Rankings Software, cloud & internet Verve Group
Verve Group
64
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Debt and refinancing−8
- Margin and returns−7
- Quality of growth−5
Strengths
- Insider buying+3
- Broad and loyal customer base+1
How the score is built
From 100 to 64, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.89 EUR
- Median analyst target
- 3.00 EUR
- Upside to median
- +239.0%
- Analysts
- 6
- Target range
- 1.30 – 6.80 EUR
- 52-week change
- −56%
- P/E (trailing)
- n/a
- Forward P/E
- 10.2
- PEG
- 0.44
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−19 of −30
- −7Margin and returnsAdjusted EBITDA margin approx. 20% (Q2: 19.8%), but operating margin has fallen from 17% (2024) to 7.6% over the last 12 months, and net income is −10.3m EUR due to interest and amortisation on acquisitions. ROIC 5.8% versus WACC 9.2%.
- −5Quality of growthOrganic growth only 3.5% in Q2 2026 (acquisitions +4.6%, currency -1.7%), ad impressions -9.5% and Net Dollar Expansion Rate 95% (below 100%); the CEO called the quarter 'more challenging than expected'.
- −4Capital allocationGrowth built on debt-financed acquisitions (EUR 40m in cash acquisitions over the past 12 months, EUR 119m in 2024) and about EUR 35m of capitalised development a year; the bond was tapped by EUR 50m at 97.25% of par in February 2026.
- −3MoatMid-sized SSP/DSP with ID-less targeting and Germany's largest in-store retail media network, but competes against Google, AppLovin, Unity, Magnite and PubMatic in a market governed by Apple/Google platform rules.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −1Multiples vs own historyEV/EBITDA 7.1 versus 7.7 (2025), 10.7 (2024), 10.8 (2023) and 11.9 (2022); P/S 0.33 versus 0.51–2.55 and P/B 0.48 – at the bottom of the history. Forward P/E 11.7 is, however, in line with 10.4–12.6 in 2022–2025.
- −2Price versus peersEV about EUR 680m (including net debt of 462m) = about 4.5x guidance for adjusted EBITDA and EV/Sales 0.96, versus Magnite (EV/EBITDA 23.7, EV/Sales 5.0) and PubMatic (EV/Sales 2.6). The discount reflects the debt: about 70% of EV is debt.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−18 of −35
- −8Debt and refinancingNet debt of EUR 462m and adjusted gearing of 3.3x (target 1.5-2.5x); bond of EUR 550m at 3m Euribor + 4% maturing 1 Apr 2029, interest expense about EUR 8m per quarter, and the securitisation programme is fully drawn. Interest coverage (EBIT/interest) 0.78.
- −4Advertising market and guidance riskMacro pressure on key advertising categories in Q2; guidance (revenue 680-730m, adjusted EBITDA 145-175m) requires a strong H2, and analysts (GBC) expect the lower end. The share price is -56% in a year.
- −3Platform dependenceThe business depends on mobile advertising within Apple's and Google's ecosystems, where changes to privacy rules (IDFA, Privacy Sandbox) and app store rules can change the economics quickly.
- −3Restructuring and accounting changeRestructuring costs of EUR 4.2m in Q2, relocation of the headquarters from Sweden to Ireland, preparation of PCAOB/USD accounts for a possible US listing and an IFRS 15 change that makes the figures hard to compare.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Insider buyingThe company of CEO and founder Remco Westermann, Bodhivas GmbH, bought shares for over 7m EUR in May-June 2026 (outside the buyback programme); no insider sales found.
- +1Broad and loyal customer base4,176 customers (+35.6%), of which 1,159 with more than 100,000 USD in annual revenue (+21.5%), and 99% customer retention.
Caveats
What the score does not capture, or where the data is weak.
The Nordnet listing (Stockholm, First North Premier, VER in SEK) does not exist on stockanalysis (quote/sto/VER gives 404), so path and currency follow the Xetra listing (ETR:VRV/M8G, EUR); the share price in SEK was 11.6 (Nordnet 11 Oct). Market cap 200.12m shares x EUR 1.038 = EUR 207.7m ≈ DKK 1,550m (Nordnet 1,522). Stockanalysis' FCF (94.7m TTM) is before capitalised development (-34.9m) and probably before bond interest (about 33m a year), so actual FCF to shareholders is about EUR 25-30m. Stockanalysis' EBITDA (81.9m) is not adjusted; the company's adjusted EBITDA guidance for 2026 is 145-175m. An IFRS 15 change makes the 2025 figures non-comparable (reported Q2 growth +43.5% vs. like-for-like +6.5%). Daily turnover is Xetra only; Stockholm volume is not included. Short register not checked.
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