Scout24 : Confident message on growth opportunities and reassuring on the political and sector context – Outperform recommendation maintained
>Current valuation does not reflect the group’s outlook and the CMD (2 December) could be a catalyst - Outperform reiterated - Q3 2021 was solid and even though the EBITDA margin fell short of the consensus forecast (55.9% vs consensus at 56.8%), it came in a shade above our estimate (55.6%). Moreover, in light of the group’s comments on an ARPU trend in the ‘mid-to-high single digits’, above our forecast (5-6%), we have edged-up our estimates for 2022-2023 by ~1.5%. ...Scout24 AG, formerly Asa NewCo GmbH, is a Germany-based holding company engaged in the Internet services industry. Through its subsidiaries, the Company provides digital classified advertisement platforms in Germany and other European countries, notably Scout24.com, ImmobilienScout24.de and Autoscout24.com. The Company owns the automotive classifieds Websites AutoScout24.nl and European AutoTrader BV, and the real estate online portals my-next-home.de and immodirekt.at, as well as an online comparison portal for consumer loans FINANZCHECK.de.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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