Improving the Ad Tech Experience
Berlin, October 27, 2021.
Central to YOC’s business model are its proprietary ad formats, as well as its VIS.X platform, launched in 2018 to create a scalable and automated exchange. The platform’s operating costs are largely fixed, providing scope for margin expansion as revenues build. YOC’s H121 results provide early evidence of this, where revenues increased by 22% y-o-y to €7.7m with net income of €0.23m. Tailwinds within digital advertising support the company’s positive outlook and its new partnership with Oracle bolsters its positioning for the upcoming withdrawal of third-party cookies. Following a period of underperformance, YOC’s share price grew by 90% in 2020 and by a further 26% in 2021 to date. On guided FY21e sales and EBITDA, YOC trades at EV multiples of 2x and 17x, a discount of 71% and 29% respectively to our peer group. This discount could shrink as its VIS.X strategy develops.
27.10.2021Initiation Coverage | Edison Group
30.03.2021BUY Rating | Price Target €11.60 | Stifel
02.06.2020BUY Rating | Price Target € 5.40 | MainFirst - A Stifel Company
20.02.2020BUY Rating | Price Target € 7.50 | MainFirst - A Stifel Company
03.09.2019BUY Rating | Price Target € 7.50 | MainFirst - A Stifel Company
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