Verve
23.5 SEK +4.44%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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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 | 151.8 | 165.2 | 175.9 |
EBIT (adj.) | 17.5 | 54.9 | 76.6 | 76.9 | 91.5 | 122.3 | 132.4 | 138.1 |
EBIT | 11.0 | 36.8 | 26.6 | 99.0 | 71.2 | 105.3 | 114.8 | 120.5 |
Profit before taxes | 3.9 | 14.9 | -11.3 | 48.9 | 16.0 | 63.3 | 79.6 | 91.4 |
Net income | 3.1 | 16.1 | -20.3 | 46.7 | 14.0 | 47.5 | 59.7 | 68.6 |
EPS (adj.) | 0.11 | 0.24 | 0.19 | 0.15 | 0.20 | 0.35 | 0.41 | 0.46 |
growth-% | 30.5 % | 117.0 % | -21.2 % | -18.4 % | 28.6 % | 73.7 % | 19.8 % | 11.5 % |
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 % | 31.5 % | 31.4 % | 31.0 % |
EBIT-% (adj.) | 12.5 % | 21.8 % | 23.6 % | 23.9 % | 23.4 % | 25.4 % | 25.2 % | 24.3 % |
EBIT-% | 7.9 % | 14.6 % | 8.2 % | 30.7 % | 18.2 % | 21.8 % | 21.8 % | 21.2 % |
ROE | 2.2 % | 6.6 % | -6.4 % | 13.8 % | 3.7 % | 11.0 % | 12.3 % | 12.5 % |
ROI | 4.3 % | 7.7 % | 3.7 % | 13.1 % | 9.1 % | 12.9 % | 13.4 % | 13.8 % |
Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (EUR) | 2.07 | 4.42 | 1.72 | 1.05 | 2.07 | 2.07 | 2.07 | 2.07 |
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 | 385.3 | 385.3 | 385.3 | 385.3 |
Enterprise value | 297.5 | 857.4 | 545.2 | 460.0 | 751.3 | 748.8 | 713.2 | 640.3 |
EV/S | 2.1 | 3.4 | 1.7 | 1.4 | 1.9 | 1.6 | 1.4 | 1.1 |
EV/EBITDA | 11.2 | 13.2 | 6.4 | 3.6 | 7.0 | 4.9 | 4.3 | 3.6 |
EV/EBIT (adj.) | 17.0 | 15.6 | 7.1 | 6.0 | 8.2 | 6.1 | 5.4 | 4.6 |
EV/EBIT | 26.9 | 23.3 | 20.5 | 4.6 | 10.6 | 7.1 | 6.2 | 5.3 |
P/E (adj.) | 18.7 | 18.4 | 9.1 | 6.8 | 10.4 | 6.0 | 5.0 | 4.5 |
P/E | 57.9 | 39.0 | - | 3.6 | 25.5 | 8.1 | 6.5 | 5.6 |
P/B | 1.4 | 2.2 | 0.8 | 0.5 | 0.9 | 0.8 | 0.8 | 0.7 |
P/S | 1.7 | 2.6 | 0.8 | 0.5 | 1.0 | 0.8 | 0.7 | 0.7 |
Dividend yield | ||||||||
Equity ratio | 45.8 % | 32.9 % | 30.8 % | 35.0 % | 37.5 % | 40.9 % | 45.7 % | 51.1 % |
Gearing ratio | 31.2 % | 63.7 % | 84.3 % | 83.1 % | 90.0 % | 80.1 % | 63.8 % | 43.8 % |
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 |
![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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![Verve Group, Pressconference, 2024](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/064b3e06-c942-4bbd-8814-06e2d8db5633.png)
Verve Group, Pressconference, 2024
Verve acquires Jun Group and completes a directed issue
Verve successfully completes a directed issue of 27,108,434 new shares raising proceeds of approximately SEK 450 million
Verve announces intention to carry out a directed share issue
Verve förvärvar Jun Group, vilket resulterar i kombinerade intäkter pro forma på 447 miljoner euro och 151 miljoner euro i just. EBITDA, minskar skuldsättning till 2,4x, uppdaterade finansiella mål
Verve Acquires Jun Group, a Mobile First Digital Advertising Firm, Resulting in Combined, Pro Forma, €447m Revenues and €151m Adj. EBITDA, Reduced Leverage of 2.4x, Updated Mid-Term Financial Targets
EQS-News: MGI – Media and Games Invest SE held its Annual General Meeting
MGI - Media and Games Invest är nu Verve
MGI – Media and Games Invest is now Verve
EQS-News: MGI – Media and Games Invest is now Verve
MGI – Media and Games Invest SE held its Annual General Meeting
Stockpicker: Stockpicker interviews MGIs CEO Remco Westermann
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MGI Q1´24: Efficiently maneuvering leads to a strong start to the year
MGI - Media and Games Invest SE: Re-branding till 'Verve' planerad med förbehåll för godkännande av årsstämman 2024 - markerar framgångsrik omvandling till ett snabbväxande digitalt mediabolag
MGI – Media and Games Invest SE: Rebranding as “Verve” Planned Subject to Approval by the AGM 2024 - Marking Successful Transformation into a Fast-Growing Digital Media-Company
EQS-News: MGI – Media and Games Invest SE: Rebranding as “Verve” Planned Subject to Approval by the AGM 2024 - Marking Successful Transformation into a Fast-Growing Digital Media-Company
![MGI Q1´24: Stark inledning på året banar väg för resten av 2024](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/1eacd458-62e2-4599-927d-84f4aa49cded.png)