Report
David Vignon

NEMETSCHEK: Great start to the year – back to double-digit organic growth | Conviction BUY | EUR80(+33%)

NEMETSCHEK - Conviction BUY | EUR80(+33%)
Great start to the year – back to double-digit organic growth

Strong performance across the board
EBITDA beat driven by the Build division
The 2021 guidance appears cautious
Conviction buy reiterated
Underlying
Nemetschek SE

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.

Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
David Vignon

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