Scout24 AG
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5-year stock timeline
Scout24 (G24.XETRA) — latest price (2026-07-06): €73
2021 — Recovery & initial re‑rating
FY2021 revenue reached €389.0m (+10% YoY) with ordinary operating EBITDA of €222.8m; management proposed a €0.84/share dividend. Residential Real Estate momentum accelerated, with guidance refined upward during the year [32, 30, 33, 36].
The narrative shifted from pandemic headwinds to a profitable, cash‑generative marketplace. ImmoScout24's recurring Plus-products and rising ARPU demonstrated monetisation capability. Investors began viewing Scout24 as a resilient digital marketplace [30, 36].
Price recovered into a steady uptrend as results and guidance improved, with earnings beats and guidance refinements acting as re‑rating catalysts [31, 36].
2022 — Operational acceleration and capital‑return policy emerges
FY2022 revenue grew to €447.5m (+15%) and ordinary operating EBITDA reached €251.1m (+12.7%); management proposed a €1.00/share dividend. The Board authorised a material buyback programme (up to €100m) alongside FY2022 reporting [37, 38, 49].
Investor focus rotated to shareholder returns. Dividend upside and systematic buybacks became central to the investment thesis, with management reiterating a 30–50% payout band and buybacks for excess cash [44, 47].
Price strength clustered around the FY release and buyback announcements, driven by resilient top‑line growth and explicit capital‑return commitments [37, 49].
2023 — Execution: buybacks, dividend uplift, first bolt‑on M&A; guidance extended
A share buyback tranche (31 Mar 2023–26 Jan 2024) repurchased 838,361 shares (~1.1% of capital). The 2023 annual report proposed €1.20/share dividend (+20% YoY). At Capital Markets Day, management confirmed a 2024–2026 guidance framework. The bolt‑on acquisition of Sprengnetter closed in July 2023, expanding valuation and data capabilities [48, 53, 52].
Markets reframed Scout24 as a platform consolidator where recurring revenue, data/valuation services and shareholder yield formed a "growth with income" narrative [52, 53, 48].
A sustained uptrend developed through 2023, supported by visible buybacks and dividend acceleration. Rallies clustered around buyback tranche starts and guidance confirmations, with normal profit‑taking pullbacks interspersed [48, 53].
2024 — Governance uplift, M&A roll‑out, continued buybacks
Gesa Crockford was promoted to Scout24 Management Board as Chief Commercial Officer (effective 1 Apr 2024). The group executed additional M&A during 2024: 21st Real Estate, TiRo CheckEnergy and neubau kompass. Buybacks continued with €75.8m deployed and 729,896 shares acquired; a further buyback programme (up to €150m) was announced [11, 54, 52].
The "execution‑focused compounder" view strengthened — management combined organic product roll‑outs, targeted acquisitions to broaden services, and aggressive capital return to support EPS and multiple expansion [52, 11, 47].
Further appreciation occurred with intermittent consolidation windows. Buybacks reduced free float and provided support during pullbacks [48, 52].
2025 — Integration, continued capital deployment
The bulwiengesa acquisition closed in January 2025 and integration of bolt‑ons into the platform progressed. Buyback execution and cumulative returns since 2019 remained a prominent capital‑allocation theme [52, 47].
Scout24 was increasingly priced as a higher‑quality, cash‑returning marketplace with data and service adjacencies — evolving from pure classifieds to a broader real‑estate services stack with shareholder yield [52, 47].
Consolidation and sideways digestion characterised the period as investors monitored integration execution and earnings cadence. Episodic breakouts tied to successful integration proofs or quarterly beats [52].
Mid‑2026 (current)
Scout24 had executed multiple buyback tranches, raised dividends consecutively since 2021 and completed several bolt‑on acquisitions extending its services and data footprint. Latest spot price stands at €73 (2026-07-06) [48, 52, 53, 37, 30].
Consensus describes Scout24 as a defensive, quality European marketplace — durable margins, recurring subscriptions, acquisitive product expansion, and shareholder‑friendly capital allocation (dividends and buybacks) underpin the thesis [44, 47, 53].
Over five years: 2021 recovery evolved into 2022 re‑rating on strong results and capital‑return policy, sustained through 2023–2024 by buybacks, dividend hikes and M&A, followed by 2025 digestion as integrations were absorbed, and mid‑2026 renewed strength at €73. The historic €46 per‑share private bid (2019) remained a psychological reference level throughout this multi‑year re‑rating [36, 37, 48, 53, 15].
Key risks and downside factors
Scout24 (G24.XETRA) operates Germany's dominant vertical marketplaces in real estate and automotive—ImmobilienScout24 and AutoScout24—competing against a fragmented landscape of national classifieds operators, international giants like Rightmove, Zillow, REA, and Adevinta, and specialized local players such as WG-Gesucht and Kalaydo. Axel Springer's Immowelt and Immonet, along with Auto Trader and CarGurus, represent the most direct competitive pressures. The business sits squarely within cyclical demand for real estate and automotive transactions, while revenue depends on advertising and subscription spending that moves with economic sentiment. Regulatory shifts around data privacy and competitive intensity—both in pricing and product iteration—create persistent headwinds that demand constant attention.
- Cyclical exposure: revenues and listings contract materially when real estate or automotive markets weaken, pressuring both ad and subscription sales.
