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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.

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#Börse
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#Scout24
#Immobilien
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1 Comentar

Smudo@Smudeo

Scout24 has met Q1 expectations. More importantly, the Management Board provides new arguments as to why AI strengthens rather than threatens the business model.
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)

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