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
After a moderate start to the year in Q1 (+3% revenue growth), there was a significant acceleration in the second quarter: Revenue increased by approximately 10% in the first half to EUR 17.0–17.2m. This means that revenues in Q2 were about 15–18% above the previous year (highest increase since Q1/24) – a clear signal that the growth initiatives are beginning to take effect. This development is not based on special effects but reflects structural progress: International expansion – particularly to Scandinavia – is beginning to have an impact. At the same time, the in-house VIS.X® platform with AI- driven, programmatic advertising solutions continues to gain importance. The share of AI-optimized products in total revenue is steadily increasing, enhancing differentiation from competitors in walled-garden-dominated markets. Outlook confirmed: Based on this, the management confirms the annual forecast: For 2025, revenues of EUR 39.0–41.0m, an EBITDA of EUR 5.5–6.5m, and a consolidated result of EUR 3.5–4.5m are expected. Conclusion: YOC is transitioning from the investment phase to the scaling phase. The significantly improved revenue momentum in Q2 is a first visible result of the strategic path taken and proves that YOC has positioned itself excellently in a continuously challenging market environment by focusing on high-quality advertising formats and gaining market share. Based on the increasing platform penetration, advancing internationalization, and the attractive valuation (2026e EV/EBITDA: 7.1), we reaffirm our price target of EUR 24.00 and our buy recommendation.
Price Target
24.00 EUR
Rating
BUY
Last Update
24.06.2025
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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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