J P M O R G A N Europe Equity Research 10 June 2026 Hemnet Model Update Following the release of the company's weaker-than-expected May listings data (here), we lower our FY26 listings forecasts. As a result, we cut our FY26/FY27 revenue and adjusted EBITDA estimates by 3%/3%. We also reduce our peer valuation multiple and lower our Dec-27 price target to SEK 84 (from SEK 96). Underweight HEM.ST, HEM SS Price (09 Jun 26):Skr87.50 ▼Price Target (Dec-27):Skr84.00 Prior (Dec-27):Skr96.00 European Internet Marc ...