New Risk • Aug 10
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 07
Second quarter 2026 earnings released: EPS: €0.90 (vs €0.54 in 2Q 2025) Second quarter 2026 results: EPS: €0.90 (up from €0.54 in 2Q 2025). Revenue: €199.7m (up 21% from 2Q 2025). Net income: €63.2m (up 62% from 2Q 2025). Profit margin: 32% (up from 24% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 06
Now 21% undervalued Over the last 90 days, the stock has risen 1.6% to €71.83. The fair value is estimated to be €91.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €78.45, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 18x in the Interactive Media and Services industry in the United Kingdom. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €90.18 per share. Buy Or Sell Opportunity • Jul 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to €70.05. The fair value is estimated to be €88.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 8.8% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Buy Or Sell Opportunity • Jun 29
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to €73.08. The fair value is estimated to be €59.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 8.8% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Duyuru • Jun 19
Scout24 SE Approves Dividend for the Year 2025 Scout24 SE at its AGM held on June 17, 2026, approved a dividend of EUR 1.50 per share will be distributed for the financial year 2025, representing an increase of approximately 14% year-on-year against EUR 1.32 per share for the same period a year ago. Upcoming Dividend • Jun 11
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 18 June 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.8%). Buy Or Sell Opportunity • Jun 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.8% to €71.55. The fair value is estimated to be €59.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 8.6% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Buy Or Sell Opportunity • May 13
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to €78.15. The fair value is estimated to be €61.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 8.6% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: €0.97 (vs €0.69 in 1Q 2025) First quarter 2026 results: EPS: €0.97 (up from €0.69 in 1Q 2025). Revenue: €185.4m (up 14% from 1Q 2025). Net income: €68.5m (up 37% from 1Q 2025). Profit margin: 37% (up from 31% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 30
Scout24 SE, Annual General Meeting, Jun 17, 2026 Scout24 SE, Annual General Meeting, Jun 17, 2026, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 29
Dividend increased to €1.50 Dividend of €1.50 is 14% higher than last year. Ex-date: 18th June 2026 Payment date: 22nd June 2026 Dividend yield will be 2.4%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 20% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 27
Scout24 SE announces Annual dividend, payable on June 22, 2026 Scout24 SE announced Annual dividend of EUR 1.5000 per share payable on June 22, 2026, ex-date on June 18, 2026 and record date on June 19, 2026. Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: €3.33 (vs €2.22 in FY 2024) Full year 2025 results: EPS: €3.33 (up from €2.22 in FY 2024). Revenue: €669.5m (up 14% from FY 2024). Net income: €240.0m (up 48% from FY 2024). Profit margin: 36% (up from 28% in FY 2024). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to €76.60. The fair value is estimated to be €98.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Duyuru • Jan 05
Scout24 SE (XTRA:G24) announces an Equity Buyback for 7,000,000 shares, for €500 million. Scout24 SE (XTRA:G24) announces a share repurchase program. Under the program, the company will repurchase up to 7,000,000 shares, €500 million worth of its shares. The share buyback shall not commence before January 5, 2025 (earliest possible purchase date) and will be completed no later than June 30, 2028. Buy Or Sell Opportunity • Nov 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to €92.15. The fair value is estimated to be €117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: €1.41 (vs €0.69 in 3Q 2024) Third quarter 2025 results: EPS: €1.41 (up from €0.69 in 3Q 2024). Revenue: €170.0m (up 14% from 3Q 2024). Net income: €101.5m (up 103% from 3Q 2024). Profit margin: 60% (up from 34% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Oct 30
Scout24 SE to Report Q4, 2025 Results on Feb 26, 2026 Scout24 SE announced that they will report Q4, 2025 results on Feb 26, 2026 Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: €0.54 (vs €0.47 in 2Q 2024) Second quarter 2025 results: EPS: €0.54 (up from €0.47 in 2Q 2024). Revenue: €166.2m (up 15% from 2Q 2024). Net income: €39.0m (up 13% from 2Q 2024). Profit margin: 24% (in line with 2Q 2024). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 30
Upcoming dividend of €1.32 per share Eligible shareholders must have bought the stock before 06 June 2025. Payment date: 11 June 2025. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (1.4%). Reported Earnings • May 07
First quarter 2025 earnings released: EPS: €0.69 (vs €0.54 in 1Q 2024) First quarter 2025 results: EPS: €0.69 (up from €0.54 in 1Q 2024). Revenue: €162.7m (up 15% from 1Q 2024). Net income: €50.0m (up 27% from 1Q 2024). Profit margin: 31% (up from 28% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 22% per year. Duyuru • Apr 17
Scout24 SE, Annual General Meeting, Jun 05, 2025 Scout24 SE, Annual General Meeting, Jun 05, 2025, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 30
