Pinned Post: Previews and Comps

Research evidence excerpt

Pinned Post: Previews and Comps

Foundation

June 19, 2026 04:36 PM GMT

Morgan Stanley & Co. International plc+MInternet & Media | Europe Ed Young

Equity Analyst

Pinned Post: Previews and Ed.Young@morganstanley.comLuke Holbrook +44 20 7677-1761

Luke.Holbrook@morganstanley.com +44 20 7425-1882

Comps David Nolan

David.Nolan@morganstanley.com +44 20 7425-4297

What’s Changed Constantin P Kollmann

Hemnet Group AB (HEM.ST) From To Research Associate

Constantin.Kollmann@morganstanley.com +44 20 7425-3268

Price Target SKr 165.00 SKr 120.00

Internet

Europe

Industry View In-Line

Key Takeaways Media & Entertainment

I&M stocks within our coverage are -1.2% over the past 2 weeks (EuroStoxx Industry View In-Line

+2.4%). Allegro/WPP/Rasan led, while Hemnet/S4/Ocado dragged.

2 weeks behind: KPMG Gibraltar Gambling eSummit, Hemnet May Preliminary

Revenue.

2 weeks ahead: UK Gambling Field Trip London & Dublin, Prosus and BCG FY26

Results, Pluxee Q3'26 Results.

New previews: Hemnet Q2, Vend Q2

Quick hits:

Music: UMG priced €1.0bn of new Eurobond notes across 2030 and 2036

maturities, with proceeds intended for general corporate purposes including

refinancing existing debt (here); The NMPA announced landmark AI licensing deals

with Udio and KLAY, marking a shift toward authorized AI music partnerships (here);

Lionel Richie has filed to trademark the sound of his voice, joining artists like Taylor

Swift in seeking stronger protection against AI deepfakes and voice cloning (here);

Suno’s CPO defends the platform’s integrity policies, arguing they protect creators

while keeping AI music creation open and accessible (here).

Media: Publicis and The Trade Desk settle dispute over ad tech fees (here); S4

Capital reiterated its 2026 outlook, expecting net revenues to decline by LSD%