JPM and UBS positive while GS and MS cautious as brokers start SMG coverage

Smg Swiss Marketplace Holding AG

30/10/2025 11:37

** J.P.Morgan initiates SMG Swiss Marketplace Group SMGC.S with "overweight" rating, saying the online advertising company which recently went public is a leading player in a Classifieds Platform in Switzerland benefitting from multiple growth drivers

** The broker says SMG's brands outclass their Swiss peers in terms of traffic and the company's take rates in Real Estate and Automotive are well below that of several of its international Classifieds peers, driving further monetisation opportunities

** Likewise, UBS starts SMG with a "buy" rating, also noting that the Swiss company is a "leading local player with strong monetisation potential"

** "We think SMG is positioned to deliver faster earnings growth vs developed European peers for a prolonged period of time", it adds

** However, Goldman Sachs starts SMG with a "neutral" rating as the broker sees more attractive risk-return opportunities elsewhere

** Morgan Stanley initiates the Swiss company with "equal-weight", saying it offers a long runway of strong revenue growth, though tempered by opaque and idiosyncratic regulatory risk

** JPM also emphasizes that SMG's pricing policy is currently under scrutiny by the Price Surveillance Authority in Switzerland and UBS says that "regulation is the key topic to watch"

 (Reporting by Tiago Brandao)

 ((Tiago.Brandao@thomsonreuters.com;))