Europe First To Market

This daily morning meeting note covers UK political risks, the competitive landscape in the European Online Classifieds sector, and growth updates for DHL Group. It also provides a comprehensive schedule of upcoming J.P. Morgan events and earnings announcements.

Key Takeaways

• 1.The UK political landscape remains fluid, with potential for fiscal policy shifts following local election outcomes and an expected by-election result.
• 2.Online Classifieds incumbents are seeing a divergence in performance, with premium valuations rewarding those who have invested heavily in AI and agent-based technology.
• 3.DHL Group shows signs of growth resumption and ROIC improvements, supported by operational efficiency and recovering Express volumes.

Table of Contents

• Today's Morning Meeting
• Makerfield Matters: Sector and Stock Implications of the UK's Shifting Political Landscape
• Marginalised 2.0 – after the de-rate, quality segmentation takes over and share price performance of Classifieds incumbents is likely to diverge from here
• Growth resumption now in sight; ROIC improvements on the horizon; reiterate OW, PT up to €60
• Also Published Today
• In Case You Missed It... Trending in the Last Month
• Key Changes
• JPM Events
• Upcoming Earnings

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