Research coverage
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November 22, 2024, FIRST BERLIN - Equity ResearchWILL ONLINE SHOPPERS OPEN THEIR PURSES IN Q4?
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October 17, 2024, FIRST BERLIN - Equity ResearchQ3 EBITDA MARGIN WIDENED FROM 1.9% TO 9.3%
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August 28, 2024, FIRST BERLIN - Equity ResearchSTRONGER H2 EXPECTED
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July 17, 2024, FIRST BERLIN - Equity ResearchTHE ONLY WAY IS UP
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May 29, 2024, FIRST BERLIN - Equity ResearchWE SPOT FIRST SIGNS OF MANAGEMENT OPTIMISM
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April 17, 2024, FIRST BERLIN - Equity ResearchFREE CASH FLOW POSITIVE SINCE 2019
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February 9, 2024, FIRST BERLIN - Equity ResearchNO CHRISTMAS PRESENT FOR AD PEPPER
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November 20, 2023, FIRST BERLIN - Equity ResearchFIRST TURNAROUND SIGNALS
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October 23, 2023, FIRST BERLIN - Equity ResearchFIRST QUARTER WITH POSITIVE EBITDA IN 2023
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October 10, 2023, FIRST BERLIN - Equity Research1 ST STEP COMPLETED, 2ND STEP IN THE WORKS
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August 21, 2023, FIRST BERLIN - Equity ResearchMACROECONOMIC HEADWINDS ARE NOT EASING
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July 24, 2023, FIRST BERLIN - Equity ResearchCAUTIOUSLY OPTIMISTIC FOR H2
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July 7, 2023, FIRST BERLIN - Equity ResearchEYEING >25% STAKE IN A PRICE COMPARISON PORTALS BUSINESS
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April 27, 2023, FIRST BERLIN - Equity ResearchQ1 WEAKER THAN EXPECTED – HOPING FOR A BETTER H2
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February 7, 2023, FIRST BERLIN - Equity ResearchIF IT’S GONNA GET BETTER IT STARTS WITH A FEELING
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November 28, 2022, FIRST BERLIN - Equity ResearchINTERNATIONALISATION STABILISES BUSINESS
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October 21, 2022, FIRST BERLIN - Equity ResearchRECESSION & INFLATION WILL HIT AD PEPPER
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September 1, 2022, FIRST BERLIN - Equity ResearchMACROECONOMIC ENVIRONMENT REMAINS WEAK
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July 21, 2022, FIRST BERLIN - Equity ResearchQ2 AS WEAK AS EXPECTED, Q3 SHOULD BE SLIGHTLY BETTER
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July 5, 2022, Montega AGad pepper erwartet schwächeres FY 2022 – Bewertung angepasst – Only available in German!
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July 1, 2022, FIRST BERLIN - Equity ResearchQ2 WEAKER THAN GUIDED, PREPARE FOR WEAKER H2
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May 30, 2022, FIRST BERLIN - Equity ResearchADJUSTING TO A MORE DIFFICULT ENVIRONMENT
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April 26, 2022, FIRST BERLIN - Equity ResearchWeak Q1, expect better Q2
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April 26, 2022, Montega AGSchwacher Jahresauftakt – Only available in German!
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April 6, 2022, FIRST BERLIN - Equity ResearchINFLATION AND WAR MAY HARM MARKETING BUSINESS
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March 31, 2022, Montega AG„Solid growth“ für FY 2022 in Aussicht gestellt – Only available in German!
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February 24, 2022, Montega AGFeedback Montega CONNECT: Marktumfeld ist unverändert gut – Only available in German!
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February 21, 2022, FIRST BERLIN - Equity ResearchPreliminary 2021 EBITDA slightly above Forecast
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January 14, 2022, Montega AGInvestment Case bleibt trotz temporärer Schwäche intakt – Only available in German!
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January 14, 2022, FIRST BERLIN - Equity ResearchQ4 RESULTS LOWER THAN EXPECTED
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November 22, 2021, FIRST BERLIN - Equity ResearchBlack Friday and Cyber Monday to drive Q4 Earnings
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October 21, 2021, FIRST BERLIN - Equity ResearchStrong Revenue Growth in Q3, but lower EBITDA Y/Y
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October 21, 2021, Montega AGad pepper erreicht in Q3 avisiertes zweistelliges Wachstum – Only available in German!
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August 25, 2021, FIRST BERLIN - Equity Research€2.3M free Cash Flow in H1
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August 25, 2021, Montega AGKurz-und mittelfristige Perspektiven unverändert positiv – Only available in German!
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July 19, 2021, FIRST BERLIN - Equity Researchapm guiding for Record Q3 with ca. €7M Revenue
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July 18, 2021, Montega AGQ2-Zahlen mit Licht und Schatten – Prognose für das dritte Quartal deutet auf erneut zweistelliges Wachstum hin – Only available in German!
