Scout24 - More Runway, Less Cyclicality

研报英文原文证据摘录

Scout24 - More Runway, Less Cyclicality

20 July 2026

Annick Maas

+44 20 7676 6683

European Media annick.maas@bernsteinsg.com

Christophe CherblancScout24

+41 582 723 540

Rating christophe.cherblanc@bernsteinsg.com

Outperform Christopher Pancur

+44 20 7676 7280

Price Target christopher.pancur@bernsteinsg.com

G24.GR 90.00 EUR Specialist Sales

Kiran Shah, CFA

+44 20 3547 1533

kiran.shah@bernsteinsg.com

Despite the market’s focus on a softer property backdrop and concerns around AI, our

Close Date 16 Jul 2026

dissection of Scout24’s Professional division suggests monetisation opportunities remain.

G24.GR Close Price (EUR) 73.95

By cross-referencing membership price lists, scraping agency-level ImmoScout data and

Price Target (EUR) 90.00

combining this with other official stats, we identify underappreciated ARPU levers that support

Upside/(Downside) 22%

sustainable DD EPS growth.

52-Week Range 122.80/62.65

Prof. ARPU has headroom via membership migration. Our analysis suggests only c.60% EDME 1,592.62

of agencies have migrated to Scout24’s new Bronze/Silver/Gold membership structure, with FYE Dec

just 10% currently in the premium Gold tier. This compares with >30% premium-package Div Yield 2.0%

penetration at Rightmove, highlighting a monetisation gap. Our review of membership Market Cap (EUR) (M) 5,424

pricing indicates a 109% price difference btw avg. Bronze and Gold, creating a major EV (EUR) (M) 5,762

rev. opportunity as agencies upgrade. Prof. ARPU has increased from €848 to €1,096 in Performance YTD 1M 6M 12M

2022-25, but we believe penetration of higher-value tiers remains in its early stages Absolute (%) (14.0) (4.5) (13.9) (37.8)

EDME (%) 8.3 0.9 6.4 17.7

Biggest opportunity lies with smaller agents, not the large networks.