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| 08.05.26 04:37:55 |
Die starken Ergebnisse von Nemetschek (ETR:NEM) sind ein gutes Indiz für die Stärke des Unternehmens |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Der zurückhaltende Aktienkursreaktion deutet darauf hin, dass die starken Ergebnisse von Nemetschek SE (ETR:NEM) keine Überraschung waren. Investoren mögen einige zugrunde liegende Faktoren verpassen, die für die Zukunft des Unternehmens ermutigend sind.
AI wird das Gesundheitswesen revolutionieren. Diese 20 Aktien arbeiten an allem von frühen Diagnosen bis hin zur Wirkstoffentdeckung. Der beste Teil - sie haben alle einen Marktwert unter 10 Mrd. Euro - es gibt noch Zeit, sich frühzeitig einzukaufen.
Zoomen Sie auf die Einnahmen von Nemetschek ein.
Viele Investoren kennen das Accrual-Verhältnis aus dem Cashflow nicht, aber es ist tatsächlich eine nützliche Messzahl für die Frage, wie gut sich ein Unternehmensgewinn durch freie Cashflows (FCF) im Laufe eines bestimmten Zeitraums abgesichert ist. In einfachen Worten subtrahiert man FCF von Nettogewinn und teilt das Ergebnis durch den Durchschnitt der operativen Vermögenswerte über diesen Zeitraum. Man könnte das Accrual-Verhältnis aus dem Cashflow als 'nicht-FCF-Gewinnquote' bezeichnen.
Als Ergebnis ist ein negatives Accrual-Verhältnis positiv für das Unternehmen und ein positives Accrual-Verhältnis negativ. Während es kein Problem ist, wenn ein positives Accrual-Verhältnis vorhanden ist, was eine gewisse Stufe an nicht-kassierbaren Gewinnen bedeutet, ist ein hohes Accrual-Verhältnis wahrscheinlich schlecht, da es darauf hinweist, dass Papiergewinne nicht durch Cashflows abgesichert sind. Es gibt auch einige akademische Beweise dafür, dass ein hohes Accrual-Verhältnis für die nahe Zukunft schlecht ist.
Für das Jahr bis März 2026 hatte Nemetschek ein Accrual-Verhältnis von -0,14. Das bedeutet, dass es sehr gute Cash-Konversion hat und dass seine Gewinne im letzten Jahr tatsächlich die Einnahmen erheblich unterschätzen. Tatsächlich hatte es freie Cashflows von 387 Millionen Euro im letzten Jahr, was viel mehr war als sein gesetzlicher Gewinn von 232,7 Millionen Euro. Die Aktionäre von Nemetschek werden sicherlich zufrieden sein, dass die freien Cashflows über das letzte Jahr verbessert wurden.
Das könnte Sie dazu bringen, sich zu fragen, was Analysten in Bezug auf zukünftige Rentabilität vorhersagen. Glücklicherweise können Sie hier klicken, um ein interaktives Diagramm zu sehen, das zukünftige Rentabilität basierend auf ihren Schätzungen darstellt.
Unser Standpunkt zu Nemetscheks Gewinnleistung
Nemetscheks Accrual-Verhältnis ist solid und deutet darauf hin, dass es starke freie Cashflows gibt, wie wir oben besprochen haben. Basierend auf dieser Beobachtung glauben wir wahrscheinlich, dass Nemetscheks gesetzlicher Gewinn seine Einnahmenpotenzial tatsächlich unterschätzt! Und dazu kommt noch, dass sein Gewinn pro Aktie im letzten Jahr um 50 % gestiegen ist. Natürlich haben wir nur den Oberflächenbereich analysiert, wenn es um die Analyse seiner Einnahmen geht; man könnte auch Margen, Vorhersagewachstum und Rendite auf Investitionen in Betracht ziehen, um nur einige Beispiele zu nennen. Offensichtlich lieben wir es, historische Daten zu verwenden, um unsere Meinung über ein Unternehmen zu informieren. Aber es kann auch sehr wertvoll sein, die Vorhersagen anderer Analysten zu berücksichtigen. Glücklicherweise können Sie hier klicken, um herauszufinden, was andere Analysten vorhersehen.
Die Geschichte geht weiter |
| 01.05.26 19:01:06 |
Nemetschek SE (NEMTF) Q1 2026 Earnings Call Highlights: Strong Revenue Growth and Strategic ... |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
This article first appeared on GuruFocus.
Revenue Growth: Reported growth of 10.7% to EUR313.1 million; FX-adjusted growth of 17%. Annual Recurring Revenue (ARR): Grew by 14.4% reported and 21% FX-adjusted, reaching nearly EUR1.2 billion. Subscription and SaaS Revenue: Increased by 27.3% reported and 35.4% FX-adjusted. EBITDA: Increased by 22% reported and nearly 30% FX-adjusted to EUR98.4 million. EBITDA Margin: Achieved 31.4%. Cash Conversion: Over 140%. Design Segment Revenue: Grew by 5.7% reported and 9.5% constant currency to EUR136.2 million. Build Segment Revenue: Reported growth of 19.8%; FX-adjusted growth of 29.8%. Build Segment EBITDA Margin: 39.5%, an increase of 440 basis points year-on-year. Manage Segment Revenue Growth: 3.2% for Q1 2026. Media Segment Revenue: Increased by 0.8% reported and 6.6% constant currency to EUR29.6 million. Personnel Costs: Increased by 4.4% year-over-year to EUR123 million. Earnings Per Share: Increased by 34.5% year-over-year. Cash Conversion Rate: 143% in Q1. Equity Ratio: 47.3%. Net Debt Position: EUR7.8 million.
Warning! GuruFocus has detected 2 Warning Signs with NEMTF. Is NEMTF fairly valued? Test your thesis with our free DCF calculator.
Release Date: April 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Nemetschek SE (NEMTF) reported a strong start to 2026 with a revenue growth of 10.7% to EUR313.1 million, and an adjusted growth of 17% when accounting for FX headwinds. The company's annual recurring revenue (ARR) grew by 14.4% on a reported basis and 21% FX-adjusted, reaching nearly EUR1.2 billion. The Build segment showed impressive growth, with a reported increase of 19.8% and 29.8% FX-adjusted, driven by strong performance in North America and internationally. The acquisition of Heavy Construction Systems Specialists (HCSS) is expected to increase market opportunity by 30% in the infrastructure and heavy civil construction market. Nemetschek SE (NEMTF) continues to focus on AI-driven innovations, exemplified by the successful launch of the Bluebeam Max package, enhancing their AI-enabled product offerings.
