Scout24 SE: CMD feedback: Compelling moats, attractive growth; maintain Buy

研报英文原文证据摘录

Scout24 SE: CMD feedback: Compelling moats, attractive growth; maintain Buy

Deutsche Bank

Research

Rating Company Date

Buy Scout24 SE 13 May 2026

Company Update

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (EUR) 72.90

G24n.DE G24 GR GER G24n

Price Target (EUR) 126.00

Media and Online

52-week range (EUR) 122.10 - 63.25

CMD feedback: Compelling moats,

Valuation & Risks attractive growth; maintain Buy

Nizla Naizer

Mid-term targets attractive; consensus EBITDA would have to increase in 2028E Research Analyst

Scout24 hosted a very comprehensive Capital Markets Day in Berlin yesterday, +44-20-754-12403

diving into three broad themes: 1) Its robust moats supported for instance, by its

Silvia Cuneo

30-year history in Germany and proprietary data which it would now leverage Research Analyst

further by adding an AI-powered intelligence layer. 2) The attractiveness of the +44-20-754-73770

underlying German real estate market which needs a player like Scout24 and its

Tarun Mittal

ecosystem of products. 3) The mid-term financial outlook for 2027-2028E which is

Research Associate

more attractive vs. the mid-term outlook it had in 2024. We dive into some of the

elements discussed inside but highlight the financial outlook for the mid-term

below: Shrishti Shubham

n Scout24 expects revenue growth in 2027E and 2028E to now be at the

upper end of the “high-single digits to low double-digits” range. Consensus

is at growth of ~10% in 27E and ~9% in 28E; this could increase slightly. Price/price relative

n Adj. EBITDA margins for the consolidated group is expected to reach ~64%

in 2028E from 61% in 2026E. Consensus is at 62% margins by 2028E so

even if revenue stays unchanged, consensus EBITDA would have to move

up by ~3% in 2028E. Without the impact of Spain, adj.