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 However, in this context, the previous full-year guidance for 2025 (EBITDA EUR 5.5–6.5m) was withdrawn in October.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
During the reporting period, YOC increased group revenue by 9.7% to EUR 8.0m (Q1/25: EUR 7.3m). Regionally, the picture remains unchanged: While domestic business (Germany) was nearly stagnant at EUR 4.2m (+0.5% yoy) amid the ongoing weak macroeconomic environment, the international segment once again proved to be the primary growth driver, increasing by 22.0% to EUR 3.8m. According to management's comments during today’s conference call, all international markets contributed to this growth. As a result, the share of international revenue increased to 47.4% (+4.8 pp). EBITDA improved by 45.0% to EUR 0.2m in the first quarter (Q1/25: EUR 0.12m), but remains at a historically unsatisfactory level. The main reason for this is the gross margin, which nevertheless showed a visibly positive trend in Q1. Although at 43.2% it was still 1.7pp below the prior-year level, it exceeded the levels of the preceding quarters by a clear margin (Q4/25: 41.6%, Q3/25: 42.4%, Q2/25: 41.3%). 2026 guidance confirmed: Management is maintaining the full-year guidance published in April, which calls for group revenue of EUR 39.0-41.0m and EBITDA of EUR 3.0-4.5m. Conclusion: YOC delivered a solid performance in the first quarter, indicating stabilization in the important domestic market while also demonstrating that the measures initiated to improve profitability are increasingly gaining traction. Combined with the continued positive international development, we believe the company is well positioned to achieve the targeted earnings improvement in the current fiscal year. We do not share the structural concerns regarding the business model reflected in the current share price and consider the current valuation level at a 2026e EV/EBITDA multiple of 5.3x attractive. Against this backdrop, we confirm our target price and rating.
Price Target
15.00 EUR
Rating
BUY
Last Update
26.05.2026
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