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%AgentCommission9eC微4141Lithuania(seponv)UKRestricted - External European InternetPOSITIVEEuropean InternetAndrew Ross, CFA+44 (0)20 7773 3023andrew.ross@barclays.comBarclays, UKSarah Roberts+44 (0)20 7773 0959sarah.roberts3@barclays.comBarclays, UKGuillaume Galland, CFA+44 (0)20 7773 4061guillaume.galland@barclays.comBarclays, UKOlivia Venancio+44 (0)2035550278olivia.venancio@barclays.comBarclays, UK Past week's research **: Baltic Classifieds Group - Best in class classified on a reasonable multiple; initiate atOW (10/07/2025): Delivery Hero - Some better legal news in Spain (10/07/2025): Talabat - Jahez leading consolidation in the Qatar market this morning (09/07/2025): Thematic Investing - Unicorns: A framework to assess theme maturity (07/07/2025): Europe Internet - Valuation Sheet (07/07/2025)9eC Newsflow you might have missedOnline ClassifiedsCompanies: Baltic Classifieds Group, Rightmove: Baltic Classifieds Group - Best in class classified on a reasonable multiple; Initiate atow(BarclaysResearch,1o/o7/2025)BCGoperatesinLithuania,EstoniaandLatvia,countrieswith relatively small populations but strong economic fundamentals, good digital adoption andthat are members of the Euro currency. BcG's positions are extremely strong, and it has somegeographic and vertical (autos, real estate, jobs and generalist) diversification to smooth thewith real industry expertise and experience. The stock has pulled back post FY results due to a(likely temporary) slowdown in the Estonian car vertical related to an end-market tax change.This is a real issue, in the sense that EPS momentum has stalled and 1HFY26 will be likely"only"low double digits, but we don't see the market structure as really changing sufficiently to affectthe long-term classified monetisation potential. In this note, we offer: 1)a benchmarkinganalysis of BcG vs global peers in autos, real estate, jobs, cost and margins and 2) detailedvaluationwork onBCG vs peers.Barclays' view. We view BCG as one of the highest-quality classified names in our coverage andset a PT of 400p. Examining catalysts in the near term, it's a bit of a slow build, with 2H expectedto re accelerate as the company laps the Estonia auto tax (introduced in Jan 2025). However, inthe long term, we think the company has a long runway for monetisation across all of itsverticals, and some small bolt-on acquisitions (UNTU in real estate) provide an interestingglimpse into how the company is thinking about product development going forward. Wemodel the stock trading at 3.6% FCF yield in '26E, which isn't cheap, but relative to peers withsimilarprofiles, Hemnet (3.1%)andScout24 (3.3%),tradesata discount.We setan upside caseof 500p and a downside case of 250p.08/07/2025) Rightmove has announced that it is rolling out a significant update to its enhancedleads feature for lettings agents, by integrating with agent CRM systems. Leads will come prequalified with additional information, which the property portal says is designed to help agentsfind the right tenant quicker. This integration means alletting agents can receive and manageenhanced tenant leads and begin the process of running a free soft credit check on a potentialapplication from within their existing CRM system.Barclays' view. Good to see Rightmove continue to invest in features for agents - we do thinkthe investment in product on the letting side seems to have real traction.Food DeliveryCompanies: Delivery Hero /Foodora / Glovo / Baemin, Talabat / Jahez / Keeta. Delivery Hero / Glovo:o Some better legal news in Spain (Barclays Research, 10/07/2025) Barcelona'sCommercial Court No. 2 has rejected Just Eat's 295m lawsuit against Glovo, ruling thatGlovo's use of self-employed riders since 2019 complied with Spanish law and respected therider law.ThejudgefoundnoevidencethatGlovo's labourmodel ledtounfaircompetitiveadvantages or materially altered market share, noting that Glovo's strategy focused onlocalised promotions and niche market penetration. 3 Barclays' view. We view this as overall positive for DH (owner of Glovo), de-risking thedownside where there was an additional legal liability in this market. This wasn't included asa provision or a contingent liability.o The Spanish Labour Department launches an investigation into Uber Eatsemployment model (El Pais, 07/07/2025). The Spanish Labour Inspectorate has launchedan investigation into Uber Eats, the only majorfood delivery platform in Spain still operatingwithfreelancers,whileGlovoandJustEathavetransitionedtosalariedemploymentmodelsBarclays' view. The outcome could (over time) lead to regulatory alignment across the 3dominant platforms (Uber Eats, Glovo, and Just Eat) -potentially reducing competitivedisparities, which would be a positive for DH.: Talabat / Keeta (Meituan covered by Jiong Shao) - Keeta launches Agency PartnershipProgram in Dubai (Linkedin, 09/07/2025) Keeta has launched its Agency PartnershipProgramme in Dubai to support its UAE expansion, aiming to scale mer