Silver Linings Euro TMT Weekly: EU TMT Sector Specialist Commentary Taco·Media·Tech

研报英文原文证据摘录

Silver Linings Euro TMT Weekly: EU TMT Sector Specialist Commentary Taco·Media·Tech

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increasingly underwriting higher AI revenues.

• Scout24 (OW): Emerging as the highest-quality classifieds asset; AI strategy and proprietary data viewed positively,

though broader sector sentiment remains subdued.

• AUTO1 (OW): Long-only investors increasingly view the recent sell-off as a potential buying opportunity. Debate

remains around used-car pricing, but conviction in the long-term earnings story is improving.

Feedback & Thoughts

EU SEMIS

INFINEON (OW):Where to next? As one client put it on IFX - “valuation doesn’t matter in this tape, it’s about earnings

revisions which remain favourable”. European semis remains one of the most actively debated areas of the market today, with

investor discussions heavily focused on whether there is still meaningful upside left in analog names, particularly Infineon and

STMirco, following their strong rally or whether its time to rotate into semicap names which have lagged (particular focus on

ASML). My conversations continue to show a growing number of investors are struggling to justify further appreciation on 2027

estimates (bulls model ~3.30-3.50 EPS in ’27), with the debate increasingly shifting toward 2028 earnings power. This in itself

has become a point of contention, as investors are now willing to underwrite 2028 numbers for analog names despite not yet

having the same conversation on typically longer duration names i.e. ASML? That being said the growth story clearly is

becoming more prominent in the outer years with AI driving an inflection so perhaps it’s more palatable to be looking out to ’28.

Buy-side conversations suggest investors are underwriting roughly €3.60–4.30 of 2028 EPS for Infineon, with most clustering

around €4.00.