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Analyst recommendation

Difficult H1’2018 – Prognosis Adapted

Berlin, 6 September 2018. YOC recorded a disappointing first half of 2018. In the second quarter, revenues fell by 17% to € 3.0 million. At the end of the first half, YOC reported a decline in sales of 15%. The market launch of its own technology platform VIS.X resulted to be more difficult than expected. In addition, regulations triggered uncertainty among customers (“Coalition For Better Ads” in the UK, DSGVO). Accordingly, the management board has lowered its forecast for 2018. Initially planned sales growth at the lower end of the range was anticipated. Instead a decline in sales to € 13.0 – 14.0 million (previous year € 14.4 million) is now expected. EBITDA is forecasted to be at € -0.4 million. Previously, an improvement in EBITDA (previous year: € -0.1 million) was planned. We have adjusted our estimates. In the current situation, we consider a takeover to be unlikely and are suspending the premium. Overall, our target price for the YOC share has been reduced from €10 to €6. Due to the significant decline in the share price, the YOC share continues to be a buy. The price potential is more than 50%. The complete study with the complete research results of Solventis is available here (German only):