Nemetschek SE

NEM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€16.00	Bgkjmc	Zxlryyvby

Nemetschek Earnings: Q2 Broadly in Line; Raising Fair Value Estimate on GoCanvas Acquisition

Rob Hales

Jul 31, 2024

Nemetschek reported second-quarter results that were broadly in line with FactSet consensus. After incorporating the recently announced GoCanvas acquisition and adjusting for the time value of money, we are raising our fair value estimate 11% to EUR 68 and maintaining our narrow moat rating. At current levels, the shares look overvalued.

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