2025-06-13-Jefferies-赫姆内特（HEM）_2025年第二季度业绩_预览_7页_107kb

Jefferies Equity Research: Hemnet (HEM SS) - 2Q25 Preview and Analysis

Jefferies has published a flash note for Hemnet, a Swedish online property platform, with a BUY rating and a price target of SEK435.00, representing a 58% upside from the current price of SEK275.60. The research covers financial forecasts, key metrics, company description, valuation, and risks.

Key financial forecasts for the second quarter of 2025 (2Q25) include estimated revenue from published listings of SEK420.8 million, up 20.4% from 2Q24, and other revenue of SEK53.5 million, leading to total net sales of SEK474.3 million, an increase of 17.1%. Adjusted EBITDA is projected to reach SEK250.9 million, up 16.0%, with a margin of 52.9% of net sales. Other metrics, such as average revenue per listing rising by 21.9% to SEK7,650, show positive growth.

Hemnet operates as an online property platform founded in 1998 and based in Stockholm, Sweden. The company focuses on online listings and other services, with a market cap of SEK27.9 billion.

Valuation and risks highlight a discount cash flow-based price target, emphasizing risks such as increasing competition, regulatory changes, the need for product innovation, and potential pricing pressures. Analysts certify that views are independent, and compensation is not tied to recommendations.

Overall, the report underscores Hemnet's strong projected performance for 2Q25, supporting the BUY rating, but advises on the associated market risks.