Analyst recommendations
Warburg Research
YOC AG had already reported on October 22 that start-up costs of around EUR 0.3m related to its expansion into the Swedish market would impact profitability. This is mainly reflected in a decline in the gross-profit margin. In addition, increased currency expenses (0.4m) resulting from the depreciation of the US dollar and temporarily higher material costs associated with operating the VIS.X® platform (1.0m in the first nine months) had an effect. According to the company, these underlying factors will no longer affect the fourth quarter. Therefore, the Management Board expects a return to the typically stronger operating performance in the fourth quarter of 2025. However, in this context, the previous full-year guidance for 2025 (EBITDA EUR 5.5–6.5m) was withdrawn in October. The new EBITDA range expected for FY 2025 is now slightly lower at EUR 4-5m. Also for the years 2026/27 the estimates are slightly reduced due to a more conservative approach on the cost side. The share continues to be rated Buy with a slightly reduced price target of EUR 22 (24). With an EV/Sales of around 1x the company now seems significantly undervalued despite small corrections of the mid-term expectations.
Price Target
22.00 EUR
Rating
BUY
Last Update
20.11.2025
Montega AG
While sales in Q3 rose by 17.3% yoy to EUR 9.5m, confirming the ongoing strong operational momentum, EBITDA was EUR 0.6m, below the previous year's figure of EUR 0.8m. This was due to the expected higher personnel costs and a surprising decline in the gross profit margin. This resulted from a temporarily too low price structure in the programmatic Open Market, which generated additional reach but was below the usual margin level relative to format quality. Since the corresponding adjustment was already made in September, the quality of earnings is expected to recover in Q4. Operational momentum remains strong: Despite the temporary earnings correction, YOC remains clearly on an expansion course in our opinion. The company is growing significantly above market level, driven by the successful VIS.X® platform and ongoing internationalization. Following the already strong Q2 (EUR 9.8m sales, +16.2% yoy), the further improved sales dynamics underline the sustainability of the business model, which enables double-digit growth rates even in a challenging advertising market. Conclusion: YOC confirms the structural strength of its business model with another double-digit revenue growth, while the EBITDA, burdened by one-off effects, fell short of expectations again in Q3 after H1, necessitating a significant correction of the profit forecast for 2025. Assuming that further special burdens do not occur, the gross profit margin should already improve in line with revenues to the accustomed level from Q4 onwards, allowing us to confirm our forecasts for 2026 and beyond. In our opinion, the investment case with a combination of strong revenue growth and then improved profitability is fully intact, so the depressed price level once again offers an attractive entry point. We reaffirm our buy recommendation with a price target of EUR 24.00.
Price Target
24.00 EUR
Rating
BUY
Last Update
20.11.2025
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