AdTech startet stärker als erwartet, Jahresziele leicht angehoben

Die Q1-Zahlen (Umsatz: € 446,3 Mio.; +19,7%; Bereinigtes EBT: € 83,7 Mio.: +44,5%) war geprägt vom überraschend starken AdTech-Segment. AdTech verzeichnete ein Wachstum von 77,7% - was teilweise auf einen Basiseffekt (schwaches Q1 24 zurückzuführen) war. Auch die kommenden Quartale werden von der beschleunigten Produktmigration (hin zu RSOC) geprägt sein, die Segment-Umsätze (AdTech) aber möglicherweise unter dem Q1-Nivceau verbleiben. Das Kerngeschäft „Digital Solutions & Cloud“ lag mit einem externen Wachstum von 7,3% nahe dem für 2025 kommunizierten Zielwert (ca. 8%), was angesichts des s...

AdTech starts stronger than expected, annual targets raised slightly

The Q1 figures (revenue: €446.3 million; +19.7%; adjusted EBT: €83.7 million; +44.5%) were characterised by the surprisingly strong AdTech segment. AdTech recorded growth of 77.7%, partly due to a base effect (weak Q1 24). The coming quarters will also be characterised by accelerated product migration (to RSOC), but segment revenues (AdTech) may remain below the Q1 level. The core business ‘Digital Solutions & Cloud’ was close to the target value communicated for 2025 (approx. 8%) with external growth of 7.3%, which is a good figure given the weak economic environment. We are raising our est...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/13/2025

Malakoff Humanis : Focus Emission

Malakoff Humanis vient sur le marché pour une première émission obligataire, en Tier 2, sous un format benchmark de 500 à 750 m EUR, de maturité 10 ans (2035 callable 2034), notée A- par S&P. Cette émission a pour objectif de refinancer le Tier 2 Humanis arrivant à maturité en octobre 2025 et de se donner des marges de manœuvre financières pour saisir des opportunités de croissance externe.

Cirsa Gaming : What to expect from the IPO?

After an aborted attempt in April due to market volatility, Blackstone is reportedly close to launching IPO in the coming weeks before the summer break. Cirsa has made significant progress and is now a strong candidate, although some structural weaknesses remain (low online share and high exposure to South America). In this study, we review the imminent transaction and its implications for bonds, with a focus on PIKs, credit ratings and covenants.

Cirsa Gaming : What to expect from the IPO?

After an aborted attempt in April due to market volatility, Blackstone is reportedly close to launching IPO in the coming weeks before the summer break. Cirsa has made significant progress and is now a strong candidate, although some structural weaknesses remain (low online share and high exposure to South America). In this study, we review the imminent transaction and its implications for bonds, with a focus on PIKs, credit ratings and covenants.