INITIAL COVERAGE OF THE YOC SHARE BY THE RESEARCH COMPANY MONTEGA AG: HIGH-IMPCAT IN THE PORTFOLIO
Berlin, 24 January 2023. YOC AG is an ad tech company that uses its proprietary and fully automated software platform VIS.X® to deliver display advertising formats developed in-house by advertisers such as Disney to connected publishers (e.g. Burda Media) in particular. The competitive advantages of YOC’s technology are perceived and appreciated by customers. This is clearly reflected in the 28.7% yoy growth after 9M/22 and the corresponding market share gains, which should continue.
Montega sees the further expansion of the sales teams and the service portfolio of VIS.X® as well as the launch of new products and advertising channels as drivers. This has enabled YOC to improve its EBIT margin from 2.0% in 2018 to 10.5% in 2022e since the launch of VIS.X®. Although the full earnings potential of VIS.X® is unlikely to emerge in the coming years due to the ongoing investments in sales and technology, the analysts at Montega nevertheless expect the EBIT margin to expand to 11.9% by 2025. The Montega Research team believes that YOC’s attractive earnings prospects are not sufficiently reflected at the current share price level and therefore recommends the share as a buy with a target price of EUR 21.00.
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