Dividend increased to €1.32 Dividend of €1.32 is 10% higher than last year. Ex-date: 6th June 2025 Payment date: 10th June 2025 Dividend yield will be 1.4%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 20% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Mar 03
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to €101. The fair value is estimated to be €80.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: €2.22 (vs €2.43 in FY 2023) Full year 2024 results: EPS: €2.22 (down from €2.43 in FY 2023). Revenue: €588.8m (up 11% from FY 2023). Net income: €162.1m (down 9.3% from FY 2023). Profit margin: 28% (down from 34% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 27
Scout24 SE Provides Earnings Guidance for the Year 2025 Scout24 SE provided earnings guidance for the year 2025. For the year, the company expects 12% to 14% revenue growth. Duyuru • Dec 17
Scout24 SE (XTRA:G24) agreed to acquire BulwienGesa AG. Scout24 SE (XTRA:G24) agreed to acquire BulwienGesa AG on December 16, 2024. The current chief executive officer of bulwiengesa, Ralf Koschny, will be part of the new Supervisory Board of bulwiengesa. Sven Carstensen has been chief operations officer since 2020, will become the new chief executive officer. The appointments will provide leadership continuity at bulwiengesa and ensure a consistently high standard of customer service and client support. The transaction is subject to customary closing conditions. Duyuru • Dec 05
Scout24 SE (XTRA:G24) acquired neubau kompass AG. Scout24 SE (XTRA:G24) acquired neubau kompass AG on December 3, 2024.
Scout24 SE (XTRA:G24) completed the acquisition of neubau kompass AG on December 3, 2024. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: €0.69 (vs €0.62 in 3Q 2023) Third quarter 2024 results: EPS: €0.69 (up from €0.62 in 3Q 2023). Revenue: €149.5m (up 8.3% from 3Q 2023). Net income: €50.1m (up 8.4% from 3Q 2023). Profit margin: 34% (in line with 3Q 2023). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: €0.47 (vs €0.59 in 2Q 2023) Second quarter 2024 results: EPS: €0.47 (down from €0.59 in 2Q 2023). Revenue: €145.2m (up 14% from 2Q 2023). Net income: €34.4m (down 21% from 2Q 2023). Profit margin: 24% (down from 34% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • May 30
Upcoming dividend of €1.20 per share Eligible shareholders must have bought the stock before 06 June 2024. Payment date: 10 June 2024. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (1.7%). Reported Earnings • May 02
First quarter 2024 earnings released: EPS: €0.54 (vs €0.50 in 1Q 2023) First quarter 2024 results: EPS: €0.54 (up from €0.50 in 1Q 2023). Revenue: €141.4m (up 10% from 1Q 2023). Net income: €39.4m (up 6.2% from 1Q 2023). Profit margin: 28% (down from 29% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Mar 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: €2.43 (vs €1.59 in FY 2022) Full year 2023 results: EPS: €2.43 (up from €1.59 in FY 2022). Revenue: €531.9m (up 12% from FY 2022). Net income: €178.8m (up 45% from FY 2022). Profit margin: 34% (up from 26% in FY 2022). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: €2.43 (vs €1.59 in FY 2022) Full year 2023 results: EPS: €2.43 (up from €1.59 in FY 2022). Revenue: €531.9m (up 12% from FY 2022). Net income: €178.8m (up 45% from FY 2022). Profit margin: 34% (up from 26% in FY 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jan 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to €66.79. The fair value is estimated to be €55.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 8.6% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: €0.62 (vs €0.42 in 3Q 2022) Third quarter 2023 results: EPS: €0.62 (up from €0.42 in 3Q 2022). Revenue: €138.1m (up 13% from 3Q 2022). Net income: €46.2m (up 41% from 3Q 2022). Profit margin: 34% (up from 27% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Duyuru • Nov 02
Scout24 SE to Report Q4, 2023 Results on Feb 28, 2024 Scout24 SE announced that they will report Q4, 2023 results on Feb 28, 2024 Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: €0.59 (vs €0.34 in 2Q 2022) Second quarter 2023 results: EPS: €0.59 (up from €0.34 in 2Q 2022). Revenue: €128.3m (up 9.8% from 2Q 2022). Net income: €43.4m (up 62% from 2Q 2022). Profit margin: 34% (up from 23% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Duyuru • Jun 20
Scout24 SE (XTRA:G24) signed an agreement to acquire 75% stake in Sprengnetter GmbH for €53.4 million. Scout24 SE (XTRA:G24) signed an agreement to acquire 75% stake in Sprengnetter GmbH for €53.4 million on June 19, 2023. Valuation of Sprengnetter Group for the initial 75% stake acquisition amounts to €100 million (100%) on debt and cash free basis. A large part of the initial purchase price for the 75% stake acquired will be paid in Scout24 shares with a multi-year lock-up agreement, making Jan Sprengnetter a meaningful long-term shareholder of Scout24.Based on the current estimate 0.9 million shares to be transferred will be determined based on the volume weighted average share price for a period prior to closing. Shares issued will be fully or partially offset by the ongoing current share buyback programme. Jan Sprengnetter will remain a 25% shareholder in the company. The final stake sale is subject to an earn-out mechanism. The transaction is expected to close in July and the business will be consolidated from 2HY onwards. Upcoming Dividend • Jun 16
Upcoming dividend of €1.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 23 June 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (1.7%). Reported Earnings • Mar 27
