Analyst recommendations
Warburg Research
Following a weak Q1 in terms of both growth and earnings, Q2 provided some relief with strong year-on-year growth of over 16%. Although the weak Q1 result could not be fully offset, the trend is still clearly positive. Overall, negative special effects amounted to EUR 1.2m: exchange rate effects due to the devaluation of the US dollar, amounting to EUR 0.3m; additional expenses related to the expansion into the Swedish market, amounting to EUR 0.4m; temporarily increased operating costs for the company's own VIS.X® platform, amounting to EUR 0.5m. Given the return to strong growth in Q2 and the mentioned special effects, achieving the company's guidance appears realistic despite a weak H1. In this context, the company confirmed its outlook (revenue EUR 39-41m, EBITDA EUR 5.5-6.5m). Our expectations were only marginally adjusted downwards against the backdrop of the first half of the year. The stock remains a Buy with a price target of EUR 24.
Price Target
24.00 EUR
Rating
BUY
Last Update
19.08.2025
Montega AG
Q2 is a turning point: After a still cautious start in Q1 (+3% yoy), YOC sent a strong signal in Q2 with +16.2% revenue growth. This momentum is remarkable, as the European online advertising market stagnated during the same period, and advertising spending in Germany even declined significantly according to Nielsen. Thus, YOC not only overcompensated for the weakness of the overall market but also regained its usual double-digit growth pace. It is particularly noteworthy that international expansion significantly contributed to the boost: while the domestic market in Germany grew by 10.8%, revenues abroad increased by 23% yoy. The Scandinavian offensive, particularly the establishment of YOC Sweden, is already showing effects in its first year. At the product level, the VIS.X® platform was once again the central growth driver. With he latest expansions - including Attention Metrics for high-impact ad formats and the strengthening of identity intelligence through new data partners - YOC was able to substantially expand its value proposition in the programmatic premium segment. The differentiating power compared to competitors and the increasing scalability of the model is also underscored by the fact that around a quarter of the group's revenue now comes from Al-optimized products. EBITDA impacted by one-off effects: In terms of results, Hi fell short of expectations due o special effects (currency, Sweden investment, temporarily higher platform costs) (EBITDA: EUR 0.5m, -71% yoy). However, the crucial point is: These effects are temporary. This confirms that the investments in infrastructure and internationalization are impacting short-term profitability but are laying the foundation for sustainable growth.
Price Target
24.00 EUR
Rating
BUY
Last Update
18.08.2025
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