Mgmt Meetings Recap: Entering a Buyer's Market For Z's Stock; Reiterate Buy

研报英文原文证据摘录

Mgmt Meetings Recap: Entering a Buyer's Market For Z's Stock; Reiterate Buy

st COMP and MRED, the temporary restraining order that restored Z's access to

MLS listings in Chicago supports the case having merit.

(3) Showcase + Preview unlock sell-side monetization: The combination of Preview and

Showcase provides sell-side agents with a comprehensive marketing toolkit for the entire listing

lifecycle. Preview allows agents to build excitement around a home prior to the listing going

active, at which point Showcase can be used to drive engagement. Z expects Preview to provide

incremental opportunities to promote Zillow Home Loans (ZHL). Showcase exited 1Q at 4.3%

penetration of total new listings, but has already achieved HSD% penetration in certain markets.

(4) Path exists to sustain elevated Rentals growth: Z expects Rentals Revenue to grow ~30% y/y in

FY26, driven by adding multifamily properties onto the platform (just ~45% market share compared

to ~65% in single-family). Over time, Z sees the opportunity to sustain strong growth through (1)

more relationships, (2) upselling existing customers to additional services, and (3) pricing increases

in the L-T.

John Colantuoni * | Equity Analyst

(5) Elevated Mortgage growth reflects Enhanced Market expansion: Z grew purchase loan volume 1 (212) 778-8634 | jcolantuoni@jefferies.com

by 96% against a depressed housing backdrop in 1Q, making it a top 25 national lender. ZHL Vincent Kardos * | Equity Associate

now averages DD attachment rates across Z's Enhanced Markets, which accounted for 49% of +1 (212) 778-8569 | vkardos@jefferies.com

connections in 1Q (vs 24% in 1Q25 and 75% for the intermediate target). In addition to expanded Seth Cho * | Equity Associate