Nemetschek SE

NEM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€43.00	Vcqld	Smyvrhgyvm

Nemetschek: Preliminary Results In-Line; Shares Overvalued

Rob Hales

Feb 8, 2024

Narrow-moat Nemetschek announced preliminary results for fiscal 2023 that were broadly in line with FactSet consensus and at the top end of the guidance ranges for revenue growth and EBITDA margin. Full details and 2024 guidance will not be released until March 21. We don’t expect to make a material change to our EUR 54 fair value estimate. At current levels, the shares look overvalued.

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