Goldman Sachs has begun formal coverage of leading European online classifieds, opening with Buy recommendations on Scout24 and Autotrader and a Neutral rating on Rightmove. The move comes as investors wrestle with whether artificial intelligence will substantially weaken the role of specialist listing portals in property and used-car markets.
Analysts at Goldman - led by Adam Berlin - say market fears about AI-led disintermediation have pushed sector valuations to levels that do not reflect the underlying fundamentals. Sector valuation multiples, Goldman noted, have slipped from a historical average near 19x to about 10x on a CY26E EV/EBITDA basis amid concerns that large language models could supplant portals.
On the specific question of AI risk the team wrote: "We do not believe the emergence of AI technologies has materially increased dis-intermediation risks to classifieds portals." The analysts argued that generalist LLM models do not scrape in real time, new aggregator services are struggling to build audiences, and that do-it-yourself agents are likely to remain a niche segment.
Scout24 - Buy, PT €105
Goldman established a €105 price target for Scout24 and forecasts double-digit revenue growth accompanied by margin expansion that should exceed consensus expectations. The bank identified a supportive German housing backdrop, strong pricing power in Scout24's professional subscription tiers, and rising B2C subscriber counts as the main growth levers.
Goldman also flagged the company’s M&A optionality, noting previous takeover interest in the stock and assigning a medium probability that Scout24 could become an acquisition target. The bank expects this optionality, combined with improving organic performance metrics, to underpin upside versus current market prices.
Autotrader - Buy, PT 557p
For Autotrader, Goldman described the U.K. used-car marketplace as "at an inflection point" after a difficult 2025 in which growth slowed and the platform lost roughly 500 dealers. Rather than treating a softer used-car environment as a pure headwind, the analysts suggested it may amplify Autotrader’s value proposition to dealers because longer days-to-sell increase reliance on lead-generation channels.
The report quantified that dynamic by estimating that "it takes 19 days longer to sell a car without using Autotrader," a gap the bank said implies a dealer return on investment of about 117% when using the platform. Goldman set a 557p price target on Autotrader, reflecting the view that dealer economics and lead-generation importance should drive recovery.
Rightmove - Neutral, PT 516p
Goldman initiated Rightmove at Neutral with a 516p price target. While the bank described Rightmove as looking inexpensive at roughly 10x EV/EBITDA, it warned that near-term risks tied to the U.K. housing market could limit agent counts and constrain ARPA growth. The report cited rising mortgage rates following the onset of the Middle East conflict as a potential near-term pressure and said its outer-year revenue estimates are 1-3% below consensus.
Sector-wide themes and M&A
Across the classifieds sector, Goldman sees merger and acquisition activity as a live theme. The analysts said they "would be surprised if we did not see continued deal activity across the sector in the next 12 months," pointing to unlevered balance sheets, strong free cash flow generation, and depressed valuations as factors that should attract private equity and strategic bidders.
Overall, Goldman’s initial coverage frames the current pullback in multiples as largely valuation-driven rather than a reflection of irreversible structural threats from AI. The bank’s stance leans on measured optimism for Scout24 and Autotrader alongside caution on Rightmove, while leaving room for corporate activity to reshape the sector’s outlook.