Scout24 AG

Citi analysts are backing platforms that own the data over the AI layer built on top of it, naming Scout24 and Trustpilot as their top picks with both rated "buy." The broker argues that leading platforms benefit from owning inventory, transaction and reputation data, particularly in high-value categories where recommendation accuracy matters most. Citi sees online property classifieds as the lowest-risk corner of the sector, with Scout24 the standout, citing the company's early optimisation for AI agents as a key reason for its confidence. Its case for Trustpilot rests on its review dataset, which the bank says is increasingly important for LLM recommendation quality, fitting the central argument that reputation data is a valuable asset whose value may accrue to the data's owner rather than to the AI layer above it. Citi adds that while AI agents could eventually become the primary discovery interface, it is too early to conclude that, and notes users continue to favour specialist AI tools embedded within category leaders while traffic from leading LLMs remains negligible.

Goldman Sachs added Solaria, Straumann, Scout24 and IMCD to its European Conviction List for October, while removing Naturgy, Norsk Hydro and Smith & Nephew, the broker said in a note dated Thursday. The broker did not give reasons for the removals, while its analysts cited improving earnings prospects, valuation and potential for stronger demand as reasons for the new additions. For Spanish renewable energy company Solaria, Goldman analyst Alberto Gandolfi said the market was underestimating improvements in the company's core solar business as pricing strengthens, and pointed to potential growth from data centres and energy storage. Straumann is expected to benefit from a recovery in sales, helped by improving inventories in China and stronger profit margins, analyst Richard Felton said, adding that the dental equipment maker's valuation was close to its lowest level in nearly a decade. For Swiss online marketplace Scout24, analyst Adam Berlin said new products could support growth in private subscribers, putting his estimates above market expectations, and he also sees potential for the company to return more cash to shareholders than expected. IMCD could be approaching a turning point in volumes, while its more specialised product mix should help prices hold up better than expected, analyst Suhasini Varanasi said. Goldman said additions to or removals from its Conviction Lists do not change its underlying investment ratings. Elsewhere, Goldman kept Swedish engineering group Trelleborg on the list with a Buy rating and saw 20% upside, cut its third-quarter 2026 sales estimate by 50 basis points and adjusted EBITA forecast by 140 basis points, and retained a buy rating on BMW following the automaker's Capital Markets Day, seeing 48% upside. The bank upgraded Iberdrola to buy from neutral and raised its price target by 19% to €25 from €21, upgraded AJ Bell to neutral from sell, and remained buy-rated on French steel tube maker Vallourec.

European stock markets closed higher on Friday as mostly encouraging earnings updates and decent economic data helped offset concerns about Middle East tensions. The pan European Stoxx 600 climbed 0.31%, Germany's DAX moved up 0.69%, France's CAC 40 gained 0.17%, and the UK's FTSE 100 ended 0.31% up. Weak U.S. jobs data showing a drop of 23,000 jobs in July against expectations of a 70,000 gain raised hopes the Federal Reserve will not hike interest rates soon. In corporate news, SAP, Scout24, Infineon, Siemens and BMW gained 2% to 4% in Germany, while Daimler Truck Holding shed nearly 3% despite reporting a bottom line of EUR1.457 billion, up from EUR277 million a year earlier. Allianz closed lower by about 1.6% after second-quarter earnings fell to EUR2.595 billion from EUR2.841 billion, and Munich RE dropped 1.4% even as net profit rose to €2.211 billion from €2.085 billion.

German stocks moved higher on Monday, lifting the benchmark DAX to a new record high of 25,902.91, as strong factory orders data and expectations of strong earnings updates and easing inflation concerns aided sentiment. The DAX was up 47.74 points or 0.18% at 25,845.22 around noon. Germany's factory orders rebounded at a stronger-than-expected pace in May, expanding 1.9% on a monthly basis, in contrast to the revised 3.2% drop in April, data from Destatis showed. Orders were forecast to grow 1.1%. Among individual stocks, Scout24 was the top gainer, up 2.75%, while SAP and Deutsche Boerse moved up nearly 2%.

Scout24 SE shareholders approved all management proposals at the Annual General Meeting, including a dividend increase to €1.50 per share for the 2025 financial year, up roughly 14% from the prior year's €1.32. The meeting also adjusted Supervisory Board remuneration and introduced a share ownership requirement obliging members to build and hold stock equal to 100% of their annual base pay over four years. A renewed authorisation to repurchase treasury shares was granted, continuing the company's buyback strategy. CEO Ralf Weitz highlighted Scout24's evolution into an integrated real estate ecosystem leveraging artificial intelligence, while CFO Martin Mildner noted the group plans to return €455 million to shareholders in 2026 through dividends and buybacks.