Scout 24
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🏠 Scout24: Why the "cash machine" is now a must-buy for quality investors 📈
The real estate market is changing and one company is dominating the digital ecosystem more than ever: Scout24 SE $G24 (+1,03%)
While many are just staring at the interest rates, the Munich-based company is providing hard facts that speak for an investment.
Why is NOW a strategically smart time? Here are the 3 main reasons:
1. margin power at record levels 💰
In the latest Q1 report 2026, Scout24 reported an operating operating EBITDA margin of 60.1%. delivered. This means that for every euro of revenue, more than 60 cents are retained as operating profit. That is Software-as-a-Service (SaaS) excellence at its best.
- Sales growth: Double-digit (+13.9 %).
- EPS boost: Earnings per share growth of over 40% shows how efficiently the company is scaling.
2. the "operating system" of the real estate industry 🛠️
Scout24 is no longer just an advertising portal. Thanks to the deep integration of AI tools and CRM software for brokers (B2B), the platform has become indispensable.
- High switching hurdles: Once you manage all your processes via ImmoScout24, you will never leave.
- AI lead: With tools such as PropstackAI, Scout24 is securing its market leadership for the next decade.
3. shareholder value & buybacks 🔄
The management is serious: with a massive share buyback share buyback program of up to EUR 350 million the supply of shares is being reduced. For you as a shareholder, this means that your stake in the company will become more valuable without you having to invest a cent extra.
📉 Chart check & forecast
The share is currently consolidating at a healthy level (approx. EUR 70-75). If the trend continues, analysts see price targets of 90 EUR+ in the next 18 months.
Long-term investors (5 years+) are betting on market dominance in a recovering real estate environment.
Conclusion: Scout24 is the perfect mix of secure moat and dynamic growth.
#Aktien
#Börse
#Investment
#Scout24
#Immobilien
#Finanzen
#WealthManagement
#Aktienanalyse
+ 2
2026
Scout24 has passed the next AI test. The Q1 figures (29.4.) were solid as expected. Revenue rose by 13.9% to EUR 179.6 million, with organic growth of 10.7%. Operating EBITDA climbed by 15.1% to EUR 107.9 million. The margin improved by 0.6 percentage points to 60.1%. This means that operating profit continues to grow faster than sales. The annual targets were confirmed: For 2026, the Executive Board continues to aim for sales growth of 16-18%. Of this, 6-7 percentage points are to come from the acquisition in Spain. The operating EBITDA margin should reach up to 61% (organically: up to 64%).
The professional segment with brokers and other commercial customers remains the most important growth driver. Sales here rose by 15.8% to EUR 133.6 million. Particularly important: the average revenue per customer (ARPU) in Germany increased by 10.5% to EUR 1,224 per month. This shows that Scout24 continues to have pricing power and sells its customers more than just coverage. Brokerage software, data, valuations and workflow solutions are increasingly becoming part of the offering.
Private customer business also set to return to double-digit growth
As expected, momentum in the private customer segment was weaker. Turnover here rose by only 8.8% and the number of customers by 2.5%. This was mainly due to the switch to new product levels and prices. CEO Ralf Weitz explained in the earnings call that the tests had deliberately slowed down subscription growth in recent months, but had now been completed and were proceeding "exactly according to plan". The number of B2C subscribers had already increased significantly in April. The company boss also formulated the goal of achieving double-digit sales growth in this area again in the future.
We also take a very positive view of the statements on artificial intelligence. "Wherever we use AI, we are seeing higher engagement, increased usage and improved monetization," says the CEO, providing concrete data: The AI assistant HeyImmo recently reached around 650,000 monthly users. In April alone, there were almost 1 million conversations. At the same time, traffic via external AI models remained negligible at 0.3 to 0.4%. This means that the central concern of recent months is becoming increasingly smaller: users are not yet migrating to ChatGPT & Co. on a large scale. They tend to use AI within the Scout24 ecosystem.
AI brings higher sales and lower costs
The effect in the brokerage business is even more exciting. Customers of the Propstack brokerage software who use AI functions such as automatic listings, exposé videos or floor plans recently achieved an average monthly turnover of around EUR 340. For customers without these functions, the figure was EUR 220. AI is therefore becoming a real monetization lever for Scout24. There is also a positive effect on the cost side. Personnel expenses fell organically by around 5%. The Group is increasingly not replacing employees who leave completely, but is using automation and AI to increase productivity.
