Renta 4 | Squirrel has reached an agreement to acquire 100% of the share capital of a Spanish company specialising in digital advertising planning and management services, with advanced capabilities in programmatic technology, advertising spend optimisation and data-driven campaign activation. The acquired company operates internationally and provides services to advertisers in various markets, managing automated strategies across an aggregate advertising investment volume exceeding €500 million, with a focus on optimising returns through segmentation, analytics and media buying.
According to the available financial information, the company is projected to have recorded revenue of €13 million and EBITDA of €3.2 million (an EBITDA margin of 25%) in 2025, based on a managed advertising investment volume of €25 million. The agreed consideration will be paid entirely through the delivery of Squirrel shares, valued at €3.20 per share, and includes a lock-up commitment by the sellers.
Assessment: Positive transaction. It strengthens Squirrel’s position in the field of digital advertising and marketing services, incorporating technological and campaign management capabilities that enable the capture of greater value within the advertising chain. Furthermore, the transaction presents an attractive profile in terms of profitability (25% EBITDA margin) and potential for generating synergies with the Group’s existing divisions, particularly in Media and Network, helping to accelerate the inorganic growth strategy and the integration of a more data-driven model.
We reiterate our OVERWEIGHT recommendation and target price of €3.60 per share.
