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On Thursday, JPMorgan analyst Marcus Diebel increased the price target for Scout24 AG (ETR:G24n) (G24:GR) (OTC:SCOTF) to EUR141.00, up from the previous EUR114.00, while reiterating an Overweight rating on the stock. Diebel highlighted the company’s robust performance over the past year, with Scout24 shares significantly outperforming the market, citing a 53.2% gain compared to the MDAX’s 10.5% increase.
Diebel attributed the strong stock performance to the company’s successful introduction of new products, which spurred faster revenue growth and led to upward revisions in earnings estimates. Although the market has recognized the revenue benefits from these new products, Diebel believes that the potential for margin improvement is not yet fully appreciated.
The appointment of Ralf Weitz as the new CEO is expected to bring additional benefits. Weitz, who previously served as Chief Product Officer, is succeeding former CEO Tobias Hartmann. Diebel anticipates that under Weitz’s leadership, Scout24 will see cost savings from more efficient marketing expenditures, significant workforce optimization following recent acquisitions, and a focus on easily attainable benefits from artificial intelligence.
In a detailed analysis of the company’s revenue opportunities and potential for cost optimization, Diebel concluded that Scout24’s margins could be higher than previously estimated. As a result, JPMorgan has raised its EBITDA forecasts for 2026 and 2027 by 7% and 10%, respectively, positioning them 6% and 8% above the consensus EBITDA estimates for those years.
The new price target of EUR141.00 represents JPMorgan’s base case scenario for December 2026, with a more optimistic ’blue-sky’ scenario suggesting a price of EUR165.00. This optimistic outlook assumes that Scout24 can achieve headcount efficiency comparable to the best in its peer group, potentially reaching an ambitious 71% EBITDA margin by 2028.
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