Negative Points
The company faces continued FX headwinds, primarily due to a weaker US dollar, impacting reported growth figures. The Media segment experienced modest growth of 0.8% reported and 6.6% on a constant currency basis, influenced by a mixed market environment and longer customer investment decision cycles. Despite strong growth, the transition to a subscription and SaaS-based business model has led to a decline in license revenues by 53.7% year-over-year. The geopolitical situation in the Middle East poses a potential risk, although the company currently has limited direct exposure to the region. The acquisition of HCSS will impact the group's net debt position by approximately EUR450 million, though the company maintains its financial flexibility.
Story Continues
Q & A Highlights
Q: Could you explain the impact of multi-year deals on design growth in Q1 and clarify the M&A impact on the 14% to 15% growth guidance? A: The design growth in Q1 was influenced by multi-year deals, similar to 2025 levels, providing a mid-single-digit million euro tailwind. Regarding M&A, the guidance is organic, with some M&A costs included in Q1. More details on M&A costs will be provided after the HCSS deal closes. - Yves Padrines, CEO and Louise Oefverstroem, CFO
Q: How has the geopolitical situation in the Middle East affected your business, and do you expect the Media segment to return to double-digit growth in 2026? A: The geopolitical situation in the Middle East has not significantly impacted us due to limited exposure. The Media segment is expected to achieve high single-digit growth in 2026, with ongoing efforts to diversify and enhance product offerings. - Yves Padrines, CEO and Louise Oefverstroem, CFO
Q: What is the strategy behind acquiring resellers, and how do you handle their contracts? A: Acquiring resellers is part of our strategy to control our go-to-market approach and have a direct touch with customers. Resellers often develop their own IP and localization on top of our products, which we acquire. Contracts vary, with some being commission-based and others involving revenue sharing. - Yves Padrines, CEO and Louise Oefverstroem, CFO
Q: Can you provide more details on the growth trajectory for the Build segment and the cross-selling between Bluebeam and GoCanvas? A: The Build segment is expected to maintain strong double-digit growth, above 20% for 2026. Cross-selling between Bluebeam and GoCanvas is progressing, with a small but growing base of customers using both products. - Yves Padrines, CEO
Q: How do you plan to monetize AI, and will similar models be applied to the Design segment? A: Monetization of AI will depend on the product and features. Bluebeam Max currently uses a subscription model, with potential for token-based pricing in the future. Similar models may be applied to other segments, with a focus on delivering value and cost-effectiveness to customers. - Yves Padrines, CEO and Louise Oefverstroem, CFO
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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| 24.04.26 05:38:02 |
Three European Stocks That May Be Undervalued In April 2026 |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
As European markets experience a positive upswing, with the STOXX Europe 600 Index rising by 1.91% amid easing geopolitical tensions and promising corporate earnings, investors are increasingly on the lookout for potential opportunities. In this environment, identifying undervalued stocks can be crucial for those aiming to capitalize on favorable market conditions and economic indicators that suggest stability in key sectors.
Top 10 Undervalued Stocks Based On Cash Flows In Europe
Name Current Price Fair Value (Est) Discount (Est) SoftwareOne Holding (SWX:SWON) CHF6.99 CHF13.93 49.8% Neste Oyj (HLSE:NESTE) €25.92 €50.76 48.9% Nemetschek (XTRA:NEM) €64.55 €128.60 49.8% Metriks AI. Società Benefit (BIT:MTK) €3.56 €7.02 49.3% Mare Group (BIT:MARE) €3.34 €6.64 49.7% Kreate Group Oyj (HLSE:KREATE) €16.00 €31.46 49.1% Eltel (OM:ELTEL) SEK9.60 SEK19.14 49.8% cyan (XTRA:CYR) €2.02 €4.00 49.5% CAG Group (OM:CAG) SEK112.00 SEK218.65 48.8% B&S Group (ENXTAM:BSGR) €5.85 €11.66 49.8%
Click here to see the full list of 194 stocks from our Undervalued European Stocks Based On Cash Flows screener.
Let's explore several standout options from the results in the screener.
Neste Oyj
Overview: Neste Oyj, along with its subsidiaries, operates in the renewable energy sector by providing renewable diesel and sustainable aviation fuel across Finland, other Nordic countries, the Baltic Rim, various European countries, the United States, and internationally; it has a market cap of €19.91 billion.
Operations: Neste Oyj generates revenue through its Oil Products segment (€9.32 billion), Renewable Products segment (€8.10 billion), and Marketing & Services segment (€4.31 billion).
Estimated Discount To Fair Value: 48.9%
Neste Oyj is trading at €25.92, significantly below its estimated future cash flow value of €50.76, indicating potential undervaluation based on cash flows. Its earnings are forecast to grow 24.8% annually, outpacing the Finnish market's growth rate of 12.9%. However, recent volatility in share price and a relatively low forecasted return on equity (13.7%) may pose concerns for investors seeking stability or high returns relative to benchmarks.
In light of our recent growth report, it seems possible that Neste Oyj's financial performance will exceed current levels. Click here and access our complete balance sheet health report to understand the dynamics of Neste Oyj.HLSE:NESTE Discounted Cash Flow as at Apr 2026
Galderma Group
Overview: Galderma Group AG is a global dermatology company with a market cap of CHF37.70 billion.
Operations: The company generates revenue of $5.24 billion from its dermatology segment.
Estimated Discount To Fair Value: 48.6%
Story Continues
Galderma Group, trading at CHF160.7, is significantly undervalued compared to its estimated future cash flow value of CHF312.45, with earnings projected to grow 22.3% annually—outpacing the Swiss market's 10.3% growth rate. Despite a low forecasted return on equity of 16.2%, recent product innovations and board changes could enhance long-term prospects, while a dividend increase to CHF0.35 per share reflects strong financial health and shareholder commitment.
Our growth report here indicates Galderma Group may be poised for an improving outlook. Get an in-depth perspective on Galderma Group's balance sheet by reading our health report here.SWX:GALD Discounted Cash Flow as at Apr 2026
Siemens Energy
Overview: Siemens Energy AG is a global energy technology company with operations worldwide and has a market capitalization of approximately €155.98 billion.
Operations: The company's revenue segments include Gas Services (€12.47 billion), Siemens Gamesa (€10.31 billion), Grid Technologies (€11.88 billion), and Transformation of Industry (€5.69 billion).
Estimated Discount To Fair Value: 12.5%
Siemens Energy, trading at €182.8, is undervalued relative to its estimated future cash flow value of €208.99. Earnings are expected to grow significantly by 26.6% annually, surpassing the German market's growth rate of 16%. Recent earnings improvements and a share buyback program worth €2 billion highlight financial resilience despite challenges in its wind division, Siemens Gamesa. The focus remains on restructuring this segment before any strategic divestment considerations.
