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Research

Double-digit revenue growth expected in 2024

By Anton DamsténAnalyst
Verve
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MGI's Q4 revenues were well ahead of our and consensus expectations. During the quarter, MGI saw the beginnings of a recovery in the advertising market, which has continued into the first months of 2024. As a result, MGI's outlook for the current year is a return to double-digit revenue growth. This is a significant improvement over our previous assumption of a sluggish year and leads us to raise our revenue estimates. With the improved outlook, we believe the risk/reward ratio has further improved.

Verve

12.9SEK29.02.2024, 18.00
17SEKTarget price
Buy
Changed from:Buy
Recommendation updated:01.03.2024

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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Key Estimate Figures01.03.2024

202324e25e
Revenue322.0357.7390.0
growth-%-0.8 %11.1 %9.0 %
EBIT (adj.)76.978.574.5
EBIT-% (adj.)23.9 %22.0 %19.1 %
EPS (adj.)0.150.160.18
Dividend0.000.000.00
Dividend %
P/E (adj.)6.824.621.8
EV/EBITDA3.69.69.4
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