Goldman Sachs
May 13, 2026
Stroeer SE & Co 1Q26 Results Review
Single Stock ReportEquitiesCommunication Services
Stroeer reported Q1 2026 revenues of €496mn, slightly exceeding consensus, led by strong Digital OOH performance that offset organic declines in its DaaS and E-Commerce units. Goldman Sachs maintains a Neutral rating with a revised price target of €43.00.
Key Takeaways
- 1.Stroeer reported Q1 2026 group revenues of €496mn, which was 2% above consensus with organic growth of +1.1%.
- 2.The core Out-of-Home (OOH) segment remains strong, growing +5.4% and outperforming the broader German advertising market.
- 3.Performance in non-core assets like DaaS & E-Commerce was weak, with Statista declining 3.7% and ASAMBeauty declining 14.4% organically.
Table of Contents
- Key Data
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins
- Balance Sheet
- Cash Flow
- Income Statement
- Key takeaways from the results
- Changes to estimates
- Valuation & key risks
- Disclosure Appendix
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Authors
James TatePulkit Gubgotra
Securities
SAXG.DE
Themes
Digital Out-of-Home GrowthAI Disruption in Data ServicesE-Commerce Platform Migration Challenges
Regions
EuropeGermany