Our comprehensive growth report raises the possibility that Siemens Energy is poised for substantial financial growth. Unlock comprehensive insights into our analysis of Siemens Energy stock in this financial health report.XTRA:ENR Discounted Cash Flow as at Apr 2026
Seize The Opportunity
Investigate our full lineup of 194 Undervalued European Stocks Based On Cash Flows right here. Hold shares in these firms? Setup your portfolio in Simply Wall St to seamlessly track your investments and receive personalized updates on your portfolio's performance. Simply Wall St is your key to unlocking global market trends, a free user-friendly app for forward-thinking investors.
Curious About Other Options?
Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include HLSE:NESTE SWX:GALD and XTRA:ENR.
This article was originally published by Simply Wall St.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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| 14.04.26 12:38:52 |
Nemetschek to Buy HCSS in Biggest Deal Ever, Expanding North America Heavy Civil Software Reach |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Nemetschek logo
Key Points
Nemetschek signed a definitive agreement to acquire HCSS in what management called the largest acquisition in the company's history, expected to close in H2 2026, with Thoma Bravo becoming a ~28% minority owner of the enlarged Build & Construct segment and Nemetschek taking on refinancing that will raise Group net debt by about €450 million. HCSS is a highly profitable, recurring-revenue leader in North American heavy civil software (about $215M revenue in 2025, ARR +21%, ~40% EBITDA margin, churn <2%), and Nemetschek says the deal expands its Build & Construct addressable market by >30% with HCSS expected to grow close to the high teens. Nemetschek forecasts at least a mid-double-digit million euro EBITDA synergy by 2028 (roughly half from revenue, half from cost) and plans to combine HCSS’s industry data with its AI initiatives to strengthen vertical AI offerings across AECO workflows. Interested in Nemetschek SE? Here are five stocks we like better.
Nemetschek (ETR:NEM) announced it has signed a definitive agreement to acquire Heavy Construction Systems Specialists (HCSS), a provider of software for infrastructure and heavy civil construction contractors in North America. CEO Yves Padrines said the acquisition is expected to close in the second half of 2026, subject to customary regulatory approvals and closing conditions, and described it as “by far the largest acquisition” in the company’s history.
On the conference call, Padrines framed the deal as a “transformative step” intended to strengthen Nemetschek’s Build & Construct segment and accelerate its ambition to become a global leader in the AECO (architecture, engineering, construction and operations) software industry. CFO Louise Öfverström joined him for the call alongside Senior VP of Corporate Communication and Investor Relations Stefanie Zimmermann.
Strategic rationale: expanding infrastructure exposure and North America presence
→ 5 Space Stocks Already Climbing Ahead of the SpaceX IPO
Padrines said Nemetschek views infrastructure and heavy civil construction as an attractive end market supported by structural drivers including aging infrastructure, government investment, urbanization, low digitalization levels, and labor shortages. He said adding HCSS would expand Nemetschek’s addressable opportunity in Build & Construct by “more than 30%,” describing a software market expected to grow at an around 11% CAGR and reach approximately $12 billion by 2028.
Nemetschek also emphasized the combination of HCSS with existing Build & Construct brands, including Bluebeam, GoCanvas (including SiteDocs), and NEVARIS, to create what Padrines called a “global construction technology powerhouse” spanning both building construction and infrastructure workflows.
Story Continues
HCSS overview: recurring revenue, high profitability, and low churn
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Padrines described HCSS, headquartered in Sugar Land, Texas, as a leading vertical software provider built for self-performing heavy civil contractors. He said HCSS has more than 550 employees and more than 4,000 customers primarily in the U.S. and Canada.
Financially, Nemetschek highlighted HCSS’ growth and profitability profile. Padrines said HCSS generated around $215 million in mainly recurring subscription-based revenue in 2025, posted an ARR increase of 21% in 2025, and delivered an EBITDA margin of around 40% under U.S. GAAP. He also said HCSS has “extremely low churn” below 2%.
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In Q&A, Padrines attributed the 2025 ARR growth primarily to “very strong new logos and user growth,” noting HCSS pricing is not strictly per seat and can vary based on customer size and project size. He added that, looking forward, Nemetschek expects “very high-teens” revenue growth for the coming years, “close to 20%” for HCSS.
Transaction structure: Thoma Bravo to become minority shareholder in Build & Construct
Nemetschek detailed a tailored structure that brings Thoma Bravo—HCSS’ owner—into the Build & Construct segment as a minority shareholder. Padrines said the structure was selected to avoid significantly higher leverage that would have been required under a traditional debt-financed acquisition, preserving balance sheet flexibility for future investments.
Under the structure outlined on the call:
Thoma Bravo will contribute HCSS into Nemetschek’s Build & Construct segment in exchange for a minority shareholding in the combined segment. Nemetschek will refinance HCSS’ existing financial debt and liabilities, which management said would impact Nemetschek Group net debt by approximately €450 million. Following closing, Nemetschek is expected to hold about 72% of the enlarged Build & Construct segment, with Thoma Bravo holding around 28%.
Öfverström said the refinancing would be done at the Nemetschek Group level and passed through via intercompany arrangements so the debt sits in the Build & Construct division. She added that “both shareholders are liable” proportionally for growth and interest expense and said the company expects “quick deleveraging as always” in the segment.
Addressing governance, Padrines said Thoma Bravo will not have a seat on Nemetschek’s Group board but will have minority board representation at the Build & Construct segment level.
Jefferies analyst Charles Brennan asked whether there was a put/call arrangement for Nemetschek to buy out Thoma Bravo’s stake. Padrines said “there is no put and there is no call at all,” and outlined potential exit routes including Nemetschek acquiring shares, another sponsor acquiring Thoma Bravo’s shares, or an IPO “only for Thoma Bravo shares,” adding Nemetschek would remain the majority owner.
Synergies and AI: cross-selling, integration, and data-driven applications
Nemetschek projected medium-term synergies across revenue initiatives and cost efficiencies. Padrines said Nemetschek sees synergy potential of “at least a EUR mid-double-digit million amount on EBITDA in 2028.” In response to Barclays, he said management expects roughly half of that EBITDA synergy to come from revenue and half from cost savings.
Examples cited on the call included Bluebeam expanding further into infrastructure collaboration workflows, GoCanvas strengthening forms and safety solutions for HCSS while benefiting from HCSS’ customer base, and NEVARIS enhancing its infrastructure offering in the DACH region by leveraging HCSS capabilities.
Management also repeatedly linked the acquisition to its goal of becoming a “vertical AI leader” in AECO. Padrines said HCSS brings decades of proprietary industry-specific data, which Nemetschek expects to combine with its own AI efforts, including the Nemetschek AI Hub and the Firmus.ai acquisition. He referenced HCSS AI features such as an AI-assisted custom estimate builder and “quick pricing” functionality leveraging historical production data. Öfverström added that in a conservative industry, “trust is the basis for everything in AI,” and said the combined domain expertise and market trust represents a “unique opportunity.”
