Hemnet shares climbed over 4% Friday after Citi Research reported strong initial demand for the Swedish property portal's newly launched Sell First Pay Later service. The Stockholm-based company saw 1,715 new SFPL listings in Stockholm alone during the product's first month, representing 45% of all new listings in the city.

Nationally, SFPL accounted for 5% of February's 7,400 paid listings, with 8,700 total published listings. Citi described demand as "reassuring" but cautioned it would wait for more delivery data before incorporating volumes into its projections. The service allows sellers to list properties and pay only upon sale, priced at a 15% premium to direct listings.

Despite the positive launch, Citi cut its 12-month target price by 32% to SKr123 from SKr180, citing sector-wide derating due to perceived AI disruption risks. The brokerage maintained a "neutral" rating but overhauled its valuation methodology, shifting to a 70/30 split between peer multiples and discounted cash flow models.