JPM | EMEA Spec Sits Daily: BMPS IM/ ISP IM, SKFB SS, UK SMID Internet

Research evidence excerpt

JPM | EMEA Spec Sits Daily: BMPS IM/ ISP IM, SKFB SS, UK SMID Internet

Specialist Sales J P M O R G A N

17 July 2026

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.

• Positive Positioning:Constructive on ATG (OW) with H2 increasingly de-risked as execution discipline, operational

control and predictability tighten under the new CEO, Duncan Painter. OW YouGov as attention shifts from near-term

investment pressure toward a clearer medium-term value creation and capital allocation agenda, led by the Board’s

strategic review and three-wave Value Delivery Plan.

• Cautious Call: Auto Trader a relative UW – await clearer evidence of KPI/ARPR resilience and more convincing proof

points on navigating an increasingly AI-driven landscape. UW on Trainline – limited scope for a sustained re-rating given

UK regulatory uncertainty, operator self-preferencing/Project Oval friction, with incremental Europe-side risks building

around a more fragmented rail retail architecture.

• Wise -Q1’F27 review: Off to a strong start to the year with momentum across the board - Craig A McDowell here

• Q1’FY27 delivered a strong start to the year with 25% net revenue growth coming in ahead of consensus expectations

(+2.9%). The implied deceleration to bring FY27 growth to “around the middle” of the 15-20% net revenue range looks to