On competition, Padrines said HCSS is the clear leader in North American heavy civil and infrastructure software, naming InEight and Trimble as “two number two-ish” players and describing Autodesk and Procore as having “a very small market share” in that segment.
Nemetschek said it will provide additional details on the transaction’s impact on financials and the current-year outlook after closing. Until then, management said, both companies will continue to operate independently.
About Nemetschek (ETR:NEM)
Nemetschek SE provides software solutions for architecture, engineering, construction, media, and entertainment markets in Germany, rest of Europe, the Americas, the Asia Pacific, and internationally. It operates through four segments: Design, Build, Manage, and Media. The Design segment offers software solutions primarily under the Allplan, Graphisoft, Solibri, Precast, Vectorworks, SCIA, dRofus, Frilo, and RISA brands for architects, designers, engineers, structural engineers, specialist planners, and landscape designers, as well as developers and general contractors.
The article "Nemetschek to Buy HCSS in Biggest Deal Ever, Expanding North America Heavy Civil Software Reach" was originally published by MarketBeat.
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| 03.04.26 10:38:01 |
Die europäischen Aktien könnten im April 2026 unter ihrem geschätzten Wert notiert werden. |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Okay, here’s a 600-word summary of the text, followed by a German translation:
**Summary (600 words)**
The European stock market, represented by the STOXX Europe 600 Index, demonstrated resilience in a volatile period marked by Middle East tensions and energy market fluctuations, gaining 3.92% during a recent week. Despite these uncertainties, investors are presented with opportunities to identify undervalued stocks, particularly those trading below their estimated value, fueled by ongoing inflationary pressures and evolving economic forecasts. The core strategy relies on analyzing a company’s financial health, market position, and growth potential within the current economic climate.
This article highlights ten European stocks identified as undervalued based on discounted cash flow analysis, as determined by “Simply Wall St.” The list focuses on companies trading significantly below their calculated “fair value.” The valuations are based on projections of future cash flows.
Several companies stand out:
* **Selvita (SLV):** Trading at 48.8% discount, driven by strong growth forecasts.
* **Nordisk Bergteknik (NORB B):** A 49.7% discount, reflecting attractive valuation.
* **Nemetschek (NEM):** This company shows a significant 49.9% discount, bolstered by strong earnings growth projections.
* **Haypp Group (HAYPP):** At 49.4% discount, the valuation is underpinned by ambitious growth expectations.
* **Elekta (EKTA B):** A 49.5% discount highlights a potentially undervalued position.
* **Demant (DEMANT):** With a 49.3% discount, the analysis suggests a compelling investment opportunity.
* **B&S Group (BSGR):** Valued at 49.8% discount, this company’s future appears promising.
* **Arlandastad Group (AGROUP):** A 49.3% discount, reflecting optimism about future performance.
* **Allegro.eu (ALE):** Trading at 49% discount, this e-commerce giant presents a potential bargain.
* **Airbus (AIR):** With a 49.5% discount, the company’s vast size and market position contribute to the valuation.
The article then delves deeper into the analysis of two companies: Antin Infrastructure Partners SAS and Nemetschek SE.
**Antin Infrastructure Partners SAS** is a private equity firm specializing in infrastructure investments, trading at 33.8% below its estimated fair value, driven by anticipated growth and a robust market cap.
**Nemetschek SE** is a software solutions provider with a 49.9% discount, fueled by significant earnings growth and strong revenue forecasts. It’s a key player in architecture and construction software.
**Wacker Neuson** manufactures and distributes equipment, trading at 11.8% below its fair value due to expectations of rising earnings.
The article emphasizes the importance of utilizing tools like Simply Wall St’s “Undervalued European Stocks Based On Cash Flows” screener to identify these opportunities. It also encourages readers to consider diversification across small-cap companies, dividend payers, and growth stocks to mitigate risk. Finally, the article disclaims that its information is based on historical data and analyst forecasts and should not be considered financial advice.
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**German Translation (approximately 600 words)**
**Zusammenfassung (600 Wörter)**
Der europäische Aktienmarkt, repräsentiert durch den STOXX Europe 600 Index, hat in einer volatilen Periode, die von Mittleroster-Spannungen und Energiepreisschwankungen geprägt ist, Widerstandsfähigkeit bewiesen und in einer kürzlichen Woche 3,92 % zugelegt. Trotz dieser Unsicherheiten stehen Anlegern Chancen zur Identifizierung von unterbewerteten Aktien, insbesondere solchen, die unter ihrem geschätzten Wert gehandelt werden, angetrieben durch anhaltende Inflationsdruck und sich entwickelnde Wirtschaftsforenseiten. Die zentrale Strategie beruht auf der Analyse der finanziellen Gesundheit, der Marktlage und der Wachstumsaussichten eines Unternehmens im Kontext der aktuellen wirtschaftlichen Bedingungen.
Dieser Artikel beleuchtet zehn europäische Aktien, die aufgrund einer Discounted Cash Flow Analyse von “Simply Wall St.” als unterbewertet identifiziert wurden. Die Liste konzentriert sich auf Unternehmen, die erheblich unter ihrem berechneten “Fair Value” handeln. Die Bewertungen basieren auf Prognosen zukünftiger Cashflows.
Mehrere Unternehmen stechen hervor:
* **Selvita (SLV):** Handel mit 48,8% Abschlag, getragen von starken Wachstumsprognosen.
* **Nordisk Bergteknik (NORB B):** Ein Abschlag von 49,7%, der auf eine attraktive Bewertung hinweist.
* **Nemetschek (NEM):** Dieses Unternehmen weist einen erheblichen Abschlag von 49,9% auf, gestützt durch starke Prognosen für zukünftiges Gewinnwachstum.
* **Haypp Group (HAYPP):** Mit einem Abschlag von 49,4% wird die Bewertung durch ehrgeizige Wachstums erwartet.
* **Elekta (EKTA B):** Ein Abschlag von 49,5% unterstreicht eine potenziell unterbewertete Position.
* **Demant (DEMANT):** Mit einem Abschlag von 49,3% deutet die Analyse eine vielversprechende Investitionsmöglichkeit an.
* **B&S Group (BSGR):** Bewertet mit 49,8% Abschlag, versprechen die zukünftigen Aussichten dieses Unternehmens eine gute Entwicklung.
* **Arlandastad Group (AGROUP):** Ein Abschlag von 49,3% spiegelt Optimismus hinsichtlich zukünftiger Leistungen wider.
* **Allegro.eu (ALE):** Handel mit 49% Abschlag, stellt dieser E-Commerce-Riese eine potenziell günstige Gelegenheit dar.
