European Express: Media Initiations, Barry Callebaut, and Wartsila Updates

Goldman Sachs initiates coverage on Media Classifieds with a positive stance on Scout24 and Autotrader, while upgrading Wartsila to Neutral and downgrading Barry Callebaut to Neutral.

Key Takeaways

• 1.Classifieds portals like Autotrader and Scout24 are viewed as resilient to AI dis-intermediation, with valuations currently depressed compared to historical averages.
• 2.Wartsila is upgraded to Neutral following strong 1Q26 performance and significant capacity expansion announcements to meet high power generation demand.
• 3.Barry Callebaut is downgraded to Neutral as its 'Focus for Growth' strategy is expected to take several years to yield results amid industry overcapacity.

Table of Contents

• Classifieds – Picking stocks with earnings momentum in an AI world
• Prosus/Naspers: Will the discount continue to close?
• Barry Callebaut (BARN.S): Initiatives to support long-term growth encouraging, but will take time to materialise; downgrade to Neutral
• Wartsila (WRT1V.HE): Lifting estimates post 1Q26 and new capacity increase announcement – up to Neutral
• Europe Rating Changes
• Europe PT Changes (10% or more)
• Europe EPS Changes (10% or more)
• Other notable research
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