Auction Technology Group: Another reassuring checkpoint - strategy and platform strengthening in focus as FY27 upside grows

研报英文原文证据摘录

Auction Technology Group: Another reassuring checkpoint - strategy and platform strengthening in focus as FY27 upside grows

C A Z E N O V E Europe Equity Research

24 July 2026

Auction Technology Group Overweight

ATG.L, ATG LN

Another reassuring checkpoint - strategy and platform Price (23 Jul 26):424p

strengthening in focus as FY27 upside grows ▲Price Target (Dec-27):680p Prior (Dec-27):665p

ATG’s Q3 trading update (here) adds another “proof point” that the recovery is

being earned through execution rather than reliant on a turn in macro: while I&C European Internet

remains in a tough near-term tape with limited visibility on the pace of Lara Simpson AC

stabilization, Q3 pro forma constant-currency revenue growth held at +7.8% with (44-20) 7134-3637

A&A delivering good growth with I&C trends consistent with H1. The company lara.simpson@jpmorgan.com

J.P. Morgan Securities plc

paired the quarter with a second FY26 revenue guide upgrade to 5.5–6.5% pro

Marcus Diebelforma CCY growth (from 5.0–6.0%), driven principally by value-added services

(44-20) 7742-4447

and healthy commission contributions from LiveAuctioneers and Chairish, while marcus.diebel@jpmorgan.com

leaving the 34.5–35.5% adj. EBITDA margin range unchanged (guided at the J.P. Morgan Securities plc

bottom-end) - a framing we view as appropriately conservative given mix dilution. Thyagarajan J

Importantly, the tone from new CEO Duncan Painter was a clear signal of strategic (91-22) 6157-5005

intent and conviction on the opportunity set, adding that early engagement has thyagarajan.j@jpmchase.com

reinforced his confidence in the “quality of these marketplaces and the scale of the J.P. Morgan India Private Limited

opportunity ahead,” with focus on “strengthening our platforms, deepening our Carmen Graves