* **Airbus (AIR):** Mit einem Abschlag von 49,5% tragen die Größe und der Marktanteil dieses Unternehmens zur Bewertung bei.
Der Artikel geht anschließend ausführlicher auf die Analyse von zwei Unternehmen ein: Antin Infrastructure Partners SAS und Nemetschek SE.
**Antin Infrastructure Partners SAS** ist ein Private-Equity-Fonds, der sich auf Infrastrukturinvestitionen konzentriert, der mit einem Abschlag von 33,8% unter seinem geschätzten Fair Value gehandelt wird, getragen von erwartetem Wachstum und einem robusten Marktkapitalisierung.
**Nemetschek SE** ist ein Anbieter von Softwarelösungen mit einem Abschlag von 49,9%, getrieben durch signifikantes Gewinnwachstum und starke Umsatzprognosen. Es ist ein wichtiger Akteur im Bereich Architektur und Bauwesen.
**Wacker Neuson** stellt und vertreibt Geräte und weist einen Abschlag von 11,8% unter seinem Fair Value aufgrund erwarteter steigender Gewinne auf.
Der Artikel betont die Bedeutung der Nutzung von Tools wie dem von “Simply Wall St.” bereitgestellten “Undervalued European Stocks Based On Cash Flows” Screener, um diese Möglichkeiten zu identifizieren. Es ermutigt die Leser auch, Diversifizierung in Small-Cap-Unternehmen, Dividendenzahler und Wachstumswerte in Betracht zu ziehen, um Risiken zu mindern. Schließlich weist der Artikel darauf hin, dass die Informationen auf historischen Daten und Analystenprognosen basieren und nicht als Finanzrat dienen sollten.
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| 03.04.26 09:37:53 |
Globale Marktanalysen: Samsung Electronics und zwei weitere Aktien werden voraussichtlich unter ihrem inneren Wert gehandelt. |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Okay, here's a 600-word summary of the text, followed by a German translation:
**Summary (600 words)**
The current global market environment—marked by geopolitical instability and volatile energy prices—is creating opportunities for investors to identify undervalued stocks. Amidst uncertainty, the article highlights a list of 10 stocks identified through a “Discounted Cash Flow” (DCF) analysis, aiming to capitalize on potential undervaluation. These stocks were screened using Simply Wall St’s platform.
The core methodology involves assessing a company’s current market price against its estimated “fair value” based on projected future cash flows. Stocks with a significant discount to their fair value represent potential bargains. The list includes companies across various sectors: technology (Samsung Electronics, Kakaku.com, Murata Manufacturing), industrial (Nordisk Bergteknik, Elekta, Dana Gas), and consumer goods (Haypp Group, B&S Group, Airbus).
Several companies stand out as particularly undervalued:
* **Xi’an NovaStar Tech:** Showing a massive 49.4% discount, this Chinese company benefits from anticipated growth driven by its core business.
* **Nordisk Bergteknik:** A Scandinavian engineering firm with a 49.7% discount.
* **Kakaku.com:** This Japanese e-commerce platform, focused on product comparisons and restaurant reviews, demonstrates a 13.6% discount, projected to benefit from increased revenue growth.
* **Samsung Electronics:** Despite being a global giant, Samsung is trading at a 10.5% discount, bolstered by investments in AI and semiconductor technology, alongside a strategic AMD partnership.
* **Murata Manufacturing:** A major supplier of electronic components, trading at an 11.3% discount driven by the effects of a weakening yen and rising demand in sectors like AI servers and smartphones.
The article emphasizes the importance of looking beyond immediate market fluctuations. Companies exhibiting robust growth expectations, such as Samsung Electronics (34.7% annual growth) and Kakaku.com (11% annual growth), are seen as particularly attractive. Furthermore, the analysis considers factors like strategic initiatives – Samsung's AI investments and AMD partnership – and organizational changes – Kakaku.com’s AI department – that could positively impact future cash flow generation.
Simply Wall St’s screener allows investors to analyze 440 stocks based on this DCF method. The article encourages users to explore the full list and leverage the Simply Wall St platform for portfolio integration, notifications, and detailed stock reports.
Beyond these specific picks, the article suggests broader investment strategies: focusing on high-performing small-cap companies, dividend-paying stocks for income stability, and companies with strong growth potential supported by positive analyst and management forecasts. The article stresses a long-term, fundamentals-based approach to investing.
Finally, it's crucial to note that this analysis is based on historical data and analyst forecasts. The article emphasizes that it's not financial advice and doesn’t take into account individual investor circumstances. It disclaims any position in the stocks mentioned, underlining the unbiased methodology.
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**German Translation (600 words)**
**Zusammenfassung (600 Wörter)**
Die aktuelle globale Marktlage – geprägt von geopolitischen Spannungen und volatilen Energiepreisen – bietet Investoren Möglichkeiten, unterbewertete Aktien zu identifizieren. In Zeiten der Unsicherheit hebt der Artikel eine Liste von 10 Aktien hervor, die mithilfe einer „Discounted Cash Flow“- (DCF-) Analyse ausgewählt wurden, um von potenzieller Unterbewertung zu profitieren. Diese Aktien wurden unter Verwendung der Plattform von Simply Wall St gescreent.
Die Kernmethodik beinhaltet die Bewertung des aktuellen Marktpreises eines Unternehmens anhand seines geschätzten „Fair Value“ auf Basis prognostizierter zukünftiger Cashflows. Aktien mit einem erheblichen Abschlag gegenüber ihrem Fair Value stellen potenzielle Schnäppchen dar. Die Liste umfasst Unternehmen aus verschiedenen Sektoren: Technologie (Samsung Electronics, Kakaku.com, Murata Manufacturing), Industrie (Nordisk Bergteknik, Elekta, Dana Gas) und Konsumgüter (Haypp Group, B&S Group, Airbus).
Mehrere Unternehmen gelten als besonders unterbewertet:
* **Xi’an NovaStar Tech:** Zeigt einen enormen Abschlag von 49,4 %, profitiert von erwartungsgemäßem Wachstum, das auf sein Kerngeschäft zurückzuführen ist.
* **Nordisk Bergteknik:** Eine schwedische Ingenieursfirma mit einem Abschlag von 49,7 %.
* **Kakaku.com:** Diese japanische E-Commerce-Plattform, die sich auf Produktvergleiche und Restaurantbewertungen konzentriert, weist einen Abschlag von 13,6 % auf, der durch steigendes Umsatzwachstum begünstigt wird.
* **Samsung Electronics:** Obwohl es sich um einen globalen Giganten handelt, handelt sich Samsung um einen 10,5 %igen Abschlag, gestützt durch Investitionen in KI und Halbleitertechnologie sowie eine strategische Partnerschaft mit AMD.
