Narrow-moat Nemetschek reported first-quarter results that were in line with FactSet consensus and our expectations. Shares are trading roughly flat intraday. We don’t expect to make a material change to our EUR 61 fair value estimate. At current levels, the shares look overvalued.
Nemetschek’s cash flow stream should become more predictable and resilient as recurring revenue increases with the transition of customers to subscriptions and SaaS.
Nemetschek depends on acquisitions to meet its growth targets. The lack of suitable targets may lead to a disappointing performance.
|
Metric
|
NEM
|
BSY
|
ADSK
|
|---|---|---|---|
Price/Earnings (Normalized) | 55.61 | 57.52 | 29.21 |
Price/Book Value | 12.71 | 17.75 | 24.89 |
Price/Sales | 11.60 | 14.77 | 8.48 |
Price/Cash Flow | 47.73 | 52.94 | 28.71 |
|
Metric
|
NEM
|
BSY
|
ADSK
|
|---|---|---|---|
Quick Ratio | 1.05 | 0.50 | 0.65 |
Current Ratio | 1.12 | 0.57 | 0.75 |
Interest Coverage | 65.42 | 6.50 | — |
|
Metric
|
NEM
|
BSY
|
ADSK
|
|---|---|---|---|
Return on Assets (Normalized) | 13.34% | 9.85% | 17.53% |
Return on Equity (Normalized) | 23.59% | 42.30% | 141.41% |
Return on Invested Capital (Normalized) | 19.80% | 14.74% | 41.05% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
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