Investor Presentation • Feb 28, 2023
Investor Presentation
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Analyst Call – Preliminary Results for Q4 & Full Year 2022 28 February 2023
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.
By attending, reviewing or consulting the presentation to which this document relates or by accepting this document you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice.
Nothing in this document constitutes tax advice. Persons should seek tax advice from their own consultants or advisors when making investment decisions.
The Q4 2022 figures contained in this document were neither audited in accordance with §317 HGB nor reviewed by an auditor.
2022 in a nutshell: During times of uncertainty and changed real estate market we have proven the resilience of our business model and outperformed initial expectations
Significant tightening of macro conditions and geopolitical uncertainty
Real estate market started transition to buyer market, change accelerating throughout the year
Significant shift of interest from buy to rent
Execution of CMD Strategy
Delivered results at the high-end of upgraded guidance
IS24 platform more relevant than ever Agent growth accelerated during 2022
Record number of Plus subscribers
Upgraded guidance despite 2022 labeled as year of investment Q4 2022 operating leverage Currently outperforming CMD guidance
Resilience of Scout24 business model proven
Execution of CMD strategy well underway
Entering 2023 with increased relevance for IS24; core product suite in high demand
Accelerating innovation to deepen our competitive moat
Focus on costs and driving efficiencies in operations
Closed out FY2022 at upper end of guidance
FY2022 revenue growth of 15% and ooEBITDA of 13% highlights resilience of Scout24 business model in changing markets
Continued strong demand for IS24 core product suite (memberships, PPA, consumer subscriptions)
Improved operating leverage in Q4 2022, consistent with previous communication; expecting further improvement in FY2023
Cyclical softness in OTP & Mortgage leads H2 2022, but limited impact on group numbers (< 13% of FY 2022 revenues)
Adjusted EPS growing 26% to €1.91
Robust start into FY2023 and on our path to deliver on guidance of 12% revenue and 13% ooEBITDA growth
Q4 2022: continued customer growth and strong demand for IS24 core product suite
7 Preliminary Q4 / FY 2022 Results | 02/2023
Remainder of revenues generated in: Professional: PPA Private: PPA + Other
Our 3-sided marketplace is increasingly relevant as trusted platform to enable stakeholders to transact
Bringing all parties together to transact in a trusted, transparent and digital first environment
Needs:
| (€m) | Q4 2022 |
Q4 2021 |
+/- | FY 2022 |
FY 2021 |
+/- |
|---|---|---|---|---|---|---|
| Professional segment revenue | 73.8 | 67.7 | +9.0% | 291.2 | 262.7 | +10.8% |
| of which subscriptions | 66.4 | 60.8 | +9.2% | 260.1 | 235.8 | +10.3% |
| thereof membership | 58.1 | 51.8 | +12.1% | 221.6 | 202.9 | +9.2% |
| thereof seller leads | 8.3 | 9.0 | -7.8% | 38.6 | 32.9 | +17.3% |
| (period # Customers average) |
21 593 , |
20 707 , |
+4 3% |
21 157 , |
20 489 , |
+3 3% |
| Resulting ARPU (in €) |
1 025 , |
979 | +4 7% |
1 025 , |
959 | +6 8% |
| of which PPA | 4.1 | 3.0 | +35.6% | 14.9 | 12.0 | +24.5% |
| of which Other (Mortgage) | 3.3 | 3.9 | -14.2% | 16.1 | 14.9 | +7.9% |
| ooEBITDA Professional segment |
45.0 | 43.0 | +4.6% | 176.2 | 168.8 | +4.4% |
| ooEBITDA margin |
60.9% | 63.6% | -2.6pp | 60.5% | 64.3% | -3.7pp |
Growth driven by a combination of customer growth, rate card and product upgrades
