Baltic Classifieds Group (BCG): FY26 Preview: Autos Turning, Buybacks Supporting

研报英文原文证据摘录

Baltic Classifieds Group (BCG): FY26 Preview: Autos Turning, Buybacks Supporting

Idea

June 11, 2026 04:00 AM GMT

Morgan Stanley & Co. International plc+MBaltic Classifieds Group (BCG) | Europe David Nolan

Equity Analyst

FY26 Preview: Autos Turning, David.Nolan@morganstanley.comEd Young +44 20 7425-4297

Ed.Young@morganstanley.com +44 20 7677-1761

Buybacks Supporting Luke Holbrook

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

Autos recovery, buybacks and AI initiatives are key areas of focus

going into FY26 results. Auto Transactions improved into Mar/ Baltic Classifieds Group (BCG) (BCG.L, BCG LN)

Apr after a weather-hit start, and expanded buyback authority Internet | Lithuania

Stock Rating Overweight

adds tangible TSR support. With leading Baltic positions and Industry View In-Line

Price target 245p

monetisation headroom intact, we stay OW. Shr price, close (Jun 9, 2026) 185p

52-Week Range 380-168p

BCG reports FY26 results on Thursday 02 July. We forecast group FY26 revenue Mkt cap, curr (mn) €1,038

Net debt (04/26e) (mn)* €24

of €89.5m (+8.1% YoY) and EBITDA of €68.3m (+6.0% YoY, 76.3% margin), versus EV, curr (mn)* €1,040

consensus of €89.4m (+7.9% YoY) and €68.4m (+6.2% YoY, 76.5% margin). Ahead of * = GAAP or approximated based on GAAP

results, we see the three key debates as centering on 1) whether Autos is starting to Fiscal Year Ending 04/25 04/26e 04/27e 04/28e

recover after a weather-impacted start to the year, 2) how quickly management Sales / Revenue 83 90 100 111

intends to use the expanded buyback authority, and 3) whether AI is beginning to (€mn)**

EBITDA (€mn)** 64 68 76 83

support efficiency and product velocity. EBIT (€mn)** 64 67 75 82

EPS (€)** 0.11 0.13 0.15 0.17

1) Autos recovery: early signs improving after a weak start to the year.