# Scout24 AG (G24.XETRA)

Canonical: https://gigainvestors.com/s/G24.XETRA

Analysis as of: 2026-10-16T07:36:59.179Z. Financial observations: FY2013–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 79.30 per share; close as of 2026-10-15.

Estimated value: low EUR 33.93 per share, central EUR 38.56 per share, high EUR 44.73 per share. Buy at or below the central value EUR 38.56 per share. Valuation as of 2026-10-16T07:36:59.179Z; scenarios are not confidence intervals.

Expected annual return: 6.3% at the stated quote. About 6.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.32×

- FY2017: 0.37×

- FY2018: 0.36×

- FY2019: 0.31×

- FY2020: 0.41×

- FY2021: 0.37×

- FY2022: 0.44×

- FY2023: 0.47×

- FY2024: 0.45×

- FY2025: 0.45×

### moat: fail

- Recent gross margin fell 49.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.9%

- ROIC, second-lowest year: 11.9%

- Typical minus recent gross margin: 49.7 pp

- Typical gross margin (annual median): 99.8%

- Recent gross margin (lower of latest and 3-year median): 50.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.9%

- FY2017: 15.1%

- FY2018: 16.8%

- FY2019: 6.4%

- FY2020: 15.0%

- FY2021: 14.1%

- FY2022: 20.2%

- FY2023: 23.9%

- FY2024: 27.0%

- FY2025: 38.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 854M

- Net income, five-year total: EUR 795M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -3.4 pp

- Working capital / revenue, change between three-year averages: -1.5 pp

- Working capital / revenue, final three-year average: 6.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.17×

- FY2022: 0.93×

- FY2023: 1.00×

- FY2024: 1.07×

- FY2025: 1.17×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.1% vs 27.0%

- Per-share earnings: 0.66 to 2.43 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.4%

- Ordinary dilution, 5-year annual growth: -6.8%

- Market cap gain: EUR 2.7B

- Cumulative retained earnings: EUR 1.0B

- Diluted shares, 10-year annual growth: -3.4%

- Diluted shares, 5-year annual growth: -6.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.6%

- Per-share value change: EUR 1.76

- Per-share value, starting three-year median: EUR 0.66

- Per-share value, ending three-year median: EUR 2.43

- Buybacks concentrated in cheaper years (correlation): -0.28

- Average buyback yield: 5.4%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 435M

- Cumulative net income, 10 years: EUR 1.3B

- ROIC, first three-year median: 15.1%

- ROIC, last three-year median: 27.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.66

- FY2017: EUR 1.09

- FY2018: EUR 1.62

- FY2019: EUR 0.63

- FY2020: EUR 1.00

- FY2021: EUR 1.08

- FY2022: EUR 1.68

- FY2023: EUR 2.43

- FY2024: EUR 2.23

- FY2025: EUR 3.35

### accounting: pass

- Sloan accruals: -2.0%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.1%

- FY2017: -2.5%

- FY2018: -1.7%

- FY2019: -5.6%

- FY2020: 0.5%

- FY2021: -1.8%

- FY2022: -2.0%

- FY2023: -1.1%

- FY2024: -4.6%

- FY2025: -2.0%

## Holders

## Price story

Down 34% since May 2025 · sales +14.7%

Story as of 2026-10-16T10:00:08.450Z; price observation 2026-10-15.

