Still work to do to fix the network effects; eyes on Autumn strategic initiatives updates

Research evidence excerpt

Still work to do to fix the network effects; eyes on Autumn strategic initiatives updates

Equity Research

20 July 2026

Hemnet

Still work to do to fix the network

effects; eyes on Autumn strategic

HEM.ST/HEM SS EQUAL WEIGHTinitiatives updates

Unchanged

Q2 in line, limited change to numbers (cut pre-results). Focus EMEA Internet POSITIVE

on Autumn strategic updates, credibility to fixing some Unchanged

network effect erosion and what it means for 2027 forecasts. Price Target SEKUnchanged105.00

Stay EW. Price (16-Jul-26) SEK 81.70

Potential Upside/Downside +28.5%

Source: Bloomberg, Barclays Research

Aside from the sector-wide debate around AI, the specific concern we have on Hemnet is

erosion of network effects and weakening of the no1 position with Booli gaining share in

Market Cap (SEK mn) 7154traffic (though well behind Hemnet according to Hemnet data) due largely to an advantage

Shares Outstanding (mn) 92.63in listing volumes, particularly in the presale market. It seems paramount to us that

Free Float (%) 83.20Hemnet needs to fix the listings gap. Language from management suggests they feel the

52 Wk Avg Daily Volume (mn) 0.4same. But it isn’t yet fully clear how exactly they plan to do this – there have been some

Dividend Yield (%) 2.33helpful steps (eg more marketing, investment into product, SFPL, Under The Radar) but

Return on Equity TTM (%) 42.40none feels to us like the “silver bullet”. The company indicates more strategic initiative

Current BVPS (SEK) 10.45updates are coming in the Autumn but isn’t specific as to what. Our view is that a further

Source: Bloomberg

move into unmonetized content could ultimately be necessary to fix the problem and this

is our focus into the Autumn. Were it to happen, this might (depending on how it was