Report
Katherine Thompson

Mensch & Maschine Software - VAR business reaches inflection point

Mensch und Maschine’s FY17 results confirmed that its Software business continues to generate strong growth and margins. The VAR business managed to grow EBITDA despite the expected revenue decline, resulting in a record EBITDA margin for the group. With Autodesk back on a growth path after its transition to subscription licencing and the VAR business returning to growth in Q417, we see scope for profitability in the VAR business to improve further in FY18.
Underlying
Mensch und Maschine Software SE

Mensch und Maschine Software is a global enterprise based in Germany. Its business activities are concentrated in the fields of CAD and CAM (Computer Aided Design & Manufacturing) solutions, which it divides into four industry segments: Mechanical engineering solutions segment (about 50% of Co.'s business); Construction industry and building services segment (approximately 25% of Co's activities); Gardening and landscaping segment (about 15% of Co.'s business); and the Electrical engineering segment (about 10% of Co.'s business). In addition, Co. divides its business operations into three sections: Distribution,VAR Business and Software.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Katherine Thompson

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