Price needs cash profits to grow 10% a year for ten years

### Sales · FY2024–2025

sales +14.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 442M 

- FY2017: EUR 480M 

- FY2018: EUR 532M 

- FY2019: EUR 350M 

- FY2020: EUR 354M 

- FY2021: EUR 389M 

- FY2022: EUR 448M 

- FY2023: EUR 509M 

- FY2024: EUR 566M 

- FY2025: EUR 650M 

### Gross margin · FY2025

gross margin 50.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 99.6% 

- FY2017: 99.6% 

- FY2018: 99.6% 

- FY2019: 99.9% 

- FY2023: 51.7% 

- FY2025: 50.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet content & information; annual sales are EUR 649.6 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2025: revenue 649561000; grossProfit 325358000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); G24.XETRA: Scout24 SE operates ImmoScout24, a digital marketplace for the residential and commercial real estate sectors in Germany and internationally. The company operates through Professional and Private segments. It offers Pay-per-ad, for listing real estate without membership; Realtor Lead Engine (RLE) for selling real estate; Mortgage Lead Engine; CRM software solutions for real estate agents; and ESG energy performance certificates. In addition, the company provides software solutions for real estate valuations, such as viewings and expert opinions; an automated valuation model, a product for the automated valuation of real estate through application programming interfaces; provision of transaction-related documents for real estate professionals; and training courses, digital training, and education software. Further, it offers SearchPlus and SearchPlus for buying, which offers market analysis and a digital document folder; LivingPlus for digital services and legal protection; and LettingPlus, a cloud-based software solution to supports private landlords in rental and property management. It offers its products under the ImmoScout24, FLOWFACT, Vermietet.de, immoverkauf24, Propstack, BaufiTeam, SPRENGNETTER, Wohnungsboerse, bulwiengesa, EXPLOREAL, neubau kompass, and ENERGIE AUSWEIS 48 brand names. The company serves residential and business real estate agents, appraisers, financing intermediaries and banks, consumers, homeowners, and commercial service providers. The company was formerly known as Scout24 AG and changed its name to Scout24 SE in October 2021. Scout24 SE was founded in 1998 and is headquartered in Berlin, Germany.

### Why customers stay

It earns 15.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2023: grossProfit / revenue = 51.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2024: grossProfit / revenue = 100.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2025: grossProfit / revenue = 50.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); 10-year return on capital observations [[2016,0.11896745709705074],[2017,0.15109648086189312],[2018,0.16777734257603708],[2019,0.06391917768083125],[2020,0.15010381705344308],[2021,0.14079445789655048],[2022,0.20248110522564816],[2023,0.2389736496032237],[2024,0.26990498536424173],[2025,0.3821884948030279]]; median 0.1594369117189651. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 126 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2016: growth capex 0; upkeep 19508000; owner earnings 113101000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2017: growth capex 0; upkeep 22790000; owner earnings 144938000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2018: growth capex 0; upkeep 28384000; owner earnings 189070000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2019: growth capex 0; upkeep 16022000; owner earnings 97124200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2020: growth capex 0; upkeep 36054000; owner earnings 104188000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2021: growth capex 0; upkeep 29184000; owner earnings 106139800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2022: growth capex 0; upkeep 29602000; owner earnings 115258400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2023: growth capex 0; upkeep 24329000; owner earnings 178937000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2024: growth capex 0; upkeep 24909000; owner earnings 173573400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2025: growth capex 0; upkeep 1051000; owner earnings 279885200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); Dividend observations: [[2016,32280000],[2017,32280000],[2018,60256000],[2019,68864000],[2020,93663000],[2021,68481000],[2022,66391000],[2023,73422000],[2024,88123000],[2025,95899000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); FY2025: cash repurchases 126050000 EUR.

### Are managers owners

Insiders own 4.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); G24.XETRA SharesStats.PercentInsiders = 4.469 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10% yearly over ten years; actual growth was 14.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:59.179Z); Ten-year compound average after fade. Initial solved rate 0.13117785845104202. Price 79.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0223378445068525 → FY2025 3.9014317157589096. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 31.41 per share

