Nemetschek SE

NEM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€35.00	Sdljqb	Nfxlkwybz

Nemetschek: Initiating Coverage With Narrow Moat and EUR 54 Fair Value Estimate

Rob Hales

Sep 27, 2023

We’re initiating coverage of Nemetschek with a narrow moat rating and EUR 54 fair value estimate. Our fair value estimate implies a 2023 enterprise value/EBITDA multiple of 25 times and a P/E ratio of 45 times. Our estimates are broadly in line with FactSet consensus. Consequently, the shares look fairly valued at current levels.

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