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Edison Investment Research Limited: YOC (YOC): Initiation - Improving the AdTech experience

·2-min read

Edison Investment Research Limited
28-Oct-2021 / 08:00 GMT/BST

 

London, UK, 28 October 2021

 

YOC (YOC): Initiation - Improving the AdTech experience

YOC develops software for the digital advertising market, with the aim of optimising the advertising experience for advertisers, publishers and users of mobile internet and applications. Central to this is YOC's proprietary ad formats, as well as its VIS.X platform, launched in 2018 to create a scalable and automated exchange. The platform's operating costs are largely fixed, providing scope for margin expansion as revenues build. YOC's H121 results provide early evidence of this, where revenues increased by22% y-o-y to €7.7m with net income from continuing operations of €228k. Tailwinds within digital advertising support the company's positive outlook and its new partnership with Oracle bolsters its positioning for the upcoming withdrawal of third-party cookies.

Following a period of underperformance, YOC's share price grew by 90% in 2020 and by a further 26% in 2021 to date. On guided FY21e sales and EBITDA, YOC trades at EV multiples of 2x and 17x, a discount of 71% and 29% respectively to our peer group. This discount could shrink as its VIS.X strategy develops.

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About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

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Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

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