Scout24 G24.DE
What does Scout24 do?
Scout24 operates ImmoScout24, the largest digital real estate marketplace in Germany. The platform brings together providers and seekers of residential and commercial property. The business is divided into a segment for professional customers such as brokers, developers and housing companies and a segment for private customers. Professional customers mainly pay recurring membership fees and fee-based add-on products such as premium placements, lead products and software solutions for property management and valuation.
Private sellers pay for individual listings, and tenants can book paid packages such as application folders and priority features. There are also offerings around mortgage financing, property valuation and energy performance certificates. Competitively, Scout24 benefits from strong network effects: many listings attract many seekers, which in turn keeps providers on the platform. High brand awareness and reach give it a strong market position. Competitors such as Immowelt, Kleinanzeigen and smaller portals compete mainly on price, niche offerings and regional presence.
Score profile
Rank vs. Internet Content & Information (15 companies). 10 = top of the group, 5 = middle. Calculated from the metrics below, without AI.
Metrics compared with the industry
On profitability and quality, Scout24 ranks above average in the group Internet Content & Information (7.3/10). On growth, the company ranks in the middle in the group Internet Content & Information (5.0/10). On valuation (higher = cheaper), the stock ranks in the bottom fifth in the group Internet Content & Information (1.2/10). On financial strength, Scout24 ranks in the bottom fifth in the group Internet Content & Information (1.2/10).
| Metric | Stock | Group median | Ranking |
|---|---|---|---|
| Forward P/E | 18.9x | 10.1x | better than 3 % |
| Trailing P/E | 19.9x | 14.9x | better than 19 % |
| EV/EBITDA | 18.1x | 11.2x | better than 30 % |
| Price/sales | 8.5x | 2.3x | better than 3 % |
| Price/book | 5.1x | 2.4x | better than 32 % |
| Revenue growth | 19.7% | 11.4% | better than 70 % |
| Earnings growth | -27.0% | 0.0% | better than 30 % |
| Gross margin | 75.5% | 75.9% | better than 43 % |
| Operating margin | 54.9% | 16.4% | better than 97 % |
| Net margin | 34.3% | 13.5% | better than 83 % |
| Return on equity | 19.1% | 14.4% | better than 70 % |
| Debt/equity | 53.8% | 22.2% | better than 17 % |
| Current ratio | 0.3x | 2.3x | better than 3 % |
| Free cash flow yield | 0.0% | 8.4% | better than 17 % |
| Dividend yield | 1.7% | 1.0% | – |
| Payout ratio | 42.0% | 17.1% | – |
| Beta | 0.56 | 1.23 | – |
Valuation: what is Scout24 worth?
Two valuation approaches – a discounted cash flow model and a valuation at the industry’s median multiples – give Scout24 a model range of 47.98 EUR to 53.07 EUR per share.
19 analysts, average rating “Buy”, average price target 108.28 EUR (+20.2%).
The full DCF matrix, the reverse DCF (what growth the price implies) and scenarios are part of the Pro analysis.
What the business depends on
- The number and quality of listings as well as reach among seekers strengthen the network effect and the platform's pricing power.
- Recurring membership models for professional customers provide predictable revenue, which can be further expanded through product upgrades and add-on services.
- Expanding software, lead and financing products increases revenue per customer and deepens integration into workflows.
Risks
- A weak property market with low transaction and marketing activity may dampen demand for listings and add-on products.
- Competitors or new entrants could gain market share, for example through aggressive pricing, direct marketing or alternative sales channels.
- Price increases may meet resistance from brokers; regulatory intervention in broker commissions or data protection may affect the business model.
What to look for with Scout24
Average revenue per paying customer is revealing because it shows how well the platform is able to enforce prices and add-on products across its customer base.