With a 12-month forward P/E ratio of 17, the DAX share (EUR 71.00; DE000A12DM80), which is still historically cheap, is receiving additional support from the share buyback program, which has been expanded to up to EUR 350 million. In the run-up to the Capital Markets Day in just under two weeks (May 12)
Quarterly figures 27.04-01.05.26
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Mercedes could hurt...
New in the portfolio
Good business model at a good price.
Dates week 10
As every Sunday, the most important news from the past week, as well as the most important dates for the coming week.
Also as a video:
https://youtube.com/shorts/Xr1TBk7MCoo?si=Qhs6BGsKjAccR_OX
Monday:
The ifo business figures are positive. The business climate rises by one point to 88.6 points, more than expected (88.3). At the same time, companies' expectations also improved.
https://www.ariva.de/news/deutschlands-wirtschaft-mit-belebungssignalen-11917308
Tuesday:
The new weight loss drug Cagrisema from $NOVO B (-0,1%) Novo Nordisk disappoints in a comparative study. The drug is not at least as effective as the drug tirzepatide from competitor Eli Lilly. The share price slumped significantly.
Wednesday:
The demand for chips from $NVDA (+0,92%) NVIDIA is unbroken. Sales increased by 73% in the last quarter. Adjusted earnings per share almost doubled. The Group also expects further growth in the next quarter.
Thursday:
$G24 (+1,03%) Scout24 continues to grow at double-digit rates, both in terms of revenue and profit. Double-digit growth is also expected this year
double-digit growth again this year, partly due to the acquisition in Spain, which will reduce the company's dependence on Germany.
Saturday:
Israel and the USA attack Iran and its head of state is killed. There is a threat of oil supply shortages and a spread of the conflict to other countries, as Iran attacks several Gulf states.
https://www.tagesschau.de/newsticker/liveblog-israel-usa-angriffe-iran-102.html
These are the most important dates for the coming week:
Monday: 02:45 EMI (China)
Tuesday: 11:00 Inflation data (EUR)
Wednesday: 14:30 ADP Employment (USA)
#china
#inflation
#euro
#arbeitsmarkt
#usa
Can you think of any other dates?
Quartalszahlen 23.02-27.02.2026
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Acquisition of Scout24
Some time ago we $G24 (+1,03%) Scout24 into our value portfolio.
We had had Scout24 on our watchlist for a long time and we wanted to buy in the event of a price setback. However, this did not happen for a very long time.
It was not until the AI hype and a potential new threat from established players such as Scout24, as well as the inclusion in the DAX, which often leads to a sell-off. Scout24 experienced the long hoped-for price setback.
We have analyzed the share in detail here:
https://youtu.be/v69PMmCNCwM?si=diW44WCIwckzMwFK
What do you think of the company?
How are you doing with the purchase?
What stop 🛑 loss did you set after the losses?
Also thinking of investing after the sell off.
Thanks for a reply
New acquisition
We recently carried out a partial sale at Bayer and took profits on a subsequent purchase. This enabled us to secure a small tax advantage after the FIFO.
We have now used the cash to build up a position in Scout 24. We took advantage of the sell-off here. Our thesis: AI will only do limited damage to the platform economy.
We will publish a detailed analysis on our YouTube channel.
Let's see if it works. What do you think of the acquisition?
Range change in the DAX
As of September 22, 2025, Porsche AG will be removed from Germany's leading index $P911 (+0,85%) will be removed from the leading German index DAX 40 due to a massive drop in share price of over a third last year - triggered by US import tariffs and declining demand, particularly in China. This makes Porsche one of the weakest DAX stocks in 2025. Deutsche Börse is making this change as part of the regular index recomposition. After being kicked out, Porsche will move to the mid-cap index MDAX .
Who moves up - the climbers in the DAX
Two newcomers fill the gap in the DAX:
- Scout24 AG $G24 (+1,03%) - the online real estate platform operator, moves from the MDAX to the DAX.
- Gea Group AG $G1A (+1,15%) - a major machinery and engineering group, also moved up from the MDAX.
Further index changes (MDAX, SDAX etc.)
The DAX is not the only index to be shaken up:
- Fielmann AG $FIE (-1,39%) moves up from the SDAX to the MDAX.
- Evotec SE $EVT (-0,1%) leaves the MDAX to make room for Fielmann.
- 1&1 AG $1U1 (+1,01%) joins the SDAX and replaces SGL Carbon $SGL (-3,39%)
In addition, 1&1 $1U1 (+1,01%) is included in the TecDAX - instead of the biosimilar developer Formycon $FYB (-2,79%)
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