NEMETSCHEK - BUY | EUR98 (-5%) A solid quarter driven by Build and transition to subscriptions in Media & Entertainment
NEMETSCHEK - BUY | EUR98 (-5%)A solid quarter driven by Build and transition to subscriptions in Media & Entertainment
Build and Media & Entertainment: the engines of growth
Q3 revenue reached EUR169.3m, a touch above consensus/BG expectations of EUR167.2m/EUR168.2m, posting organic growth of 13.8%, in-line with our Street high 13.9% estimate. Recurring revenues continued to grow at a high pace (EUR106.5m, +17.8% organic at cc), notably driven by subscription revenues (EUR34.5m, up 48.1% y/y organic at cc, and up 14% q/q). Licence revenue continues to rebound on soft comparison basis (-5.8% in Q3 2020) and grew at 7.1% y/y organic at cc. Delving deeper into the divisions:
Solid EBITDA margin and FCF conversion
Guidance calling for the high-end of the range – too cautious!
Strong structural trends and great execution driving the group
Nemetschek is a holding company. Through its subsidiaries, Co. is a software provider for the architecture, engineering, construction, and management industry. Co.'s business activities comprises of 12 brands, which provide solutions for architects, structural designers, and civil and specialist engineers as well as software for cost and schedule planning, tenders, awarding of contracts, invoicing, and execution of building work. There are also solutions for technical facility management and commercial property management as well as for architecture, film, animation and advertising visualization software. Co. organizes its operations into four segments: Design, Build, Manage and Multimedia.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.