Stock Analysis & Valuation Scout24 SE (G24.SW)

• Previous Close: CHF44.50
• Sector Valuation Confidence Level: Moderate

Valuation method	Value, CHF	Upside, %
Artificial intelligence (AI)	60.40	36
Intrinsic value (DCF)	32.59	-27
Graham-Dodd Method	0.10	-100
Graham Formula	38.90	-13

Strategic Investment Analysis

Company Overview

Scout24 SE (G24.SW) is a leading digital real estate platform in Germany, operating under the flagship brand ImmoScout24. The company provides a comprehensive suite of services for residential and commercial real estate, including property listings, lead generation tools (Realtor Lead Engine, Immoverkauf24), financing solutions (Mortgage Lead Engine), and CRM software (FLOWFACT, Propstack). Additionally, Scout24 offers TenantPlus+ for rental properties and BuyerPlus+ for prospective buyers, along with Vermietet.de, a cloud-based rental management solution. Headquartered in Munich, Germany, Scout24 SE has been a key player in the digital real estate market since 1998, facilitating transactions and streamlining property management for agents, buyers, and renters. The company’s strong market position in Germany and its diversified product portfolio make it a critical player in the European real estate tech sector, benefiting from the growing digitization of property transactions.

Investment Summary

Scout24 SE presents a compelling investment case due to its dominant position in Germany’s digital real estate market, recurring revenue streams from subscription-based services, and strong cash flow generation. The company’s low beta (0.504) suggests relative stability compared to broader market volatility. However, risks include exposure to cyclical real estate demand, regulatory changes in the German housing market, and competition from emerging proptech platforms. With a market cap of €6.06B and solid profitability (net income of €162.1M in FY 2023), Scout24 offers a balanced mix of growth and stability, supported by a dividend yield (~1.9% based on the latest dividend of €1.17 per share). Investors should monitor macroeconomic conditions affecting real estate activity and Scout24’s ability to expand its software and lead-generation offerings.

Competitive Analysis

Scout24 SE’s competitive advantage lies in its entrenched market position as Germany’s leading real estate platform, with ImmoScout24 being the go-to portal for property listings. The company benefits from network effects—more listings attract more users, reinforcing its dominance. Its diversified product suite (lead generation, CRM, financing tools) creates multiple revenue streams and enhances customer stickiness. However, competition is intensifying from both traditional players like Immowelt and digital-first disruptors such as McMakler and Homeday. Unlike generalist classifieds (e.g., eBay Kleinanzeigen), Scout24 specializes in real estate, offering deeper functionality for professionals. Its acquisition of FLOWFACT and Propstack strengthens its SaaS offerings, differentiating it from pure listing platforms. Challenges include maintaining premium pricing in a competitive market and adapting to shifting consumer preferences (e.g., demand for instant transaction platforms). The company’s focus on Germany limits geographic diversification but provides deep local market expertise.

Major Competitors

• Immowelt Group (IWEG.DE): Immowelt is a key rival in the German online real estate market, offering property listings and marketing tools. While smaller than Scout24, it competes aggressively on pricing and user experience. Its weakness lies in a narrower product range, lacking Scout24’s integrated CRM and financing solutions. However, it appeals to cost-conscious agents and has a strong regional presence.
• Vonovia SE (EVD.DE): Vonovia is primarily a real estate operator rather than a digital platform, but its scale in German residential properties (over 500K units) gives it leverage in listings and tenant services. Unlike Scout24, it focuses on property ownership rather than intermediation. Its weakness is exposure to regulatory risks in Germany’s housing sector.
• eBay Classifieds Group (EBay Kleinanzeigen (Private)): eBay Kleinanzeigen is a free classifieds platform that includes real estate listings, competing for casual users. It lacks Scout24’s professional tools and monetization depth but has broader consumer reach. Its weakness is a less specialized real estate focus, making it less attractive for serious buyers/sellers.
• McMakler (McMakler (Private)): McMakler is a hybrid online/offline real estate agent disrupting traditional models. It competes with Scout24’s lead-generation services but operates as a full-service broker. Its strength is a tech-driven transaction model, but it lacks Scout24’s scale in listings and SaaS offerings.