| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 73.96 | -12 |
| Intrinsic value (DCF) | 39.31 | -53 |
| Graham-Dodd Method | 0.11 | -100 |
| Graham Formula | 41.77 | -50 |
Scout24 SE (G24.DE) is a leading digital real estate platform operator in Germany, best known for its flagship product ImmoScout24. Headquartered in Munich, the company provides a comprehensive suite of online real estate services, including property listings, lead generation tools, mortgage solutions, and CRM software for agents. Serving both residential and commercial markets, Scout24 connects property seekers with sellers and renters through its innovative digital ecosystem. With roots dating back to 1998, the company has evolved into a market leader in German real estate tech, offering specialized products like Vermietet.de for rental management and FLOWFACT for agent workflow optimization. As the German real estate market continues its digital transformation, Scout24 stands at the forefront with its established brand recognition, extensive property database, and value-added services that create a sticky ecosystem for all real estate market participants.
Scout24 presents an attractive investment case as the dominant digital real estate platform in Germany's large property market, with demonstrated profitability (€162M net income in latest period) and strong cash generation (€257M operating cash flow). The company benefits from network effects in its marketplace model and recurring revenue streams from premium services. However, investors should monitor exposure to Germany's cooling property market and potential competition from international players. The stock's low beta (0.497) suggests relative stability, while the €1.20 dividend provides income appeal. Key growth drivers include product expansion (like mortgage services) and potential international expansion, though execution risks remain.
Scout24 enjoys significant competitive advantages through its first-mover position and strong brand recognition in the German market. The company's ImmoScout24 platform benefits from powerful network effects - more listings attract more users, which in turn attracts more listings. This creates a virtuous cycle that competitors struggle to replicate. Scout24 has further fortified its position by expanding into adjacent services like mortgage lead generation and CRM tools, increasing switching costs for real estate professionals. The company's data advantage, accumulated over decades of operation, provides valuable market insights that enhance its value proposition. However, the competitive landscape is intensifying as international players like Zillow explore European expansion and proptech startups target niche segments. Scout24's focus on the German market provides deep local expertise but may limit growth potential compared to global competitors. The company's financial position (€55M cash vs €180M debt) appears manageable but could constrain aggressive expansion. Its B2B software offerings (like FLOWFACT) provide diversification but face competition from specialized SaaS providers.