Analyst recommendations
Warburg Research
The operating result before interest, taxes, depreciation, and amortization (EBITDA) increased during the reporting period to EUR 2.6m (9M/2023: EUR 1.4m), marking an 83% rise compared to the previous year. This trend was already evident in the first half of the year, and while Q3 results were solid, they were not extraordinary. A key driver behind the growth was the extensive development of the VIS.X® technology platform. The launch of the VIS.X® Identity Intelligence Solution (framework for targeting, i.e. identifying users without cookies, approaches AROUNG ID5-ID, add-density and many other intelligent data-based approaches also including third-party data) and the seamless integration of artificial intelligence into all product solutions further enhanced the targeting effectiveness of the VIS.X® platform. Furthermore, YOC expanded its operations to Sweden in the third quarter with the establishment of YOC Sweden AB. In Scandinavia, which is characterized by streamlined and highly developed economies, YOC's technologically robust solution positions it as a market leader right from the start. Key takeaway: a strong Q4 is necessary for YOC to achieve its annual targets. But based on its classical “hockey-stick-shaped” business figures, this should be possible and goes along with the confirmation of the annual plans of the company. For example, it is worth noting that nearly 60% of the annual EBITDA in 2023 was generated in Q4 while the costs are scaling further. The share of YOC remains a Buy with an unchanged PT of EUR 28.00.
Price Target
28.00 EUR
Rating
BUY
Last Update
19.11.2024
Montega AG
Revenue after 9M increased from EUR 19.7 million to EUR 23.5 million (+19.5% yoy). It should be noted that the growth rate in the first quarter was positively influenced by the sales contribution of† Noste Media Oy, which was not acquired until March 21, 2023, and therefore also distorted the 9M growth rate. In a more meaningful comparison of the third quarter in each case, the growth rate was a very good 13%† and shows continued high momentum (Q2/24: +14%yoy). While sales within Germany grew by 12.1% in Q3, the increase abroad was even more pronounced at +14.7%. The Swedish subsidiary, which commenced operations on July 2, 2024, will also contribute to foreign revenue in the future. The development of 9M EBITDA is very positive with an increase from EUR 1.4 million to EUR 2.6 million. In Q3, however, EBITDA remained slightly below the previous year's figure of EUR 825 thousand at EUR 804 thousand. On the one hand, this is due to the 23.9% yoy increase in personnel expenses, which is attributable to an increase in the number of employees (as at 30.09.24: 108 employees compared to 87 in the previous year). On the other hand, other operating expenses increased significantly by 41.9% yoy to EUR 1.1 million. This includes start-up costs for the activities in Sweden of around kEUR 150 as well as expenses for the most important European industry trade fair, dmexco. YOC confirms outlook: The management assumes that YOC will continue to be resilient to the general economic development and expects a sustained shift towards digital advertising expenditure. Against this background, revenues of between EUR 36.0 million and EUR 37.0 million and an EBITDA of EUR 5.0 million to EUR 6.0 million are still expected. Net profit for the year is expected to be between EUR 3.5m and EUR 4.5m. Conclusion: We also assume that advertising media will be used in an even more targeted manner in future. We believe that our forecasts, which are at the lower end of the sales guidance and the upper end of the profit forecast, are still achievable. However, this will require strong year-end business in Q4, as traditionally more than a third of revenues and two thirds of net income are generated in this quarter. We reiterate our Buy recommendation with an unchanged price target of EUR 24.00.
Price Target
24.00 EUR
Rating
BUY
Last Update
19.11.2024
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