UK SMID Internet Summer Skies, Selective Buys: OW ATG and YouGov (+CW), cautious on Auto Trader and Trainline (UW)

Research evidence excerpt

UK SMID Internet Summer Skies, Selective Buys: OW ATG and YouGov (+CW), cautious on Auto Trader and Trainline (UW)

C A Z E N O V E Europe Equity Research

17 July 2026

UK SMID Internet

Summer Skies, Selective Buys: OW ATG and YouGov

(+CW), cautious on Auto Trader and Trainline (UW)

UK SMID Internet has remained choppy into 2026 (-7% vs FTSE 250 +5%), with European Internet

ACthe group increasingly shaped by a risk-off backdrop, rising concerns over the scale Lara Simpson

and speed of AI disruption, and a concurrent layer of company-specific execution (44-20) 7134-3637

risk (including operational headwinds, balance-sheet/capital allocation debates lara.simpson@jpmorgan.com

and multiple leadership transitions). Against this volatile and highly dispersion- J.P. Morgan Securities plc

driven backdrop, we set out our key stock calls and near-term catalysts, and use our Marcus Diebel

tracked data-sets to take the pulse of earnings expectations, delivery risk and (44-20) 7742-4447

marcus.diebel@jpmorgan.com

relative valuation positioning across the coverage universe. J.P. Morgan Securities plc

Thyagarajan J

(91-22) 6157-5005

• Positive Positioning:Constructive on ATG (OW) with H2 increasingly thyagarajan.j@jpmchase.comJ.P. Morgan India Private Limited

de-risked as execution discipline, operational control and predictability

tighten under the new CEO, Duncan Painter. OW YouGov as attention Carmen Graves

(44-20) 3493 0506

shifts from near-term investment pressure toward a clearer medium-term carmen.graves@jpmorgan.com

value creation and capital allocation agenda, led by the Board’s strategic J.P. Morgan Securities plc

review and three-wave Value Delivery Plan.

• Cautious Call: Auto Trader a relative UW – await clearer evidence of UK SMID Internet Coverage