Report
Richard Williamson

YOC - Improving margins as VIS.X performs

YOC’s H122 results show the positive impact on margins from the growth in its proprietary VIS.X platform. On revenues up by 26% on H121, EBITDA margin has stepped up from 9.5% to 11.5%. FY22 guidance is unchanged, implying growth at a similar pace in H222 as achieved in H122, with an EBITDA margin of around 18% (all from mid-points of guided range). Unlike most of the global adtech sector, YOC’s shares have performed very well year to date as the strength of its offering, marrying mobile programmatic delivery with high-impact formats, has become better understood.
Underlying
Yoc
Yoc

Yoc AG is a Germany-based service provider active in the field of mobile media. The Company offers technology-based services, such as mobile marketing, digital advertising and online media services. It is focused on one core segment, namely Mobile Advertising. The Mobile Advertising segment is engaged in marketing of mobile Internet portals and applications of media companies, publishing groups and portal operations. It includes establishing private marketplaces, with aim to position the companies in the programmatic trading segments, and Programmatic Data Targeting for data-based addressing of target groups by advertisers. The Company is active in Germany, Austria, Switzerland, Spain, the United Kingdom and Poland, among others.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Richard Williamson

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