Scout24 jumps on outlook raise

Scout24 SE

07/08/2023 07:45

** Shares of Scout24  G24n.DE  jump 6.2% in early Frankfurt
trade after on Sunday the online property platform raised its
full-year guidance and published preliminary Q2 figures
    ** The company increased guidance for FY EBITDA growth from
ordinary activities to 18-19% from 13% before and now expects
revenue growth of about 15% compared to 12% seen previously
    ** "Better-than-expected profitability should help shares,"
a local trader says
    ** Credit Suisse sees company's 12% beat on EBITDA for Q2
and an underlying EBITDA upgrade meaningfully ahead of market
expectations, though cites it is "positive but not a big
surprise" 
    ** According to CS Scout24 would focus on the sustainability
of core's performance, "which we believe is largely driven by
price rises in a slowing property market"
    ** J.P. Morgan says, it feels "bullish" on Scout24, citing
strong operational momentum despite difficult German housing
market, and continues to see the name as a top Internet pick and
AFL stock
    ** The stock is at the top of the German mid-caps index
 .MDAXI 
    ** Up to the previous session's close, shares were up 23.4%​
YTD

 (Reporting by Anastasiia Kozlova)
 ((Anastasiia.Kozlova@thomsonreuters.com))