Full year 2022 earnings released: EPS: €1.59 (vs €1.03 in FY 2021) Full year 2022 results: EPS: €1.59 (up from €1.03 in FY 2021). Revenue: €476.2m (up 15% from FY 2021). Net income: €123.5m (up 36% from FY 2021). Profit margin: 26% (up from 22% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 03
Scout24 SE to Report Fiscal Year 2022 Results on Feb 28, 2023 Scout24 SE announced that they will report fiscal year 2022 results on Feb 28, 2023 Buying Opportunity • Sep 26
Now 21% undervalued Over the last 90 days, the stock is up 7.0%. The fair value is estimated to be €68.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: €0.34 (vs €0.25 in 2Q 2021) Second quarter 2022 results: EPS: €0.34 (up from €0.25 in 2Q 2021). Revenue: €117.8m (up 15% from 2Q 2021). Net income: €26.8m (up 20% from 2Q 2021). Profit margin: 23% (up from 22% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.7%, compared to a 12% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 24
Upcoming dividend of €0.84 per share Eligible shareholders must have bought the stock before 01 July 2022. Payment date: 05 July 2022. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (5.2%). Lower than average of industry peers (2.2%). Buying Opportunity • May 31
Now 21% undervalued Over the last 90 days, the stock is up 6.7%. The fair value is estimated to be €72.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 34%. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 77% in the next 2 years. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: €0.25 (vs €0.25 in 1Q 2021) First quarter 2022 results: EPS: €0.25 (down from €0.25 in 1Q 2021). Revenue: €107.9m (up 8.6% from 1Q 2021). Net income: €20.1m (down 18% from 1Q 2021). Profit margin: 19% (down from 25% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 4.7%, compared to a 16% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 06
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be €75.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 8.8% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 15% share price gain to €60.08, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 21x in the Interactive Media and Services industry in the United Kingdom. Total returns to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €61.55 per share. Buying Opportunity • Mar 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €65.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 8.7% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.03 (up from €1.00 in FY 2020). Revenue: €415.6m (up 11% from FY 2020). Net income: €90.6m (down 12% from FY 2020). Profit margin: 22% (down from 27% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 4.4%, compared to a 17% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.6%. The fair value is estimated to be €72.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% per annum over the last 3 years. Earnings per share has grown by 19% per annum over the last 3 years. Reported Earnings • Nov 14
Third quarter 2021 earnings released: EPS €0.29 (vs €0.20 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €104.7m (up 10% from 3Q 2020). Net income: €24.0m (up 17% from 3Q 2020). Profit margin: 23% (up from 22% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • Aug 14
Second quarter 2021 earnings released: EPS €0.25 (vs €0.19 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: €102.6m (up 15% from 2Q 2020). Net income: €22.3m (up 16% from 2Q 2020). Profit margin: 22% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 02
Upcoming dividend of €0.70 per share Eligible shareholders must have bought the stock before 09 July 2021. Payment date: 13 July 2021. Trailing yield: 1.0%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (0.9%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS €0.25 (vs €0.25 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: €100.3m (up 6.2% from 1Q 2020). Net income: €24.4m (down 8.2% from 1Q 2020). Profit margin: 24% (down from 28% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS €1.00 (vs €0.59 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €375.8m (up 3.3% from FY 2019). Net income: €102.4m (up 61% from FY 2019). Profit margin: 27% (up from 18% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 04
New 90-day low: €61.48 The company is down 1.0% from its price of €62.08 on 04 December 2020. The British market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Interactive Media and Services industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €54.71 per share. Is New 90 Day High Low • Dec 05
New 90-day low: €62.08 The company is down 17% from its price of €75.08 on 04 September 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €47.90 per share. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS €0.20 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €95.0m (up 2.5% from 3Q 2019). Net income: €20.5m (up 21% from 3Q 2019). Profit margin: 22% (up from 18% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 11
New 90-day low: €67.90 The company is down 12% from its price of €77.55 on 12 August 2020. The British market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €46.59 per share. Is New 90 Day High Low • Oct 24
New 90-day low: €72.70 The company is down 2.0% from its price of €74.30 on 24 July 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Interactive Media and Services industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €41.86 per share. 
