Goldman Sachs Identifies Six Top European Media and Internet Stocks

Goldman Sachs has identified six European media and internet companies with the most positive outlooks following a series of meetings at its European Communacopia and German Corporate conferences. In a research note published Tuesday, the investment bank pinpointed firms demonstrating strong growth potential, product innovation, and favorable market positioning.

Conference Highlights Top Performers

Analysts hosted 19 companies over four days, concluding that six presented the most compelling forward-looking messages. The selected companies span advertising, business information, and online marketplaces.

The top picks highlighted by Goldman Sachs are:

• Publicis (PUBP)
• Scout24 (G24n)
• Informa (INF)
• JCDecaux (JCDX)
• RELX (REL)
• Auto Trader (AUTOA)

Analyst Outlook by Company

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Goldman Sachs provided specific rationales for each selection, pointing to catalysts that could drive performance above current market expectations.

• Publicis: Analysts expressed increased confidence that the advertising giant can achieve 5% organic growth in fiscal year 2027, ahead of the consensus estimate of 4.6%. The firm's analysis of new media billings data suggests a strong year, while the stock trades at 11x estimated 2027 earnings per share (EPS).
• Scout24: New products from the online real estate platform could accelerate private subscriber growth. Goldman forecasts 616,000 subscribers in 2027, versus a consensus of 589,000, but noted the German rental market remains a near-term headwind.
• Informa: The events and business intelligence group is seeing a strong recovery, particularly in the Middle East, with encouraging re-booking trends for 2027. Shares trade at approximately 13x 2027 price-to-earnings (P/E), below their pre-Covid average of about 15x.
• JCDecaux: The outdoor advertising firm is experiencing strong trading momentum, with acceleration in France and the U.S. Goldman raised its Q3 organic growth forecast to 6.3%, but noted the stock's valuation at about 18x 2027 P/E largely reflects this positive outlook.
• RELX: Management for the information and analytics company delivered a "very confident presentation," according to the note, emphasizing how product innovation is driving top-line growth. Goldman sees upside risk to the company's share buyback program.
• Auto Trader: The UK-based automotive marketplace is seeing retailer numbers recover to near prior-year levels. Goldman forecasts second-half 2027 revenue growth of 8.6%, significantly above the consensus of 6.9%, while shares trade at 11x calendar year 2027 estimated EPS.

Market Context and Valuations

The selections by Goldman Sachs underscore opportunities in companies with clear growth drivers that may not be fully priced in by the market. Several of the highlighted stocks, including Auto Trader, Publicis, and Informa, are trading at forward earnings multiples that the bank views as attractive relative to their growth prospects and historical levels.