Investing.com -- Goldman Sachs Research hosted 19 Media & Internet companies over four days at its European Communacopia and German Corporate conferences. Six stocks emerged with the most incrementally positive messages: Publicis, Scout24, Informa, JCDecaux, RELX and Auto Trader.
Publicis:
Goldman has increased confidence that Publicis can deliver 2027 organic growth above consensus, helped by strong new business. Its COMvergence data analysis suggests a strong year for new media billings.
It forecasts FY27 organic growth of 5% against consensus of 4.6%. The stock has fallen back to 11x 2027E EPS, with upside risk to consensus, including from LiveRamp.
Scout24:
New products, such as September's Deposit Guarantee+, could help Scout24 reach its private subscriber target faster than consensus expects.
Goldman forecasts 616k average private subscribers in 2027 (consensus 589k) and 700k in 2028 (consensus 651k).
The stock trades on 14x 2027E EPS, with an expected 18% 2027-29 EPS CAGR. Goldman cautions that the launch is early-stage, meaningful impact is likely from 2027, and the German rental market remains a near-term headwind.
Informa:
Middle East events have returned at scale, with encouraging re-booking trends setting up a strong 2027. Goldman is ahead of consensus on organic growth (6.4% in 2027, 6.5% in 2028) and EPS.
Shares trade at about 13x 2027E P/E, against a pre-Covid average of about 15x. Catalysts include an investor field trip to CPHI in Milan on October 7 and a 10M trading update in mid-November.
JCDecaux:
Trading momentum is strong, with France and the US accelerating. Goldman raises its Q3 organic growth forecast to 6.3%, above consensus and company guidance, and sees upside to FY26 profitability.
However, at about 18x 2027 P/E, it believes this is largely reflected in valuation. The price target implies about 11% upside. The Q3 trading update is due November 4.
RELX:
Management gave a very confident presentation, highlighting how product innovation is accelerating top-line growth. Shares trade at under 16x 2027 EPS, and Goldman estimates a 13% adjusted EPS CAGR over FY26-30E.
It does not expect material upgrades but sees upside risk to the buyback. The 9M26 trading update on October 22 is a near-term catalyst.
Auto Trader:
Shares trade on just 11x CY27E EPS. Retailer numbers are almost back to levels seen this time last year, and used car listings rose 2% in September so far.
Goldman expects 2H27 revenue growth of 8.6% (consensus 6.9%) and FY28 growth of 7.2% (consensus 5.4%).
Management is considering changes to its FY28 pricing model, which could affect when pricing benefits are captured. H1 results arrive in November.
Original Article
Goldman Sachs names six top picks in European Media & Internet after conferences
FICO stock drops 20%: Analysts break down the impact of FHFA's single pricing grid
