Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

Research evidence excerpt

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary

e think that consensus will creep to the upper half of

FY27 net revenue guidance, with drop through likely to the earnings level although the CFO left open additional investment

in FY27 if opportunities were available. We remain Overweight with a Dec-27 price target of $17.30 or £13.00 (from $17.50

and £13.20).

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

Trainline (UW)- Lara Simpson Read Full Note Here UK SMID Internet has remained choppy into 2026 (-7% vs FTSE 250

+5%), with the group increasingly shaped by a risk-off backdrop, rising concerns over the scale and speed of AI disruption,

and a concurrent layer of company-specific execution risk (including operational headwinds, balance-sheet/capital allocation

debates and multiple leadership transitions). Against this volatile and highly dispersion-driven backdrop, we set out our key

stock calls and near-term catalysts, and use our tracked data-sets to take the pulse of earnings expectations, delivery risk and

relative valuation positioning across the coverage universe.

4. Ocado - Post Call: Delay in Delivery, Not in Direction – but New Contracts Crucial to Unlock the Investment Case-

Marcus Diebel Read Full Note Here Ocado reported H1 results broadly in line on revenue and EBITDA, but

importantly came in weaker on several other operating and cash metrics (see our Alert here). We believe the negative

share price reaction on the day (c. -20% at the lows, c. -10% by the close) was primarily driven by two factors: first, a weaker-

than-expected cash flow print (outflow of £147m versus our -£110m estimate); and second, a further delay to two CFCs,