Solid Q1 results and reiterated guidance
We reiterate our Buy rating and EUR74 PT following the Q1 2023 publication which came in ahead of our and consensus expectations and the reiterated guidance for 2023e. Sales were up by +5.5% lfl to EUR204.6m, and the EBIT margin decline was less severe than expected to 22.8% vs 21.1% anticipated byNemetschek 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.
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