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Analyst recommendation

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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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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