Analyst recommendations
Warburg Research
Macroeconomic uncertainties have noticeably dampened willingness to invest in advertising. The German advertising market, in particular, has experienced a significant decline. According to the latest Nielsen Advertising Trends, gross online advertising expenditure dropped sharply in the first quarter of 2025, falling by 10.4%. Looking ahead to the rest of the year, YOC expects a recovery effect and remains optimistic for the full year 2025. The current second quarter has already seen revenue growth of 10-15% compared to the same period last year. In terms of the product landscape, particularly with regard to YOC's developments in new formats and AI, continued market outperformance seems realistic in the long term. As a result, we are only making a slight downward adjustment to our full-year forecasts. Combined with revisions to certain parameters in our DCF model – most notably a slightly higher risk premium, reflected in an increased beta from 1.3 to 1.5 to account for greater overall uncertainty – this leads to a modest reduction in our price target. The share remains rated Buy with a price target of EUR 24 (28).
Price Target
24.00 EUR
Rating
BUY
Last Update
27.05.2025
Montega AG
In the first quarter, sales increased by 3% yoy to EUR 7.3m, with international business growing by +9% yoy, while sales in the German home market slightly decreased by -1% yoy. EBITDA fell to EUR 0.Im due to higher personnel costs and planned investments (01/24: EUR 0.7m), and the net result was EUR -0.4m (Q1/24: EUR 0.2m). The outlook for the full year 2025 has been confirmed. Based on the traditionally stronger second half of the year, management continues to expect revenues between EUR 39m and EUR 41m (+11-17% yoy), EBITDA of EUR 5.5m to EUR 6.5m, and a consolidated result of EUR 3.5m to EUR 4.5m. For the second quarter of 2025, YOC already signals accelerated revenue growth of 10 to 15% compared to the previous year and expects further catch-up effects over the course of the year. Conclusion: The weaker start to the year is essentially due to strategic investments in personnel, technology, and new markets. The underlying operational trends particularly the increasing relevance of Al-based solutions and internationalization - underpin the medium-term prospects. Given the expected return to double-digit margins and the moderate valuation level (2026e EV/EBITDA <7), we maintain our price target of EUR 24.00 and confirm our buy recommendation.
Price Target
24.00 EUR
Rating
BUY
Last Update
27.05.2025
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This list is for information purposes only and does not constitute an invitation to buy, hold or sell securities. The investment banks mentioned are solely responsible for the content and conclusions of the analyst studies or recommendations listed. Opinions, estimates or forecasts regarding the performance of YOC AG do not constitute opinions, forecasts or predictions of YOC AG or its management. Publication of this list does not imply that YOC AG accepts or confirms the information, conclusions or recommendations.
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