Analyst recommendations
Warburg Research
YOC AG had already reported on October 22 that start-up costs of around EUR 0.3m related to its expansion into the Swedish market would impact profitability. This is mainly reflected in a decline in the gross-profit margin. In addition, increased currency expenses (0.4m) resulting from the depreciation of the US dollar and temporarily higher material costs associated with operating the VIS.X® platform (1.0m in the first nine months) had an effect. According to the company, these underlying factors will no longer affect the fourth quarter. Therefore, the Management Board expects a return to the typically stronger operating performance in the fourth quarter of 2025. However, in this context, the previous full-year guidance for 2025 (EBITDA EUR 5.5–6.5m) was withdrawn in October. The new EBITDA range expected for FY 2025 is now slightly lower at EUR 4-5m. Also for the years 2026/27 the estimates are slightly reduced due to a more conservative approach on the cost side. The share continues to be rated Buy with a slightly reduced price target of EUR 22 (24). With an EV/Sales of around 1x the company now seems significantly undervalued despite small corrections of the mid-term expectations.
Price Target
22.00 EUR
Rating
BUY
Last Update
20.11.2025
Montega AG
In HI/26, the group revenues slightly increased by 3.6% yoy to EUR 17.7m. However, a look at Q2 clearly shows the changed market dynamics: After a strong Ql (+9.7% yoy to EUR 8.0m), Q2 revenue was practically at the previous year's level (Q2/25: ~EUR 9.8m) with EUR 9.7m. Regional differences persist: While the domestic business in Germany stagnated due to economic conditions, the international segment continued to be a supporting pillar with an 8.0% yoy increase in the half-year. On a quarterly basis, however, it is becoming apparent that even the foreign regions were temporarily unable to maintain the high pace of expansion of the initial quarter. The picture is more positive for the EBITDA, which increased by 30.2% yoy to EUR 0.7m in the half-year (HI/25: EUR 0.5m; of which approximately EUR 0.5m was attributable to Q2). The main reason for the increase in earnings is the visible recovery in profitability: The gross margin improved in HI/26 to 43.1% (approximately +1.5 percentage points compared to previous quarters). This demonstrates that the efficiency and automation measures around the VIS.X® platform are taking effect and that YOC is capable of improving the margin operationally even in a more restrained environment. Conclusion: YOC is responding to the slower market development in the first half of the year with strict cost discipline and an improved gross profit margin. Although we are slightly reducing our forecasts for now, we consider the stock to be very promising at the currently significantly depressed price level. As soon as advertising demand picks up again, the increased operational efficiency of VIS.X® should fully take effect. We therefore confirm our rating and continue to view the valuation level (EV/EBIT 2027e:6.7) as clearly attractive.
Price Target
15.00 EUR
Rating
BUY
Last Update
19.08.2026
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