SRH AlsterResearch AG Update: Scout24 - One billion EUR share buyback; Remains a BUY

Scout24 AG (update) Media MCap EUR 7.1bn BUY, PT EUR 72.00 (+10% potential) Research_update What’s it all about? Taking the announced share buyback in a magnitude of up to 13,976,613 shares or EUR_973.6 million into account, the management once again keeps its promises. After several shareholder friendly activities in 2020, a next milestone was announced. In 2021, the company aims to distribute a total of EUR 1.2bn to its shareholders via different measures (buyback, dividend etc.) and hence, the first measure for the current year is out now. But there is more to come. Based on DCF valuation and Peer analysis 21E, we reiterate our view on the investment case and confirm our BUY recommendation with an unchanged PT of EUR 72.00. For 5 current investment ideas, check our Weekly Screener. This week we are looking for companies which have the highest upside to our / mean consenus price targets. Please note that AlsterResearch publishes MiFID II compliant research only. For a detailed discussion on MiFID II, please visit https://www.research-hub.de

 

 

 

What’s it all about? Taking the announced share buyback in a magnitude of up to 13,976,613 shares or EUR_973.6 million into account, the management once again keeps its promises. After several shareholder friendly activities in 2020, a next milestone was announced. In 2021, the company aims to distribute a total of EUR 1.2bn to its shareholders via different measures (buyback, dividend etc.) and hence, the first measure for the current year is out now. But there is more to come. Based on DCF valuation and Peer analysis 21E, we reiterate our view on the investment case and confirm our BUY recommendation with an unchanged PT of EUR 72.00.