* **Murata Manufacturing:** Ein wichtiger Zulieferer elektronischer Komponenten, der um 11,3 % unter dem Fair Value liegt, wird durch den Effekt eines schwächelnden Yen und steigende Nachfrage in Bereichen wie KI-Servern und Smartphones angetrieben.
Der Artikel betont die Bedeutung, über kurzfristige Marktschwankungen hinwegzusehen. Unternehmen mit robusten Wachstumserwartungen, wie z. B. Samsung Electronics (34,7 % jährliches Wachstum) und Kakaku.com (11 % jährliches Wachstum), gelten als besonders attraktiv. Darüber hinaus berücksichtigt die Analyse strategische Initiativen – Samsungs Investitionen in KI und die Partnerschaft mit AMD – sowie organisatorische Veränderungen – Kakaku.com’s KI-Abteilung – die die zukünftige Cashflow-Generierung positiv beeinflussen könnten.
Die Simply Wall St-Plattform ermöglicht es Investoren, 440 Aktien anhand dieser DCF-Methode zu analysieren. Der Artikel ermutigt die Nutzer, die vollständige Liste zu erkunden und die Simply Wall St-Plattform für die Portfoliointegration, Benachrichtigungen und detaillierte Aktienberichte zu nutzen.
Über diese spezifischen Picks hinaus schlägt der Artikel breitere Anlage-Strategien vor: Konzentration auf leistungsstarke Small-Cap-Unternehmen, Dividenden-Aktien für Stabilität des Einkommens und Unternehmen mit starkem Wachstumspotenzial, das durch positive Analysen und Managementprognosen gestützt wird. Der Artikel betont einen langfristigen, auf Fundamentaldaten basierenden Anlageansatz.
Schließlich ist zu beachten, dass diese Analyse auf historischen Daten und Analystenprognosen basiert. Der Artikel betont, dass es sich nicht um Finanzberatung handelt und nicht auf individuelle Anlegerumstände Rücksicht nimmt. Er weist jegliche Beteiligung an den genannten Aktien zurück und unterstreicht die unvoreingenommene Methodik. |
| 03.04.26 05:38:11 |
Die europäischen Aktien dürften im April 2026 unterbewertet sein. |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
**Zusammenfassung (600 Wörter)**
Angesichts einer positiven Entwicklung der europäischen Märkte, angetrieben von der Hoffnung auf eine schnelle Lösung des Konflikts im Nahen Osten, suchen Investoren aktiv nach unterbewerteten Aktien. Der STOXX Europe 600 Index stieg um 3,92 %, was eine Umgebung schafft, in der Unternehmen, die unter ihrem geschätzten zukünftigen Cashflow-Wert gehandelt werden, besonders attraktiv sind. Diese Analyse konzentriert sich auf die Identifizierung dieser „unterbewerteten“ Aktien, die potenziellen Wert darstellen, wenn sie im Zusammenhang mit breiteren Markttrends und wirtschaftlichen Indikatoren berücksichtigt werden.
Der Artikel präsentiert eine Liste von zehn europäischen Aktien, die aufgrund einer DCF-Analyse (Discounted Cash Flow) als unterbewertet identifiziert wurden, Stand April 2026. Diese Unternehmen wurden mithilfe eines Screeners ausgewählt, der sich auf Cashflow konzentriert. Die Platzierungen heben erhebliche Abschläge im Vergleich zu ihrem geschätzten fairen Wert hervor.
Mehrere wichtige Themen ergeben sich aus der Analyse. Erstens betont die Methodik – DCF – einen langfristigen, fundamentalen Ansatz, der sich auf die Fähigkeit eines Unternehmens konzentriert, zukünftige Cashflows zu generieren, anstatt sich nur auf die aktuelle Marktsentiment zu verlassen. Zweitens identifiziert der Bericht Unternehmen mit Wachstumspotenzial, auch wenn diese derzeit mit einem Abschlag gehandelt werden. Insbesondere mehrere Unternehmen, darunter Demant, Airbus und Exail Technologies, prognostizieren höhere jährliche Gewinnwachstumsraten als der Gesamtmarkt in Europa.
**Top Unterbewertete Aktien (Kurzübersicht)**
* **Demant (Dänemark):** Ein Unternehmens für Hörgesundheit, das mit einem Abschlag von 49,3 % gehandelt wird, aufgrund von Verschuldung und langsamerem Umsatzwachstum. Dennoch prognostizieren Analysten ein erhebliches zukünftiges Wachstum.
* **Airbus (Frankreich):** Ein globales Luft- und Raumfahrtunternehmen mit einem Abschlag von 49,5 %, gestützt auf starke Auftragsbestätigungen und positive Gewinne.
* **Exail Technologies (Frankreich):** Ein Robotik- und Navigationsunternehmen, das zum ersten Mal profitabel ist und ein starkes Umsatzwachstum aufgrund der Nachfrage nach autonomen Drohnen prognostiziert, mit einem Abschlag von 22,8 %.
Der Bericht hebt die Bedeutung der Berücksichtigung der individuellen Umstände eines Unternehmens hervor. Demant, obwohl es einen erheblichen Abschlag aufweist, verfügt über eine robuste Wachstums prognose, die höher ist als der dänische Markt-Durchschnitt. Airbus, der kurzfristig Herausforderungen gegenübersteht, wird durch starke Auftragsbestätigungen und positive Gewinne gestützt. Exail Technologies, ein neueres Unternehmen, profitiert von der wachsenden Nachfrage in einem sich schnell entwickelnden Markt.
Der Artikel ermutigt Investoren, sich tiefer in die bereitgestellte Analyse zu vertiefen und betont das Potenzial für erhebliche finanzielle Gewinne aus diesen unterbewerteten Aktien. Die Simply Wall St Plattform wird als Werkzeug zur Erleichterung dieser Forschung vorgestellt, die den Zugriff auf eine umfassende Datenbank europäischer Aktien und Echtzeit-Benachrichtigungen ermöglicht.
Schließlich warnt der Artikel, dass seine Analyse auf historischen Daten und Analystenprognosen basiert. Er betont, dass diese Erkenntnisse keine abschließende Anlageberatung darstellen und Investoren rät, ihre eigene gründliche Due-Diligence durchzuführen. Es wird außerdem klargestellt, dass Simply Wall St keine Position in keiner der genannten Aktien hält. |
| 01.04.26 08:30:09 |
We Like Nemetschek's (ETR:NEM) Earnings For More Than Just Statutory Profit |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
The market seemed underwhelmed by last week's earnings announcement from Nemetschek SE (ETR:NEM) despite the healthy numbers. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.
Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit.XTRA:NEM Earnings and Revenue History April 1st 2026
A Closer Look At Nemetschek's Earnings
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
For the year to December 2025, Nemetschek had an accrual ratio of -0.15. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of €389m in the last year, which was a lot more than its statutory profit of €217.2m. Nemetschek shareholders are no doubt pleased that free cash flow improved over the last twelve months.
