JPM | EMEA Spec Sits Daily: CBK GY/UCG IM no bump, SPM IM CEO and CFO feedback

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JPM | EMEA Spec Sits Daily: CBK GY/UCG IM no bump, SPM IM CEO and CFO feedback

Specialist Sales J P M O R G A N

16 June 2026

• Management was clear that Saipem is not trying to compete head-to-head with TechnipFMC on integrated SPS + SURF

offering. Instead, Saipem 7’s integration angle is broader: combining SURF, FPSOs, trunklines, heavy lift, platforms,

decks, jackets, and offshore installation to reduce interface risk for clients. Neptun and Kaminho were cited as integrated

examples where Saipem is leveraging several flagship vessels to work on several workstreams for Neptun (fabrication,

construction, and installation of jackets/deck + SURF + trunklines), while Kaminho was cited as a notable FPSO + SURF

award.

• Global Online Classifieds - Marginalised 2.0 – after the de-rate, quality segmentation takes over and share price

performance of Classifieds incumbents is likely to diverge from here- Marcus Diebel here

• In this 10th edition of our Global Online Classifieds report, we: 1) delve into the requirements for Classifieds to become

agentic and, importantly, the corresponding impact on margins and future financial growth profiles; 2) provide an in-depth

analysis of likely rising tech spend and brand advertising costs by company, which only partly gets offset by headcount

efficiencies due to AI savings; 3) look at optionality for M&A activity in the space; and 4) assess current valuation, which

indicates that downside still exists for a large part of our coverage universe. For Europe, we believe only Scout24

(maintained OW with best in class tech/product set up) is positioned to outperform. We still see margin driven downside

risks for Auto Trader, BCG, Hemnet, Rightmove and Vend (all maintained UW). We also downgrade SMG from OW to N