Seller leads & Mortgage impacted by current market environment in H2 2022
Strong PPA spurred by ongoing need for greater marketing power
| (€m) | Q4 2022 |
Q4 2021 |
+/- | FY 2022 |
FY 2021 |
+/- |
|---|---|---|---|---|---|---|
| Private segment revenue | 32.2 | 25.8 | +24.7% | 121.5 | 94.6 | +28.5% |
| of which subscriptions | 16.1 | 12.6 | +28.1% | 60.1 | 39.4 | +52.4% |
| Customers (period # average) |
319 747 , |
251 955 , |
+26 9% |
304 019 , |
203 961 , |
+49 1% |
| Resulting (in ARPU €) |
16 8 |
16 6 |
+0 9% |
16 5 |
16 1 |
+2 2% |
| of which PPA | 12.0 | 8.7 | +37.9% | 42.7 | 34.5 | +23.6% |
| of which Other (Schufa, RRI) | 4.1 | 4.6 | -9.7% | 18.8 | 20.6 | -8.9% |
| ooEBITDA Private segment |
17.7 | 12.4 | +42.9% | 62.7 | 43.1 | +45.4% |
| ooEBITDA margin |
55.0% | 48.0% | +7.0pp | 51.6% | 45.6% | +6.0pp |
Further strong customer wins due to great demand in the rent market
Subscriptions growth continues to be driven by new customers with slightly increasing ARPU
Strong PPA reflecting longer standing times and need for marketing power
Continues to decrease by consumer product shift to TenantPlus
FY2022 results at the top end of upgraded guidance and in Q4 we started to increase profitability y-o-y
| (€m) | Q4 2022 |
Q4 2021 |
+/- | FY 2022 |
FY 2021 |
+/- |
|---|---|---|---|---|---|---|
| Revenues | 115.2 | 101.8 | +13.1% | 447.5 | 389.0 | +15.0% |
| Own work capitalised | 6.9 | 7.0 | -1.6% | 28.7 | 26.6 | +8.0% |
| Personnel costs |
-21.5 | -19.5 | +9.9% | -92.2 | -82.6 | +11.7% |
| Marketing costs | -12.0 | -8.6 | +39.6% | -50.7 | -36.3 | +39.4% |
| IT costs | -5.4 | -5.4 | +2.3% | -21.4 | -18.1 | +18.4% |
| Selling costs | -7.8 | -8.2 | -5.6% | -28.6 | -26.6 | +7.7% |
| Other operating costs | -9.0 | -9.1 | -1.1% | -32.2 | -29.3 | +10.4% |
| Total operating effects | -55.7 | -50.8 | +9.6% | -225.1 | -192.8 | +16.8% |
| ooEBITDA | 66.5 | 58.1 | +14.4% | 251.1 | 222.8 | +12.7% |
| margin ooEBITDA |
7% 57 |
1% 57 |
+0 6pp |
56 1% |
57 3% |
-1 2pp |
ooEBITDA outgrew revenues in Q4 2022 and we generated ooEBITDA margin expansion
Focus on costs – except marketing costs, all cost lines grew much slower than revenues in Q4 2022
Full year IT costs negatively impacted by US Dollar exchange rate
on the back of strength in the core business and completing investment period
| (€m) | Q4 2022 |
Q4 2021 |
+/- | FY 2022 |
FY 2021 |
+/- |
|---|---|---|---|---|---|---|
| Ordinary operating EBITDA | 66.5 | 58.1 | +14.4% | 251.1 | 222.8 | +12.7% |
| Non-operating effects | -2.7 | -10.7 | -74.5% | -20.5 | -22.0 | -6.7% |
| Reported EBITDA | 63.8 | 47.5 | +34.4% | 230.6 | 200.8 | +14.8% |
| D&A | -11.2 | -20.4 | -45.0% | -42.3 | -63.1 | -33.0% |
| EBIT | 52.6 | 27.1 | +94.0% | 188.3 | 137.7 | +36.7% |
| Financial result | 6.5 | 2.5 | +157.6% | -14.0 | -5.0 | -178.7% |
| Earnings before tax | 59.1 | 29.6 | +99.5% | 174.3 | 132.7 | +31.3% |
| Taxes on income | -15.2 | -9.5 | -59.6% | -50.8 | -42.1 | -20.6% |
| Net income | 43.9 | 20.1 | +118.4% | 123.5 | 90.6 | +36.4% |
| Basic in EPS € |
0 59 |
0 24 |
+143 7% |
1 59 |
1 03 |
3% +54 |
| Adjusted EPS in € |
0 51 |
0 42 |
+20 4% |
1 91 |
1 52 |
+25 7% |
| Weighted shares # av |
74 5 |
83 1 |
-10 4% |
8 77 |
88 1 |
-11 6% |
Highly accretive EPS profile (adjusted and reported) catalysed by share buybacks
Confirming previous guidance for FY2023 despite macro uncertainties
12% 13%
Revenue growth Ordinary operating EBITDA growth
15 Preliminary Q4 / FY 2022 Results | 02/2023
Filip Lindvall – Director Group Strategy & Investor Relations [email protected]
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