Citi Backs Data Owners Over AI Platforms, Names Scout24 and Trustpilot as Top 'Buy' Picks

Citigroup analysts are advising investors to prioritize companies that own valuable proprietary data over the artificial intelligence applications built upon them, arguing that data ownership is the most defensible position in the evolving AI landscape. The bank identified European tech firms Scout24 and Trustpilot as its top picks, initiating coverage with "Buy" ratings for both.

The Primacy of Proprietary Data

In a note to clients, Citi argued that leading platforms with unique inventory, transaction, and reputation data hold a significant competitive advantage. This is particularly true in high-value sectors where the accuracy of recommendations is paramount for consumers.

While acknowledging that AI agents could eventually become the primary interface for user discovery, the bank's analysts believe it is "too early to conclude that." Current market evidence, according to Citi, shows that users still favor specialized AI tools embedded within category-leading platforms, with traffic from major large language models (LLMs) remaining **"negligible."

Top Picks in Focus

Citi’s analysis led it to single out two companies as the safest bets for investors looking to capitalize on this theme, citing their unique datasets as a durable competitive moat.

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Scout24

The bank identified online property classifieds as the "lowest-risk corner of the sector," with German platform Scout24 standing out as a leader. A key factor in Citi's confidence is the company's "early optimisation for AI agents," positioning it to effectively leverage new technologies.

Trustpilot

For Trustpilot, Citi's investment case centers on the value of its extensive review dataset. The bank asserts that this reputation data is becoming "increasingly important for LLM recommendation quality." This aligns with Citi's core thesis that the economic value will ultimately accrue to the owner of the unique data, rather than to the AI application layer that consumes it.