1.8 | 1.5 | 1.3 |
EV/EBITDA | 11.2 | 13.2 | 6.4 | 3.6 | 7.9 | 5.7 | 4.9 | 4.2 |
EV/EBIT (adj.) | 17.0 | 15.6 | 7.1 | 6.0 | 9.2 | 6.9 | 6.1 | 5.3 |
EV/EBIT | 26.9 | 23.3 | 20.5 | 4.6 | 11.9 | 8.0 | 7.1 | 6.1 |
P/E (adj.) | 18.7 | 18.4 | 9.1 | 6.8 | 12.9 | 7.5 | 6.3 | 5.6 |
P/E | 57.9 | 39.0 | - | 3.6 | 31.6 | 10.2 | 8.2 | 7.1 |
P/B | 1.4 | 2.2 | 0.8 | 0.5 | 1.2 | 1.1 | 0.9 | 0.8 |
P/S | 1.7 | 2.6 | 0.8 | 0.5 | 1.2 | 1.0 | 0.9 | 0.8 |
Dividend yield | ||||||||
Equity ratio | 45.8 % | 32.9 % | 30.8 % | 35.0 % | 35.5 % | 39.5 % | 43.6 % | 47.9 % |
Gearing ratio | 31.2 % | 63.7 % | 84.3 % | 83.1 % | 90.0 % | 80.8 % | 64.8 % | 44.8 % |
Quarter data
Q2/23 | Q3/23 | Q4/23 | 2023 | Q1/24 | Q2/24e | Q3/24e | Q4/24e | 2024e | |
---|---|---|---|---|---|---|---|---|---|
Revenue | 76.2 | 78.3 | 98.7 | 322.0 | 82.5 | 85.4 | 94.1 | 129.8 | 391.8 |
EBITDA | 20.0 | 63.7 | 27.3 | 128.5 | 20.2 | 22.6 | 23.7 | 40.1 | 106.6 |
EBIT | 12.8 | 55.4 | 19.7 | 99.0 | 12.3 | 14.7 | 15.0 | 29.2 | 71.2 |
Profit before taxes | 0.1 | 42.6 | 5.6 | 48.9 | -1.9 | 0.7 | 1.5 | 15.7 | 16.0 |
Net income | 1.7 | 39.3 | 4.9 | 46.7 | 0.6 | 0.5 | 1.1 | 11.8 | 14.0 |
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Verve Group SE: Inbjudan till Verve Groups kapitalmarknadsdag 2024
Verve Group SE: Invitation to Verve Group’s Capital Markets Day 2024
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Verve utser Alex Stil till Chief Commercial Officer för att leda den strategiska expansionen av efterfrågesidan
Verve Appoints Alex Stil as Chief Commercial Officer to Lead the Strategic Expansion of its Demand-Side Business
EQS-News: Verve Appoints Alex Stil as Chief Commercial Officer to Lead the Strategic Expansion of its Demand-Side Business
Verve places a subsequent bond issue of 65 MEUR
Verve Group SE successfully places senior secured bonds of EUR 65 million, gives conditional notice of early total redemption of 2020/2024 bonds and reduces interest costs by 2.37%
EQS-News: Proceeds from the Subsequent Bond Issue will be used to fully redeem the Company’s outstanding 2020/2024 senior secured bond with ISIN SE0015194527 (the “2020 Bonds”) and for general corporate purpose
Edison issues report on Verve (VER)
![Verve: Strategic acquisition at an attractive valuation](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/30480c27-470b-43cc-8213-75e88ed69624.png)
Verve: Strategic acquisition at an attractive valuation
Redeye: Verve Group - Acquisition of Jun Group
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