- Competitive pressure from large global and local classifieds players poses a real risk. These operators can undercut pricing, outspend on product and technology development, and gradually erode market share.
- Regulatory exposure centers on three areas where the enforcement environment is tightening. GDPR compliance continues to raise operational friction, particularly around data residency and consent mechanisms. Platform regulation—especially in the EU and increasingly in the US—introduces structural uncertainty about business model viability. Advertising and competition rulings have already reshaped unit economics for similar players, and the trajectory suggests further tightening rather than relief [8, 3, 21].
- Operational concentration creates meaningful vulnerability: platform uptime failures, data quality degradation, B2B customer concentration, and cybersecurity breaches each carry the potential for revenue loss and reputational damage.
Competitive landscape
Scout24 (ImmoScout24) holds the dominant position in Germany's online residential real-estate marketplace, though it operates in a contested space. Domestically, Immowelt/Immonet—backed by Axel Springer and AVIV—represents serious competition. Beyond Germany's borders, larger international classifieds and data platforms like Rightmove, REA Group, and Zillow cast a longer shadow [scout24.com; axelspringer.com; tradingview.com; investing.com]. The business model carries structural constraints. Revenue flows almost entirely from Germany. Professional advertisers and subscription clients form the revenue base, which means the company moves with housing-market cycles and tracks advertiser spending patterns closely. When either shifts, Scout24 feels it. The pressure points worth tracking: competitive consolidation could accelerate, regulatory and antitrust attention in Germany and the EU remains a live variable, platform execution and technology roadmap matter more than they sometimes appear to, and advertiser spending tends to contract when conditions tighten.
| Company | Ticker |
|---|---|
| Rightmove plc | RMV.LSE |
| REA Group Ltd | REA.ASX |
| Zillow Group Inc (Class C) | Z.NASDAQ |
Private competitors
- Immowelt
- Immonet
- WG-Gesucht.de
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Start Free TrialPerformance Figures of Scout24 AG
Relative Performance vs Benchmarks
| Period | Scout24 AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -0.13% | -1.84% | -1.54% |
| 3M | +14.42% | +9.25% | +4.16% |
| 6M | -12.79% | -11.91% | -21.09% |
| 1Y | -36.33% | -39.76% | -58.20% |
| 3Y | +35.54% | -24.93% | -41.44% |
| 5Y | +12.75% | -46.85% | -70.94% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 20.1 | 7.8 | 3.6 | 18.5 |
| 1Y ago | 48.0 | 13.6 | 6.4 | 33.1 |
| 3Y ago | 26.6 | 8.5 | 3.1 | 25.8 |
| 5Y ago | 61.9 | 17.3 | 3.4 | 58.6 |
Frequently Asked Questions
Where is the Scout24 AG stock traded?
What does Scout24 AG do?
What are the key metrics for G24.XETRA?
How has Scout24 AG's stock price performed?
How is G24.XETRA valued?
Does G24.XETRA pay dividends?
What are the key risks when investing in G24.XETRA?
- Cyclical exposure: revenues and listings contract materially when real estate or automotive markets weaken, pressuring both ad and subscription sales.
- Competitive pressure from large global and local classifieds players poses a real risk. These operators can undercut pricing, outspend on product and technology development, and gradually erode market share.
- Regulatory exposure centers on three areas where the enforcement environment is tightening. GDPR compliance continues to raise operational friction, particularly around data residency and consent mechanisms. Platform regulation—especially in the EU and increasingly in the US—introduces structural uncertainty about business model viability. Advertising and competition rulings have already reshaped unit economics for similar players, and the trajectory suggests further tightening rather than relief [8, 3, 21].
- Operational concentration creates meaningful vulnerability: platform uptime failures, data quality degradation, B2B customer concentration, and cybersecurity breaches each carry the potential for revenue loss and reputational damage.
Who are the main competitors of Scout24 AG?
- Rightmove plc (RMV.LSE)
- REA Group Ltd (REA.ASX)
- Zillow Group Inc (Class C) (Z.NASDAQ)
When does Scout24 AG report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 1.50 EUR | 1.93% | 1.5% |
| 2025 | 1.32 EUR | 1.09% | |
| 2024 | 1.20 EUR | 1.68% | |
| 2023 | 1.00 EUR | 1.71% | |
| 2022 | 0.85 EUR | 1.74% | |
| 2021 | 0.82 EUR | 1.15% | |
| 2020 | 1.82 EUR | 2.64% | |
| 2019 | 0.64 EUR | 1.19% | |
| 2019 | 0.56 EUR | 1.22% | |
| 2018 | 0.56 EUR | 1.22% | |
| 2017 | 0.30 EUR | 0.88% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 649.56M | 566.34M | 509.11M | 447.54M | 389.04M |
| Operating income (EBIT) | 291.18M | 254.17M | 245.83M | 196.11M | 142.92M |
| Net income | 240.04M | 162.10M | 178.78M | 123.53M | 90.50M |
| Free cash flow | 280.28M | 232.11M | 176.66M | 132.32M | 106.09M |
| Total assets | 2.11B | 2.07B | 2.02B | 1.88B | 2.42B |
| Equity | 1.48B | 1.43B | 1.45B | 1.35B | 1.77B |
| Net debt | 100.10M | 124.21M | 128.90M | 122.55M | 139.19M |
PWP Leeway UG (haftungsbeschränkt)
