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Scout24 AG
Investor Presentation • Mar 1, 2022
385_ip_2022-03-01_704ca256-60f1-4dcd-9adc-c13b80de1f2e.pdf
Investor Presentation
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Analyst Call, March 1, 2022 | © Scout24 Investor Relations
Disclaimer
This document has been issued by Scout24 SE (the "Company" and, together with its direct and indirect subsidiaries, the "Group") and does not constitute or form part of and should not be construed as any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision, nor does it constitute a recommendation regarding the securities of the Company or any present or future member of the Group.
All information contained herein has been carefully prepared. However, no reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of its directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.
The information contained in this presentation is subject to amendment, revision and updating. Certain statements, beliefs and opinions in this document are forward-looking, which reflect the Company's or, as appropriate, senior management's current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any information contained in this presentation (including forward-looking statements), whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document.
This document is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Neither this document nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any US person.
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Nothing in this document constitutes tax advice. Persons should seek tax advice from their own consultants or advisors when making investment decisions.
The Q4 / FY 2021 figures contained in this document were neither audited in accordance with §317 HGB nor reviewed by an auditor.
The figures mentioned in this document are preliminary and can be subject to changes until the publication of the Annual Report 2021.
Q4 adds strong momentum to the full year results – with Group Revenue at €389.0m and ooEBITDA at €222.8m …
… evidencing our "next level" growth
roadmap Sustainable growth in core memberships …
-
Membership revenue +5.0% to €51.8m in Q4 2021.
-
Membership revenue +4.8% to €203.0m in FY 2021.
-
Successful year-end business with accelerated pricing & upselling measures.
… complemented by strongly growing OTP business
-
Seller leads revenue +45.7% to €9.0m in Q4 2021.
-
Seller leads revenue +88.0% to €32.9m in FY 2021.
-
~105k RLE leads at ~€210 ARPL and ~1,500 IV24 transactions at ~€7,200 ARPT.
Private Customers love our Plus-products
-
Plus subscription revenue +69.7% in Q4 2021 (+76.0% to € 12.6m incl. V.de).
-
Plus subscription revenue +52.2% in FY 2021 (+54.6% to €39.4m incl. V.de).
-
Plus subscribers up by 101% yoy to 246k (eop).
In the last two years we laid the foundation for the transaction-based growth roadmap
Breakdown of ImmoScout24 revenue streams
(without Austria & FLOWFACT, including IV24 since H2 2020)
Leads • Seller Leads (RLE and IV24) • Mortgage leads • Relocation leads Private subscriptions • Plus products (MieterPlus and KäuferPlus) • Vermietet.de Listings PPA • Private listings PPA • Professional listings PPA Memberships • Memberships for Professional Customers 3rd Party Media & Other 1 2 3 4 5 X = Value Driver presented at CMD
- The five value drivers presented at the CMD drive a continuous revenue mix shift
- We are moving away from oneoff listings PPA to recurring subscription revenues with more engaged and digital-savvy professional and private customers
- With our strongly growing seller leads business, we are enabling and facilitating more transactions while helping agents to improve their performance
5 Preliminary FY 2021 Results | March 2022
Strong Q4 2021 KPIs €101.9m
+11.7%
Group revenue (growth driven by 16.6% increase in Residential Real Estate)
€58.1m +6.3%
Group ordinary operating EBITDA (57.1% margin)
€59.4m +8.6%