- 2016-11: EUR 33.95 per share

- 2016-12: EUR 33.83 per share

- 2017-01: EUR 33.01 per share

- 2017-02: EUR 33.29 per share

- 2017-03: EUR 31.35 per share

- 2017-04: EUR 31.50 per share

- 2017-05: EUR 34.05 per share

- 2017-06: EUR 32.25 per share

- 2017-07: EUR 32.20 per share

- 2017-08: EUR 33.83 per share

- 2017-09: EUR 34.60 per share

- 2017-10: EUR 34.36 per share

- 2017-11: EUR 35.36 per share

- 2017-12: EUR 34.05 per share

- 2018-01: EUR 37.28 per share

- 2018-02: EUR 36.26 per share

- 2018-03: EUR 37.84 per share

- 2018-04: EUR 42.94 per share

- 2018-05: EUR 43.86 per share

- 2018-06: EUR 45.44 per share

- 2018-07: EUR 44.50 per share

- 2018-08: EUR 44.56 per share

- 2018-09: EUR 40.16 per share

- 2018-10: EUR 36.66 per share

- 2018-11: EUR 36.80 per share

- 2018-12: EUR 40.16 per share

- 2019-01: EUR 40.98 per share

- 2019-02: EUR 46.30 per share

- 2019-03: EUR 46.16 per share

- 2019-04: EUR 45.90 per share

- 2019-05: EUR 44.46 per share

- 2019-06: EUR 46.72 per share

- 2019-07: EUR 50.25 per share

- 2019-08: EUR 53.80 per share

- 2019-09: EUR 52.30 per share

- 2019-10: EUR 55.45 per share

- 2019-11: EUR 56.20 per share

- 2019-12: EUR 58.95 per share

- 2020-01: EUR 62.15 per share

- 2020-02: EUR 59.20 per share

- 2020-03: EUR 54.75 per share

- 2020-04: EUR 59.70 per share

- 2020-05: EUR 68.75 per share

- 2020-06: EUR 69.05 per share

- 2020-07: EUR 73.45 per share

- 2020-08: EUR 77.95 per share

- 2020-09: EUR 74.50 per share

- 2020-10: EUR 69.15 per share

- 2020-11: EUR 64.10 per share

- 2020-12: EUR 67.05 per share

- 2021-01: EUR 63.80 per share

- 2021-02: EUR 62.45 per share

- 2021-03: EUR 64.70 per share

- 2021-04: EUR 69.14 per share

- 2021-05: EUR 66.42 per share

- 2021-06: EUR 71.12 per share

- 2021-07: EUR 72.22 per share

- 2021-08: EUR 71.20 per share

- 2021-09: EUR 59.96 per share

- 2021-10: EUR 60.20 per share

- 2021-11: EUR 58.60 per share

- 2021-12: EUR 61.42 per share

- 2022-01: EUR 52.58 per share

- 2022-02: EUR 52.20 per share

- 2022-03: EUR 52.00 per share

- 2022-04: EUR 60.60 per share

- 2022-05: EUR 57.66 per share

- 2022-06: EUR 48.99 per share

- 2022-07: EUR 55.66 per share

- 2022-08: EUR 57.54 per share

- 2022-09: EUR 51.72 per share

- 2022-10: EUR 51.88 per share

- 2022-11: EUR 51.96 per share

- 2022-12: EUR 46.93 per share

- 2023-01: EUR 53.38 per share

- 2023-02: EUR 51.92 per share

- 2023-03: EUR 54.70 per share

- 2023-04: EUR 56.50 per share

- 2023-05: EUR 60.00 per share

- 2023-06: EUR 58.08 per share

- 2023-07: EUR 60.18 per share

- 2023-08: EUR 63.62 per share

- 2023-09: EUR 65.66 per share

- 2023-10: EUR 58.02 per share

- 2023-11: EUR 64.00 per share

- 2023-12: EUR 64.16 per share

- 2024-01: EUR 68.42 per share

- 2024-02: EUR 67.20 per share

- 2024-03: EUR 69.86 per share

- 2024-04: EUR 69.10 per share

- 2024-05: EUR 69.20 per share

- 2024-06: EUR 71.20 per share

- 2024-07: EUR 73.20 per share

- 2024-08: EUR 69.10 per share

- 2024-09: EUR 77.25 per share

- 2024-10: EUR 79.15 per share

- 2024-11: EUR 85.05 per share

- 2024-12: EUR 85.10 per share

- 2025-01: EUR 93.75 per share

- 2025-02: EUR 94.35 per share

- 2025-03: EUR 96.40 per share

- 2025-04: EUR 104.70 per share

- 2025-05: EUR 119.90 per share

- 2025-06: EUR 117.10 per share

- 2025-07: EUR 117.40 per share

- 2025-08: EUR 110.70 per share

- 2025-09: EUR 106.60 per share

- 2025-10: EUR 100.20 per share

- 2025-11: EUR 88.10 per share

- 2025-12: EUR 85.80 per share

- 2026-01: EUR 84.05 per share

- 2026-02: EUR 72.25 per share

- 2026-03: EUR 66.00 per share

- 2026-04: EUR 71.00 per share

- 2026-05: EUR 72.25 per share

- 2026-06: EUR 72.35 per share

- 2026-07: EUR 74.35 per share

- 2026-08: EUR 79.80 per share

- 2026-09: EUR 67.00 per share

- 2026-10: EUR 74.90 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 13.68 per share, central EUR 15.50 per share, high EUR 17.93 per share

- FY2018: low EUR 15.57 per share, central EUR 17.65 per share, high EUR 20.42 per share

- FY2019: low EUR 11.03 per share, central EUR 12.48 per share, high EUR 14.40 per share

- FY2020: low EUR 28.07 per share, central EUR 29.61 per share, high EUR 31.65 per share

- FY2021: low EUR 21.92 per share, central EUR 23.99 per share, high EUR 26.75 per share

- FY2022: low EUR 18.88 per share, central EUR 21.43 per share, high EUR 24.82 per share

- FY2023: low EUR 21.52 per share, central EUR 24.41 per share, high EUR 28.26 per share

- FY2024: low EUR 25.74 per share, central EUR 29.20 per share, high EUR 33.80 per share

- FY2025: low EUR 30.84 per share, central EUR 35.02 per share, high EUR 40.59 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:51.413Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations