Nemetschek SE

NEM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€53.00	Ybbsmb	Wvzxpypy

Nemetschek Earnings: Strong Performance Largely Expected; Shares Overvalued

Rob Hales

Oct 27, 2023

Narrow-moat Nemetschek delivered solid results in the third quarter. While the company beat the FactSet consensus on revenue and EBITDA and raised 2023 guidance, we surmise this was broadly in line with market expectations as shares traded flat on the day. We are currently updating our model for the latest developments but do not anticipate a material change to our EUR 54 fair value estimate. At current levels, the shares look moderately overvalued.

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