Organic Group ooEBITDA at 58.7% margin (excl. H1 2021 IV24, Vermietet.de and Propstack)
€777 / €1,787 +8.4% / -0.8%
ARPU with residential / business real estate partners
20,711 +3.5%
Professional customers (residential + business real estate partners)
342,287 -15.8%
Listings decline reflecting shortage of supply
4.5m +38.0%
Monthly app users2 partly compensating for declining desktop traffic (-10.9%) due to changed cookie
consent
We are delivering on our "next level" growth roadmap
Q4 Group growth was driven by a strong Residential Real Estate segment with additional tailwinds from seller leads and Plus-products
Note: Only minor inorganic effects: Residential: €0.4m Vermietet.de revenue, -€1.1m Vermietet.de ooEBITDA; Media & Other: €0.3m Propstack revenue, -€0.1m Propstack ooEBITDA
Revenue (
€ million)
60.0% 57.1%
… complementing the strong core residential business with a Q4 ARPU growth of 8%
| Q4 2021 | Q4 2020 | +/- | FY 2021 | FY 2020 | +/- | |
|---|---|---|---|---|---|---|
| Residential real estate partners Residential agents and property managers, finance partners (# of core customers1 end of period) |
17,922 | 17,213 | +4.1% | 17,922 | 17,213 | +4.1% |
| Residential real estate partner ARPU2 (€/month) |
777 | 717 | +8.4% | 757 | 716 | +5.8% |
| Business real estate partners Commercial agents, project developers, new home builders (# of core customers1 end of period) |
2,789 | 2,800 | -0.4% | 2,789 | 2,800 | -0.4% |
| Business real estate partner ARPU2 (€/month) |
1,787 | 1,801 | -0.8% | 1,757 | 1,754 | +0.2% |
1) Customers with an existing contract containing an obligation for payment which entitles the customer to publish more than one object within the runtime of the contract
2) Average revenue per user per month, calculated by dividing the revenue generated with the respective core customer in the reported period by the average number of core customers in this period (calculated from the opening and closing balance) further divided by the number of months in the corresponding period
Our five value drivers follow the new segment logic – Q4 2021 results accelerated on the back of those drivers
Revenue (
€ million)
The new ARPUs reflect our growing customer base both for professional and private customers
| Professional Customers | Q4 2021 |
Q4 2020 |
+/- | FY 2021 |
FY 2020 |
+/- |
|---|---|---|---|---|---|---|
| Professional Subscription Revenue: Membership + OTP (in €m) |
60.8 | 55.5 | +9.6% | 235.9 | 211.1 | 11.7% |
| Customers incl IV24 # (period deduplicated) average |
20 707 , |
20 099 , |
+3 0% |
20 489 , |
19 806 , |
+3 4% |
| Professional Subscription ARPU in € |
979 | 920 | +6.4% | 960 | 888 | +8.0% |
| Private Customers | Q4 2021 |
Q4 2020 |
+/- | FY 2021 |
FY 2020 |
+/- |
| Private Subscription Revenue (in €m) |
12.6 | 7.1 | +76.0% | 39.4 | 25.5 | +54.4% |
| Customers incl vermietet de # (period average) |
251 955 , |
129 286 , |
+94 9% |
203 961 , |
114 169 , |
+78 6% |
| Private Subscription ARPU in € |
16.6 | 18.4 | -9.7% | 16.1 | 18.6 | -13.4% |
Our 2021 cost base already reflects temporary "next level" investments
| (€m) | Q4 2021 |
Q4 2020 |
+/- | FY 2021 |
FY 2020 |
+/- |
|---|---|---|---|---|---|---|
| Revenues | 101.9 | 91.2 | +11.7% | 389.0 | 353.8 | +10.0% |
| Own work capitalised | 7.0 | 5.8 | +21.4% | 26.6 | 22.0 | +21.1% |
| Personnel costs |
-19.5 | -16.3 | +19.7% | -82.6 | -71.4 | +15.7% |
| Marketing costs | -8.6 | -9.4 | -9.2% | -36.3 | -31.1 | +16.8% |
| IT costs | -5.4 | -4.3 | +23.7% | -18.1 | -17.1 | +5.9% |
| Selling costs | -8.2 | -4.2 | +94.4 % | -26.6 | -16.2 | +63.6% |
| Other operating costs | -9.1 | -8.0 | +13.8% | -29.3 | -27.7 | +5.6% |
| Total operating effects | -50.8 | -42.3 | +20.0% | -192.8 | -163.5 | +17.9% |
| ooEBITDA | 58.1 | 54.7 | +6.3% | 222.8 | 212.3 | +5.0% |
| ooEBITDA-margin | 57 1% |
60 0% |
-2 9pp |
57 3% |
60 0% |
-2 7pp |
- Higher capitalisation rate (own work capitalised) mainly driven by developments within Vermietet.de.
