Moltiply Group (AO) | Buy | News on peers Google Shopping claims!

研报英文原文证据摘录

Moltiply Group (AO) | Buy | News on peers Google Shopping claims!

News comment

Release date: 01 July 2026

Tommaso Nieddu

Equity Research Analyst

+39 02 85 50 72 18

tnieddu@keplercheuvreux.com

BuyMoltiply Group

Italy | Financial services Beta Profile: MCap: EUR1.3bn

Target Price: EUR60.00 Bloomberg: MOL IM Reuters: MOL.MI

Current Price: EUR33.95 Free float 62%

Up/downside: 76.7% Avg. daily volume (EURm) 1.9

YTD abs performance -2.2% Market data: 30 June 2026

52-week high/low (EUR) 47.05/30.00

News on peers’ Google Shopping claims!

Key points:

Swedish court awarded SEK14.3bn, or c.USD1.5bn, in damages to PriceRunner, the Swedish price comparison company now

owned by Klarna, in relation to Google’s Shopping self-preferencing conduct.

The ruling looks more constructive for Moltiply than Idealo's (November 2025), as the PriceRunner award appears much closer to

the original claim, while Idealo received >EUR465m versus a claim of at least EUR3.3bn, or only c.14% of the amount requested.

This is supportive for Moltiply/7Pixel’s EUR2.97bn claim against Google and reinforces the litigation as a sizeable embedded

option in the investment case, on top of the potential BPO&Tech separation, spin-off or disposal as a separate re-rating catalyst.

Swedish court award strengthens MOL read-across

As we read from Reuters, PriceRunner, the Swedish price comparison company now owned by Klarna, has been awarded

SEK14.3bn, or c.USD1.5bn, in damages from Google by a Swedish court, in relation to Google’s Shopping self-preferencing

conduct.

The most interesting point is that the PriceRunner award appears much closer to the original claim than the Idealo case, where

the German court awarded >EUR465m compared with Idealo’s claim of at least EUR3.3bn, or only c.14% of the amount requested.