UK SMID Internet: Autumn Skies, Selective Buys: Reiterate OW ATG, Informa & YouGov, downgrade Future to Neutral

UK SMID Internet has lagged and largely underperformed through 2026 (-5% vs FTSE 250 +9%), with valuations depressed by uncertainty around AI disruption, persistent operational headwinds, incremental investment requirements and a generally subdued growth outlook. Against this backdrop, we see limited scope for low multiples alone to drive a sustained re-rating: companies must demonstrate consistent execution and a credible path to growth re-acceleration, while a wide array of leadership transitions adds to the burden of proof, with recently appointed CEOs taking the reins at ATG, Trainline, and YouGov, along with a CFO transition at GlobalData. With sentiment fragile, we remain selective and set out our key stock calls while taking pulse of current earnings expectations and valuation levels into year-end. We remain most constructive on the value creation opportunity at Auction Technology Group and Informa (both OW), and downgrade Future from OW to N, where we see limited scope for outp