Scout24 SE (G24n.DE): Model Update

Research evidence excerpt

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06 Aug 2026 14:21:56 ET │ 11 pages

Scout24 SE (G24n.DE)

Model Update

CITI'S TAKE

Following Scout24’s 2Q24 results, we update our estimates to reflect

strong core professional revenue performance, partly offset by higherthan-expected marketing investment in the Private segment, which

weighed on ooEBITDA. We make only minor changes to FY26 estimates

(<1%), as stronger professional revenue and Private ARPU trends offset

softer private membership growth. We also incorporate the step-up in

Private segment marketing spend, which we assume normalises in 2027.

Our forecasts remain broadly in line with company guidance and

consensus for FY26: revenue growth of 16-18% (Citi: 18%), including a 67ppt contribution from Spain (Citi: 7ppt), and an ooEBITDA margin of up to

61% including Spain (Citi: 60.8%) and up to 64% excluding Spain (Citi:

63.3%). For 2027, we increase estimates by 1%, reflecting momentum in

professional monetisation. We reiterate our Buy rating and €86 target

price, based on a 70/30 weighting of 2027E P/E (11x; €58) and DCF

valuation (€153).

Buy

Price (06 Aug 26 17:30)

Target price

Expected share price return

Expected dividend yield

Expected total return

Market Cap

Doyinsola OjoAC

Scout24 SE (EUR)

Year to 31 Dec

2024A

2025A

Sales (€M)

566.3

649.5

Net Income (€M)

212.2

250.2

Diluted EPS (€)

2.85

3.47

Diluted EPS (Old) (€)

2.85

PE (x)

2026E

2027E

2028E

765.1

867.1

963.9

286.8

338.0

394.4

4.06

4.95

5.89

3.47

4.07

4.89

5.85

25.2

20.7

17.7

14.5

12.2

EV/EBITDA (x)

15.5

13.3

11.7

10.0

8.6

DPS (€)

1.21

1.50

1.62

1.95

2.33

Net Div Yield (%)

1.7

2.1

2.3

2.7

3.2