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
Our Take On Nemetschek's Profit Performance
Nemetschek's accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Based on this observation, we consider it likely that Nemetschek's statutory profit actually understates its earnings potential! And the EPS is up 34% annually, over the last three years. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. Obviously, we love to consider the historical data to inform our opinion of a company. But it can be really valuable to consider what other analysts are forecasting. So feel free to check out our free graph representing analyst forecasts.
Story Continues
Today we've zoomed in on a single data point to better understand the nature of Nemetschek's profit. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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| 21.03.26 01:02:30 |
Nemetschek SE (NEMTF) Full Year 2025 Earnings Call Highlights: Strong Revenue Growth and ... |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
This article first appeared on GuruFocus.
Revenue Growth: Reported revenue grew by 19.7% to EUR 1.19 billion; FX-adjusted growth was 22.6%. EBITDA: Increased by 23.3% on a reported basis to EUR 371.1 million; FX-adjusted growth was 28.9%. EBITDA Margin: Reported margin of 31.2%. Earnings Per Share (EPS): Increased by 23.9% to EUR 1.88. Annual Recurring Revenue (ARR): Increased by 17.6%; FX-adjusted increase was 22.9%. Subscription and SaaS Revenue: Increased by 51.2% to EUR 858.7 million; FX-adjusted increase was 55.6%. Cash Conversion: Almost 109%. Net Debt-to-EBITDA Ratio: Below 1x. Design Segment Growth: Grew by 10.4%; FX-adjusted growth was 12.2%. Build Segment Growth: Reported growth of 41.3%; FX-adjusted growth was 46.6%. Managed Segment Growth: Grew by 4% for the full year. Media Segment Revenue: Increased by 0.8% on a reported basis; FX-adjusted growth was 2.9%.
Warning! GuruFocus has detected 2 Warning Signs with NEMTF. Is NEMTF fairly valued? Test your thesis with our free DCF calculator.
Release Date: March 19, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Nemetschek SE (NEMTF) delivered a strong finish to 2025, driven by excellent performance in the Build segment, particularly with the Bluebeam brand. The company achieved high double-digit growth in 2025, with significant increases in subscription and SaaS revenues, reflecting a successful transition to a subscription-centric business model. Nemetschek SE (NEMTF) reported a strong EBITDA margin of 32.9% for Q4 2025, with earnings per share increasing by 25.2% to EUR0.56. The company exceeded the EUR1 billion revenue mark for the first time, with reported revenue growing by 19.7% to EUR1.19 billion in 2025. Nemetschek SE (NEMTF) is well-positioned for future growth, expecting above-market organic revenue growth of 14% to 15% for 2026, with a high EBITDA margin of 32% to 33%.
Negative Points
Reported EBITDA was impacted by extraordinary non-operating effects due to the unexpected insolvency of a service and payment provider. The Media segment experienced only moderate growth due to cautious customer spending and the insolvency of a payment provider affecting subscription sales. The Design segment's EBITDA margin contracted slightly due to short-term accounting effects from the subscription transition and the insolvency issue. The company faces challenges in the German market, with ongoing issues despite some improvement in building permits. The transition to a subscription and SaaS model continues to impact growth rates, particularly in the Design segment, which is expected to complete the transition by the end of 2027.
Story Continues
Q & A Highlights
Q: In 2025, there was an increase of about $30 million to the contract assets. Should we think about that as a reasonable proxy for the volume of new multiyear contracts signed during the year? And as we move through 2026, do you expect contract assets to continue rising at a similar pace? A: The increase in contract assets is a broad proxy for the volume of new multiyear contracts. The increase was about EUR25 million to EUR26 million, considering adjustments. For 2026, we estimate an addition of around mid-teens million euros to contract assets, reflecting ongoing multiyear contracts.
Q: How should investors think about the multiple in terms of the strategic value growth optionality that Famous AI provides, and what's the pipeline for similar acquisitions? A: The multiples for AI companies are higher than traditional software companies. For example, Famous AI was acquired at around 15 times forward ARR, which is reasonable. We focus on technology acquisitions to accelerate our AI roadmap rather than revenue. We are also considering larger M&A activities to complement our offerings and strengthen customer relationships.
Q: On the Build segment, how are you expecting new customer acquisition within the growth mix for 2026, particularly for Bluebeam and GoCanvas? A: The Build segment has strong momentum, with growth driven by Bluebeam and GoCanvas. Bluebeam has significant potential in North America and internationally. The growth is primarily from new customers, especially in the US SMB and international markets. We see opportunities in regions like Europe, Asia, and the Middle East.
Q: Regarding AI monetization strategy, using Bluebeam Max as an example, are you offering AI features at an attractive price to attract more customers, or are you pricing them at midterm value? A: Bluebeam Max is priced at USD590 per year per user as an introductory price, compared to USD440 for the premium package. This pricing may evolve as we introduce more AI features. We expect Bluebeam Max to contribute to revenue growth over time, but not significantly in 2026.
Q: How do you see AI transforming the business and the industry in the medium to long term? A: AI will change how we work, with a focus on reliability and trust. Our AI tools aim to enhance productivity and efficiency, creating augmented professionals. We are developing a systemic approach to construction workflows, aiming for a more integrated and efficient process. Internally, AI will change our operating models, with a hybrid workforce of humans and AI agents.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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| 19.03.26 15:47:17 |
Nemetschek Q4 Earnings Call Highlights |
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**Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!**
Nemetschek logo
Key Points
FY2025: Nemetschek delivered revenue of EUR 1.19 billion (CC +22.6%), with subscription/SaaS up 51.2% to EUR 858.7m, recurring revenues at 92% of the business, EBITDA of EUR 371.1m and EPS of EUR 1.88. AI push and Bluebeam Max: Management is prioritizing AI, commercially launching Bluebeam Max with an introductory price of $590 per user per year, phased rollout during 2026 and a planned hybrid licensing/consumption monetization model. 2026 guidance: Nemetschek expects currency-adjusted revenue growth of 14–15% and an EBITDA margin of 32–33%, with segment-level growth assumptions ranging from high single-digits in Design to low‑20s in Build. Interested in Nemetschek SE? Here are five stocks we like better.
Nemetschek (ETR:NEM) executives highlighted a “very strong finish” to financial year 2025, citing accelerating momentum in recurring revenues and continued progress in the group’s shift toward a subscription and SaaS-centric model. Speaking on the company’s earnings call, CEO Yves Padrines said performance was led by the Build segment—particularly Bluebeam—while Design also “continued to perform very well,” supported by subscription demand and multi-year contracts used to migrate customers from maintenance to subscription.