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June 30, 2021, Montega AGRegulatorischer Wandel in der Online-Marketing-Branche dürfte keine negativen Folgen für ad pepper haben – Only available in German!
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May 27, 2021, FIRST BERLIN - Equity ResearchPandemic fades, Digitisation Trend is here to stay
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April 22, 2021, Montega AGÜberzeugender Jahresauftakt von ad pepper – Only available in German!
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April 22, 2021, FIRST BERLIN - Equity ResearchDouble-Digit Growth in Q1
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April 8, 2021, FIRST BERLIN - Equity Research3rd Pandemic Wave means more Online Shopping
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March 29, 2021, Montega AGad pepper avisiert erneut zweistelliges Wachstum – Only available in German!
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February 10, 2021, Montega AGStarkes Jahresschlussquartal unterstreicht die aussichtsreiche Positionierung von ad pepper – Only available in German!
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February 9, 2021, FIRST BERLIN - Equity Research2020 GUIDANCE EXCEEDED – €6.6M EBITDA
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December 10, 2020, Montega AGErneute Guidance-Anhebung verdeutlicht starkes operatives Momentum im wichtigen Jahresschlussquartal – Only available in German!
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December 10, 2020, FIRST BERLIN - Equity ResearchEBITDA Guidance raised by 15% to €6.3M
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November 20, 2020, FIRST BERLIN - Equity ResearchIn excellent Shape for strong Christmas Business
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November 18, 2020, Montega AGFinale Q3-Zahlen ohne Überraschung – Marktumfeld zeigt sich unverändert positiv – Only available in German!
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October 21, 2020, Montega AGStarke vorläufige Q3-Zahlen übertreffen Erwartungen deutlich – Only available in German!
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October 20, 2020, FIRST BERLIN - Equity ResearchVERY STRONG Q3 AND HIGHER GUIDANCE
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October 1, 2020, Montega AGPreview: Trotz traditionell schwächerem Q3 dürfte ad pepper ein Rekordquartal erzielen – Only available in German!
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July 23, 2020, Montega AGErfreuliche operative Entwicklung setzte sich auch in Q2 fort – Only available in German!
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July 23, 2020, FIRST BERLIN - Equity ResearchVery strong Q2 EBITDA and very strong positive 2020 outlook
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June 24, 2020, Montega AGSentiment der „Stay-at-home“-Aktie dürfte sich mit H1-Zahlen spürbar verbessern – only available in German.
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May 28, 2020, FIRST BERLIN - Equity ResearchIn a strong position to grow even during the recession
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April 24, 2020, FIRST BERLIN - Equity ResearchAccelerating trend towards digital advertising
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March 31, 2020, FIRST BERLIN - Equity ResearchBenefiting from pandemic – induced digitisation push
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February 20, 2020, FIRST BERLIN - Equity ResearchEBITDA Significantly above Forecast
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November 21, 2019, FIRST BERLIN - Equity Research2019 LOOKS SET TO BE A GOOD YEAR
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October 21, 2019, FIRST BERLIN - Equity ResearchGuidance raised for the second time
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August 23, 2019, FIRST BERLIN - Equity ResearchQ2 EBIT tripled Y/Y – Upgrade to buy
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July 23, 2019, FIRST BERLIN - Equity ResearchExcellent Q2 – EBITDA Guidance increased
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May 28, 2019, FIRST BERLIN - Equity ResearchBuyback program could support share price
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April 24, 2019, FIRST BERLIN - Equity ResearchQ1 much stronger than expected
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April 3, 2019, FIRST BERLIN - Equity ResearchStructural growth and value drivers intact
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February 19, 2019, Montega AG - Equity ResearchGestiegene Kostenbasis belastet 2018 unerwartet stark und trübt die Aussichten für das laufende Geschäftsjahr – only available in German!
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February 19, 2019, FIRST BERLIN - Equity ResearchMacroeconomic risks burden growth prospects in 2019E
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November 20, 2018, FIRST BERLIN - Equity ResearchDo they know it’s christmas time?
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November 20, 2018, Montega AG - Equity ResearchGut gerüstet für das Jahresendgeschäft – only available in German!
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October 16, 2018, FIRST BERLIN - Equity ResearchGuidance lowered following weak Q3 EBITDA
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October 15, 2018, Montega AG – Equity ResearchSchwächeres Neukundengeschäft führt zur Guidanceanpassung – only available in German!
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August 23, 2018, FIRST BERLIN - Equity ResearchMuch stronger earnings expected in H2
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July 19, 2018, FIRST BERLIN - Equity ResearchStrong earnings growth in H1
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July 17, 2018, Montega AG - Equity ResearchDurchwachsenes Q2, aber gute Aussichten für das zweite Halbjahr – only available in German!
