Research from Redeye, Redeye AB

Redeye

Research from Redeye

Redeye AB

Specialists in innovative and fast-growing Nordic companies within Life Science and Technology.

Redeye is the next generation equity research and investment banking company, specialized in Life Science and Technology. We are the leading provider of Corporate Broking and Corporate Finance in these sectors.

Our clients are innovative growth companies in the Nordics and we use a unique Rating model based on a value based investment philosophy. Redeye was founded 1999 in Stockholm and is regulated by the Swedish Financial Authority (Finansinspektionen).

Equity Bottom-Up

<ul><li>Redeye ceases its coverage of Verve Group due to the end of the contractual period.</li><li>Redeye will not provide research following quarterly reports or important business events for the company.</li><li>Redeye's rating and fair value range will be inactivated.</li></ul>

Redeye ceases its coverage of Verve Group due to the end of the contractual period.Redeye will not provide research following quarterly reports or important business events for the company.Redeye's rating and fair value range will be inactivated.

<ul><li>Redeye updates its valuation of Verve, which within two days announced two acquisitions that complement each other well.</li><li>On Wednesday evening, Verve announced the acquisition of Captify, one of the largest players in search intelligence.</li><li>We have revised our estimates upwards and raised our valuation of the company, as the acquisitions strengthen its market position and are expected to create value through synergies.</li></ul>

Redeye updates its valuation of Verve, which within two days announced two acquisitions that complement each other well.On Wednesday evening, Verve announced the acquisition of Captify, one of the largest players in search intelligence.We have revised our estimates upwards and raised our valuation of the company, as the acquisitions strengthen its market position and are expected to create value through synergies.

Verve Group: Two acquisitions in two days

<ul><li>Redeye comments on Verve's announced acquisition.</li><li>The company is acquiring Acardo Group for EUR24.5m, which corresponds to an EBITDA multiple of about 6x.</li><li>With this acquisition, Verve strengthens its presence in Europe while gaining access to technology that makes the end consumer’s journey more seamless.</li></ul>

Redeye comments on Verve's announced acquisition.The company is acquiring Acardo Group for EUR24.5m, which corresponds to an EBITDA multiple of about 6x.With this acquisition, Verve strengthens its presence in Europe while gaining access to technology that makes the end consumer’s journey more seamless.

<ul><li>Redeye comments on MGI's Q1'22 earnings report, which we deem as solid.</li><li>Net sales and Adj EBITDA was already announced.</li><li>However, we are impressed by the organic growth of 18% in the quarter.</li></ul>

Redeye comments on MGI's Q1'22 earnings report, which we deem as solid.Net sales and Adj EBITDA was already announced.However, we are impressed by the organic growth of 18% in the quarter.

Media and Games Invest: Q1’22 – Initial Take

<ul><li>Redeye provides a take on Media and Games Invest (MGI) recent acquisition of the mobile games developer AxesInMotion.</li><li>We view the acquisition as strategically solid but are concerned about the paid multiple, which seems a bit high at first glance.</li></ul>

Redeye provides a take on Media and Games Invest (MGI) recent acquisition of the mobile games developer AxesInMotion.We view the acquisition as strategically solid but are concerned about the paid multiple, which seems a bit high at first glance.

Media and Games Invest: Acquisition of AxesInMotion

Sweden

Verve Group SE provides advertising technology solutions. The Company develops and publishes privacy-first omni-channel advertising platform that matches global advertiser demand with publisher ad-supply, fusing data, media, and technology. Verve Group serves customers worldwide.

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Verve Group (VER SS)

Verve Group: Redeye ceases its coverage

Redeye ceases its coverage of Verve Group due to the end of the contractual period. Redeye will not provide research following quarterly reports...

Redeye

Verve Group: Two acquisitions in two days

Redeye updates its valuation of Verve, which within two days announced two acquisitions that complement each other well. On Wednesday evening,...

Redeye

Verve Group: Synergies from Germany

Redeye comments on Verve's announced acquisition. The company is acquiring Acardo Group for EUR24.5m, which corresponds to an EBITDA multiple of...

Redeye

Media and Games Invest: Q1’22 – Initial Take

Redeye comments on MGI's Q1'22 earnings report, which we deem as solid. Net sales and Adj EBITDA was already announced. However, we are impressed...

Redeye

Media and Games Invest: Acquisition of AxesInMotion

Redeye provides a take on Media and Games Invest (MGI) recent acquisition of the mobile games developer AxesInMotion. We view the acquisition as...

Redeye

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