Full-year 2025 results and key drivers
For the full year, Nemetschek reported revenue growth of 19.7% to EUR 1.19 billion, marking the first time the group exceeded the EUR 1 billion revenue threshold. On a constant-currency basis, revenue growth was 22.6%, which management said was influenced by both organic momentum and contributions from GoCanvas during the first half of the year. The company also pointed to “temporary positive effects” tied to the completion of Bluebeam’s subscription transition.
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Subscription and SaaS were the primary growth engine. Subscription and SaaS revenue rose 51.2% to EUR 858.7 million (55.6% at constant currency). Nemetschek said its business model is now “almost fully recurring,” with recurring revenues representing 92% of the business at the end of 2025, while subscription and SaaS accounted for 72% of total revenue. Over the past four years, subscription and SaaS revenues increased almost sevenfold, which management described as a roughly 60% CAGR.
EBITDA increased to EUR 371.1 million, up 23.3% reported (28.9% at constant currency), for a reported EBITDA margin of 31.2%. Management noted that reported EBITDA was impacted by an “extraordinary non-operating effect” in the low-teens million euro range tied to the unexpected insolvency of a service and payment provider. Earnings per share increased 23.9% to EUR 1.88.
Story Continues
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Nemetschek also underscored strong cash generation, citing a cash conversion rate of almost 109% and describing balance sheet quality as “very high.” CFO Louise Öfverström said cash conversion was aided by a favorable U.S. tax cash flow impact, but added that even excluding that effect, conversion remained above 100%—a level the company expects to continue. The company reported an equity ratio of 45.6% and a net debt to EBTA ratio below 1x.
Q4 momentum and segment performance
In the fourth quarter, Nemetschek reported annual recurring revenue (ARR) growth of 17.6%, or 22.9% at constant currency, with management citing a foreign exchange headwind driven mainly by a weaker U.S. dollar. Reported revenue increased 18.8% in Q4 (16.7% at constant currency). EBITDA grew 12.4% reported (19.9% at constant currency), and the quarter’s EBITDA margin reached 32.9%. EPS in the quarter rose 25.2% to EUR 0.56, helped by “strongly reduced interest expenses” year over year.
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On a segment basis for 2025:
Design: Revenue increased 10.4% reported (12.2% at constant currency). Öfverström said subscription and SaaS growth reflected continued ramp-up of the subscription transition, supported in part by strategically used three-year contracts at Graphisoft and Allplan. The reported EBITDA margin was 28.1%, down slightly year over year due to subscription transition accounting effects and the service provider insolvency impact; excluding the one-off, management said the underlying margin would have been at prior-year level. Build: Revenue grew 41.3% reported (46.6% at constant currency), driven by strong demand, especially at Bluebeam. Management said the segment benefited in H1 from GoCanvas (acquired July 1, 2024) and saw temporary positives after Bluebeam completed its subscription transition. The reported EBITDA margin rose to 35.8%, up about 400 basis points year over year. Manage: Revenue increased 4% for the full year, with Q4 growth reaccelerating to 6.8% as Nemetschek implemented measures to refocus the segment. EBITDA margin expanded to 12% from 10.2%. Media: Revenue rose 0.8% reported (2.9% at constant currency) to EUR 121 million, reflecting cautious customer spending—especially in the U.S.—and the loss of subscription sales in H1 following the payment provider insolvency. Adjusting for that one-off, management said revenue growth would have been in the mid-single digits. EBITDA margin declined slightly to 33.9%, and management said it would have been flat year over year excluding the extraordinary effect.
AI strategy: Bluebeam Max, partnerships, and M&A
Padrines framed AI as a central strategic priority, describing a shift from “a leading vertical software player” to “a vertical AI leader.” He said Nemetschek’s advantage is rooted in deep domain expertise, trusted customer relationships, strong network effects, and access to industry-specific datasets spanning the building lifecycle.
A key near-term example is Bluebeam Max, an AI-enabled product launched commercially “a few weeks ago” ahead of a broader rollout later in the year. Padrines said Bluebeam Max integrates agent-based AI into Bluebeam’s PDF workflows to support early risk detection in pre-construction design reviews and reduce costly rework. The rollout is phased: initially direct to large customers, then via channel partners mid-Q2, with webshop availability planned toward year-end.
Management provided initial pricing details for Bluebeam Max: an introductory price of $590 per user per year, compared with about $440 per user per year for Bluebeam’s premium package excluding Max. Padrines said Nemetschek is forecasting Bluebeam Max revenue “in a very, very conservative way” for 2026, with meaningful impact expected to build over time as adoption increases and additional AI capabilities are added. He also said the company expects AI monetization to evolve toward a hybrid approach combining licensing with consumption- or token-based components.
On inorganic AI investment, Padrines said Nemetschek continues to scout small AI startups and larger acquisitions, emphasizing “buy versus make” logic to accelerate the AI roadmap. Addressing a question on Firmus AI valuation, he characterized the acquisition as about 15x forward ARR, while noting that revenue at such startups can be “very, very low” and that the strategic aim is technology rather than near-term revenue.
2026 outlook and planning assumptions
For 2026, Nemetschek expects currency-adjusted revenue growth of 14% to 15% and an EBITDA margin of 32% to 33%. Management said the forecast assumes global economic and industry conditions do not deteriorate significantly and that the war in the Middle East does not escalate further or persist for a prolonged period.
In response to analyst questions, management also offered segment-level expectations for 2026 (constant currency):
Design: High single-digit to low double-digit growth, with the subscription transition expected to continue through 2026 and to be “seen at the end of 2027.” Build: Low-20% growth, with management citing normalization from prior-year temporary effects and a larger comparison base. Manage: Low double-digit growth, supported by measures that began to show in Q4. Media (Maxon): High single-digit growth, “potentially close to around 10%” at constant currency, alongside continued diversification efforts.
Öfverström also addressed contract assets tied to multi-year deals, stating that the 2025 increase (about EUR 29 million, adjusted for a presentation change) broadly reflects multi-year contracting activity, though not on a one-to-one basis. For 2026, she said Nemetschek estimates additions in the “mid-teens” million euros, and confirmed that assumption is baked into guidance.
About Nemetschek (ETR:NEM)
Nemetschek SE provides software solutions for architecture, engineering, construction, media, and entertainment markets in Germany, rest of Europe, the Americas, the Asia Pacific, and internationally. It operates through four segments: Design, Build, Manage, and Media. The Design segment offers software solutions primarily under the Allplan, Graphisoft, Solibri, Precast, Vectorworks, SCIA, dRofus, Frilo, and RISA brands for architects, designers, engineers, structural engineers, specialist planners, and landscape designers, as well as developers and general contractors.
The article "Nemetschek Q4 Earnings Call Highlights" was originally published by MarketBeat.
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