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May 24, 2018, FIRST BERLIN - Equity ResearchFinal Q1 figures confirm growth story
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April 23, 2018, FIRST BERLIN - Equity Research26% sales growth Y/Y and positive EBITDA
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April 19, 2018, Montega AG - Equity ResearchKonsolidierung im Affiliate-Markt bietet Chancen für ad pepper – Hochstufung auf Kaufen nach ungerechtfertigtem Kursrücksetzer – only available in German!
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April 10, 2018, FIRST BERLIN - Equity Research61% EBITDA increase expected in 2018E – upgrade to buy
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April 5, 2018, Montega AG – Equity ResearchKonsolidierung im Affiliate-Markt bietet Chancen – Hochstufung auf Kauf – only available in German!
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January 9, 2018, FIRST BERLIN - Equity ResearchHighly scalable digital sales force
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November 1, 2017, Montega AG – Equity ResearchFeedback von der PerformanceIN Live-Konferenz in London – only available in German!
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October 16, 2017, Montega AG – Equity Researchad pepper wächst weiterhin stark – Guidance angehoben – only available in German!
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October 4, 2017, Montega AG – Equity ResearchRoadshow unterstreicht erfreuliche Geschäftsentwicklung – only available in German!
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July 18, 2017, ad pepper media mit bestem Quartal seit einer Dekadead pepper media mit bestem Quartal seit einer Dekade – only available in German!
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April 26, 2017, Simon Heilmann, EquinetGood growth comes with a price, model update
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April 20, 2017, Montega AG – Equity Researchad pepper erzielt im ersten Quartal neuen Rekordumsatz – only available in German!
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March 21, 2017, Simon Heilmann, EquinetValue driver webgains weakens, 2017 a year of transition
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March 20, 2017, Montega AG – Equity Researchad pepper erzielt im ersten Quartal neuen Rekordumsatz – only available in German!
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October 14, 2016, Montega AG – Equity ResearchSolid results in traditionally weaker quarter – only available in German!
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October 12, 2016, Simon Heilmann, EquinetSolid Q3 quarter with no major surprises
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July 20, 2016, Simon Heilmann, EquinetConvincing performance with strong operating figures
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July 18, 2016, Montega AG – Equity Researchad pepper media continues positive earnings trend – only available in German!
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May 17, 2016, Simon Heilmann, Equinetad pepper media – Surprising strong start into the year 2016
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April 28, 2016, Montega AG – Equity Researchad pepper is changing from agency to platform business – only available in German!
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April 22, 2016, Simon Heilmann, Equinetad pepper media – Company results and updated model (Buy TP EUR 2.60)
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April 4, 2016, Simon Heilmann, EquinetNothing ventured, nothing gained
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July 19, 2012, Adrian Pehl, CFA, Equinet2Q12 in line – on track to reach break-even in 4Q12 PT increased to EUR 1.7 – keep Buy
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April 24, 2012, Montega AG – Equity Researchad pepper media improves profitability – Transition of Business model will be pushed continuously – only available in German!
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February 15, 2012, Montega AG – Equity ResearchWeak results in 2011, sales of equities are key trigger – only available in German!
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February 13, 2012, Adrian Pehl, CFA, Equinet4Q11 broadly in line – ad agents very strong
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October 19, 2011, Montega AG – Equity ResearchEarnings weak in the first nine months 2011 – strong final quarter expected – only available in German!
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October 17, 2011, Adrian Pehl, CFA, EquinetStep-by-step improvements
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July 20, 2011, Adrian Pehl, CFA, EquinetUnabated growth will bring back profitability
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July 19, 2011, Montega AG – Equity ResearchShare price does not reflect revenue potential and value of assets – only available in German!
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April 18, 2011, Montega AG – Equity ResearchWeak start to the year – Higher stake in Facebook marketer – only available in German!
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April 5, 2011, Montega AG – Equity ResearchStrong numbers – Special distribution of funds announced – only available in German!
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November 30, 2010, Montega AG – Equity ResearchHigh net liquidity, high-value investments, low valuation – buy shares! – only available in German!
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September 9, 2010, Dr. Kalliwoda Research GmbHOn the way to lasting profits – only available in German!
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August 19, 2010, Adrian Pehl, CFA, EquinetNo major changes after final figures review
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August 12, 2010, Montega AG – Equity ResearchFinal first quarter results – stock clearly underrated – only available in German!
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August 2, 2010, Montega AG – Equity ResearchSuccesful restructuring and significant upside potential – only available in German!
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July 15, 2010, Adrian Pehl, CFA, EquinetSolid 2Q10
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May 3, 2010, Dr. Kalliwoda Research GmbHThe growth accelerates – only available in German!
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April 28, 2010, Adrian Pehl, CFA, Equinet1Q10 a real surprise – low OPEX bring Buy early break-even
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April 1, 2010, Dr. Kalliwoda Research GmbHFocus on Performance in the Growth Market