contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Anton Damstén

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.

Analyst’s quick comment: Verve Q4’25 quick comment: Strong customer retention, but cash flow caused disappointment - Inderes A couple of questions for @christoffer.jennel regarding this section of the company’s report, if you can shed some light, as cash flow is the crux of the matter: Operating cash flow before changes in working capital reached a strong EUR 45.6 million. The reported operating cash flow, in contrast, was substantially lower at EUR 20.1 million (Q4 2024: EUR 55.5 million) and thus does not fully reflect the operational momentum. In previous years, the Company was able to compensate working capital needs by securitization of receivables. However, limitations on that process - in combination with significant M&A payments - strained the cash position in the fourth quarter 2025. Additionally, the rapid growth required the absorption of a negative working capital swing, driven by the industry-typical timing mismatch between payments from advertisers (typically 90 days) and payments to publishers (typically 45 days). To address this, management is placing a stronger emphasis on liquidity management in 2026, aiming to substantially reduce the working capital impact of future growth and significantly improve the cash conversion rate.  Securitization of receivables: Is it known how large the program the company had before and has now? Given the company’s assumed credit risk, is this likely Factoring, i.e., an accounts receivable financing program? At what leverage levels would you see it being possible for the company to access an accounts receivable sale program (lamy)? M&A payments: This phrase jarred a bit, because shouldn’t M&A payments fundamentally show up under investments, and thus shouldn’t they affect operating cash flow? Improve cash conversion rate: The company didn’t mention concrete actions, but what actions would you as an analyst like to see implemented in the company with this goal in mind?  Point 1 is particularly interesting, so if possible, this could also be asked of management if it’s not known. Thanks!

In previous years, they have likely used factoring (“securitization of receivables”), which probably hasn’t succeeded in the same way now because the banks buying the receivables want to insure the customers being factored. In factoring, the seller receives the money within a day of sending the invoices to the bank and pays financing costs from the time the invoices are sent until the customer pays their invoice to the bank. If the customer base is not sufficiently creditworthy, the bank will not agree to buy the receivables. Verve does this because the accounts payable turnover is 45 days and accounts receivable is 90 days, meaning money naturally flows out faster than it comes in without the factoring trick. If supplier payment terms cannot be extended, Verve’s customer payment terms shortened, or accounts receivable factored, then the money stays stuck on the balance sheet and working capital grows (accounts receivable + inventory - accounts payable).

Nordnet              Nordnet    Tee säästämisestä osakkeisiin & rahastoihin hauskempaa. Sijoittaminen osakkeisiin, rahastoihin ja ETF:iin ilman tarpeettomia kuluja. Tervetuloa Suomen tyytyväisimpien sijoittajien joukkoon! Avaa tili jo tänään!                             The report is out. I haven’t had time to read anything else yet, but EBITDA exceeded preliminary figures by 0.2%. Investments in the growth of the sales organization are front-loaded, but they should bear the fruit of organic growth in the future (though I wouldn’t be surprised if this same sentence has appeared in some form in every annual report, I don’t remember for sure). On cash flow: Operating cash flow before changes in working capital reached a strong EUR 45.6 million. The reported operating cash flow, in contrast, was substantially lower at EUR 20.1 million (Q4 2024: EUR 55.5 million) and thus does not fully reflect the operational momentum. In previous years, the Company was able to compensate working capital needs by securitization of receivables. However, limitations on that process - in combination with significant M&A payments - strained the cash position in the fourth quarter 2025. Additionally, the rapid growth required the absorption of a negative working capital swing, driven by the industry-typical timing mismatch between payments from advertisers (typically 90 days) and payments to publishers (typically 45 days). To address this, management is placing a stronger emphasis on liquidity management in 2026, aiming to substantially reduce the working capital impact of future growth and significantly improve the cash conversion rate. So this year the focus is on cash flow and the impact of “working capital” on cash flow? Someone who understands the terms better than me might be able to provide a better interpretation. On debt: Net debt increased to EUR 445.9 million by year-end (31.12.2024: EUR 351.2 million), reflecting recent M&A activity. Nevertheless, the Company successfully reduced its adjusted leverage ratio to 3.0 (Q3: 3.1). Even more notable was the increase in the Cash Interest Coverage Ratio to 4.3 (31.12.2024: 3.3), confirming the Company’s solid financing structure. On client retention(?): The Group’s operational health is further evidenced by its key performance indicators. Client retention reached 99 percent in the fourth quarter (Q4 2024: 97 percent) - the highest value ever recorded in the Company’s history - proving the high degree of customer satisfaction with the unified platform. …and on the growth in numbers: Most notably, both the total number of software clients and the number of large software clients saw strong organic growth, increasing by 6.8 percent and 5.3 percent over Q3 respectively. With total client growth staying ahead of organic revenue growth, these figures clearly indicate that investments in sales team expansion are yielding tangible results. The Company is therefore confident that this strategic move will translate into significantly accelerating growth momentum as the year 2026 proceeds.

Here are Christoffer’s preview comments as Verve Group releases its Q4 report on Thursday, Feb 19.  The company has already published preliminary figures for the quarter and guidance for 2026, which paint a conflicting picture of the current business development. Although profitability exceeded our expectations thanks to operational efficiency, revenue fell short of estimates, weakened by the loss of a major customer. The year-end cash position also suggests that free cash flow remains a concern. We are primarily looking for and evaluating management’s comments on reaching the leverage target (1.5–2.5x) and the trajectory of improved cash conversion, as well as comments on the state of the customer base following the loss of a major customer in Q4.                   Inderes              Verve Q4'25 -ennakko: Vahva kannattavuus jää heikkojen kassavirtojen varjoon...    Yhtiö on jo julkaissut alustavat luvut neljännekseltä ja ohjeistuksen vuodelle 2026, jotka maalaavat ristiriitaista kuvaa liiketoiminnan nykyisestä kehityskulusta.

I happened to come across that it’s possible to acquire Verve bonds through Mintos at 4% + 3-month Euribor. Mostly in case any owner might be interested. Minimum subscription €50. Not investment advice…

I checked a post from 2023 because I remembered that the loan terms were even more expensive back then, and I noted that yeah, it’s expensive money, but cheaper than 3 years ago, and at that time the share price was around these levels. Now, I think the company is better, so it’s a better spot to invest. I really should get more familiar with the company’s current situation.

You just have to know these things…  Loan finalized and price up! That money certainly came at a high price, though.

Verve Group

Yesterday, MGI announced that its organic growth rate has increased to 25% in February 2024. This follows an earlier announcement of an 18% organic growth rate in January 2024. The robust organic growth rate is a strong start to the year and leads us to raise our revenue estimates.

<p>Yesterday, MGI announced that its organic growth rate has increased to 25% in February 2024. This follows an earlier announcement of an 18% organic growth rate in January 2024. The robust organic growth rate is a strong start to the year and leads us to raise our revenue estimates. As the outlook continues to improve, we believe the risk-to-reward ratio remains very attractive.</p> 

	2023	24e	25e
Revenue	322.0	366.8	399.9
growth-%	-0.8 %	13.9 %	9.0 %
EBIT (adj.)	76.9	81.0	76.9
EBIT-% (adj.)	23.9 %	22.1 %	19.2 %
EPS (adj.)	0.15	0.17	0.19
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	6.8	7.0	6.3
EV/EBITDA	3.6	5.0	4.9

Strong start to the year improves outlook

Key Estimate Figures2024-03-21

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