- Personnel costs increased due to integration of Vermietet.de and IV24 employees and an increased staff base at ImmoScout24.
- Marketing costs increased due to intensified marketing activities to generate homeowner contacts.
- Increased selling costs are linked to Leads and Plusproducts.
Our 2021 net income is characterized by relatively high non-operating effects
| (€m) | FY 2021 | FY 2020 | +/- |
|---|---|---|---|
| Ordinary operating EBITDA | 222.8 | 212.3 | +5.0% |
| Non-operating effects | 22.0 | 14.1 | +56.5% |
| Reported EBITDA | 200.8 | 198.3 | +1.3% |
| D&A | -63.1 | -51.5 | +22.5% |
| EBIT | 137.7 | 146.8 | -6.1% |
| Financial result | -5.0 | -4.9 | -2.0% |
| Earnings before Tax | 132.7 | 141.9 | -6.5% |
| Taxes on Income | -42.1 | -39.5 | +6.8% |
| Net income | 90.6 | 102.4 | -11.6% |
| Basic EPS in € (undiluted) |
1.03 | 1.00 | +3.0% |
| Adjusted Net income | 133.6 | 126.3 | +5.8% |
| Adjusted EPS in € |
1.52 | 1.24 | +22.6% |
| Weighted shares (million) # av |
88 1 |
102 2 |
-13 7% |
13 Preliminary FY 2021 Results | March 2022
- Increase in non-operating costs due to higher M&A costs and LTIP effects.
- D&A increase driven by higher depreciation of rights-of-use from leases (new Berlin office) and higher capitalized assets as well as an impairment of the FLOWFACT trademark.
- Adjusted EPS +22.6% shows accretive effect.
- Adjusted for non-operating items, D&A on PPA and AS24 related financial result (all net)
Including the latest €200m share buyback program completed in mid-February, we have repurchased €1.8bn worth of own shares over the last 2 years
… and a new up to €350m buyback program will be launched in due course
Context:
As of 31/12/2021: Scout24 Group net cash1 : €306m resulting in -1.4x leverage ratio2
Share buyback plans:
- New up to €350m buyback program3
- Start: March 2022
- Completion at the latest by: AGM 2023
- Going forward: Recurring buyback volume of average €150m p.a. possible
Subject to value-accretive M&A opportunities
- 1) Cash and cash equivalents (including financial assets = special funds) less total financial liabilities (including lease liabilities)
- 2) Ratio of net debt to ordinary operating EBITDA for the last twelve months
- 3) Subject to AGM approval
Based on solid 2021 results we continue to deliver on our "next level" strategy
Q&A
Appendix
Revenue and ooEBITDA - old segment structure
| Q4 2021 |
Q4 2020 |
+/- | FY 2021 |
FY 2020 |
+/- | |
|---|---|---|---|---|---|---|
| Revenue - Group |
101.9 | 91.2 | +11.7% | 389.0 | 353.8 | +10.0% |
| Residential Real Estate | 76.0 | 65.2 | +16.6% | 288.4 | 253.4 | +13.8% |
