---
title: "BUZZ-CoStar's entry could be disruptive for European property platforms, Jefferies says"
description: "CoStar's entry into the European property platform market is expected to disrupt incumbents and accelerate the race to build regional scale. Jefferies predicts CoStar's focus will shift to operators o"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/200171081.md"
published_at: "2024-03-19T10:11:36.000Z"
---

# BUZZ-CoStar's entry could be disruptive for European property platforms, Jefferies says

> CoStar's entry into the European property platform market is expected to disrupt incumbents and accelerate the race to build regional scale. Jefferies predicts CoStar's focus will shift to operators of regional scale, and upgrades Hemnet while maintaining an "underperform" rating on Rightmove. They also maintain a "buy" rating on Schibsted but downgrade Scout24. Overall, CoStar's actions have elevated Hemnet as a sector strategic asset. Jefferies sees Hemnet vigorously pursuing catch-up in take-rate.

\*\* Jefferies says the entry of U.S. CoStar (CSGP.O) to the European property platform market could mark a disruptive moment for incumbents, accelerating the race to build regional scale amid a “fragmented and disparate” market

\*\* “CoStar’s European market entry with the acquisition of OnTheMarket in Oct-23 marks the potentially most significant introduction of outside capital into property platforms in the region in a decade,” the broker says

\*\* After the UK, Jefferies expects CoStar’s M&A focus to shift to operators of regional scale

\*\* The broker double-upgrades Sweden’s Hemnet (HEM.ST) to “buy” and increases PT by 157% to SEK 385, saying CoStar’s actions indirectly elevated Hemnet to “the sector strategic asset” and seeing it vigorously pursuing secular catch-up in take-rate

\*\* “Hemnet deserves a larger valuation premium,” Jefferies says; the stock is up around 5% by 1011 GMT, on top of pan-European STOXX 600 (.STOXX) index

\*\* Jefferies keeps its “underperform” rating on UK’s Rightmove (RMV.L) as it sees the property portal facing the highest risk to disruption from CoStar

\*\* It maintains its “buy” rating on Norway’s Schibsted (SCHA.OL) saying that its simplification and verticalisation should lead to improved monetisation in Nordic marketplaces

\*\* The broker downgrades Scout24 (G24n.DE) to “hold,” pending visibility on the progress of its 2026 targets

### Related Stocks

- [RTMVY.US - Rightmove plc](https://longbridge.com/en/quote/RTMVY.US.md)
- [CSGP.US - CoStar](https://longbridge.com/en/quote/CSGP.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
