Of all these metrics, which one do you think truly represents the health of the business and is probably undervalued by investors? And which one do you think investors or even new executives in the company overvalue?

I think the undervaluing comes from churn. Churn rate is not a metric you see here, but it's undervalued because in order to understand Scout's superior market power, you need to understand that there is no other alternative for real estate agents within Germany. They are willing to accept price increases because Scout cannot grow by volume. It's basically impossible on the B2B market because there is a very limited number of real estate agents in the market, and it's a very limited market for these real estate agents as well.

Of all these metrics, which one do you think truly represents the health of the business and is probably undervalued by investors? And which one do you think investors or even new executives in the company overvalue?

A metric you should look at now is the growth of real estate agents over the last 10 to 15 years. To give you an idea, when I started around 2013, there were about 23,000 real estate agents. By now, you have roughly 40,000. It grew, but it grew more in terms of how many listings each real estate agent actually represents and how many they market. The listings per real estate agent increased. What you will see is that many of these new real estate agents are very small operations.

You mean that you get over the month because of lower prices than if they were market prices. That means it's difficult for prospective tenants to get that property in advance of other tenants.

The problem is that the property is cheap on the rent market. It's maybe €1,300. Many people can afford that. The time on market of that listing, when I started, was maybe an intraday listing—active for 6 to 10 hours. Today we talk about intraminute listings. Listings that are active for less than a minute because they are so attractive. They get listed and immediately the phones of 200 people are ringing. They are applying, and you have 200 inquiries in 60 seconds.