Verve Group SE's Capital Move Raises Questions Despite Strong Investor Interest

First Berlin Equity Research GmbH has updated its analysis on Verve Group SE. Analyst Ellis Acklin has reaffirmed the "Buy" recommendation, adjusting the target price from €6.00 to €5.80. This adjustment follows Verve's successful placement of 12.9 million new shares at SEK28 (€2.55) with institutional investors, raising SEK360 million (€32.8 million) in gross proceeds. The share issue was oversubscribed, attracting new long-term investors like a Swedish multi-family office, Cicero Fonder, and DNB Asset Management.

The capital increase's purpose and timing appear uncertain, as there is no visible urgency for cash to enhance business prospects or strengthen the balance sheet. Nonetheless, the updated capital structure leads to a target price of €5.80, offering a 135% upside. The stock's trading at an EV/AEBITDA multiple of 5.2x for 2026 further supports the buy recommendation.