| t/o Residential Real Estate Partner | 51.7 | 46.3 | +11.6% | 199.8 | 176.2 | +13.4% |
| t/o Consumer | 24.3 | 18.9 | +28.8% | 88.5 | 77.2 | +14.7% |
| Business Real Estate | 17.5 | 17.5 | -0.1% | 68.9 | 69.1 | -0.3% |
| Media & Other | 8.2 | 8.3 | -1.4% | 31.3 | 31.0 | +1.1% |
| Holding-Umsatzerlöse | 0.1 | 0.1 | -2.5% | 0.4 | 0.3 | +38.6% |
| ooEBITDA - Group |
58.1 | 54.7 | +6.3% | 222.8 | 212.3 | +5.0% |
| Residential Real Estate | 45.2 | 40.8 | +10.8% | 171.5 | 160.1 | +7.1% |
| Business Real Estate | 12.3 | 12.4 | -1.5% | 49.6 | 49.2 | +0.8% |
| Media & Other | 2.6 | 3.0 | -10.9% | 10.6 | 12.0 | -11.5% |
| Margin ooEBITDA Group - |
57 1% |
60 0% |
-2 9pp |
57 3% |
60 0% |
-2 7pp |
| Residential Real Estate |
59 5% |
62 6% |
-3 1pp |
59 5% |
63 2% |
-3 7pp |
| Business Real Estate |
69 9% |
71 0% |
-1 0pp |
72 0% |
71 2% |
+0 8pp |
| Media & Other |
32 0% |
35 5% |
-3 4pp |
33 9% |
38 7% |
8pp –4 |
Revenue and ooEBITDA - new segment structure
| in €m | Q4 2021 | Q4 2020 | +/- | FY 2021 | FY 2020 | +/- |
|---|---|---|---|---|---|---|
| Revenue - Group |
101.9 | 91.2 | +11.7% | 389.0 | 353.8 | +10.0% |
| Professional | 67.7 | 62.1 | +9.1% | 262.7 | 238.2 | +10.3% |
| t/o Subscriptions | 60.8 | 55.5 | +9.5% | 235.9 | 211.1 | +11.7% |
| t/o Membership Revenue | 51.8 | 49.3 | +5.0% | 203.0 | 193.6 | +4.8% |
| t/o On Top Revenue (Seller Leads) | 9.0 | 6.2 | +45.7% | 32.9 | 17.5 | +88.0% |
| t/o PPA | 3.0 | 3.6 | -15.6% | 12.0 | 13.8 | -13.4% |
| t/o Other (Mortgage) | 3.9 | 3.0 | +29.7% | 14.8 | 13.2 | +12.8% |
| Private | 25.8 | 20.7 | +25.1% | 94.6 | 84.3 | +12.2% |
| t/o Subscriptions | 12.6 | 7.1 | +76.0% | 39.4 | 25.5 | +54.6% |
| t/o PPA | 8.7 | 9.0 | -3.3% | 34.5 | 38.9 | -11.3% |
| t/o Other (SCHUFA, RRI) | 4.6 | 4.5 | +0.9% | 20.6 | 19.9 | +3.7% |
| Media & Other | 8.3 | 8.4 | -1.2% | 31.7 | 31.3 | +1.4% |
| ooEBITDA - Group |
58.1 | 54.7 | +6.3% | 222.8 | 212.3 | +5.0% |
| Professional | 43.0 | n/r* | - | 168.8 | n/r* | - |
| Private | 12.4 | n/r* | - | 43.1 | n/r* | - |
| Media & Other | 2.7 | n/r* | - | 10.9 | n/r* | - |
| ooEBITDA Margin – Group |
57.1% | 60.0% | -2.9pp | 57.3% | 60.0 % | -2.7pp |
| Professional | 63.5% | n/r* | - | 64.3% | n/r* | - |
| Private | 48.0% | n/r* | - | 45.6% | n/r* | - |
| Media & Other | 32.5% | n/r* | - | 34.3% | n/r* | - |
*Restated ooEBITDA and ooEBITDA Margin for 2020 will not be reported
20 Preliminary FY 2021 Results | March 2022
Next event:
Q1 2022 Results: 3 May 2022 at 3 pm CET
Ursula Querette Head of Investor Relations & Treasury
Tel +49 89 262 02 4939 | [email protected]
