Nemetschek (von Quirin Privatbank Kapitalmarktgeschäft): Buy 04.08.2026, 17:08 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Nemetschek - from Quirin Privatbank Kapitalmarktgeschäft



04.08.2026 / 17:08 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Nemetschek



     Company Name:               Nemetschek
     ISIN:                       DE0006452907



     Reason for the research:    Update
     Recommendation:             Buy
     from:                       04.08.2026
     Target price:               98
     Last rating change:
     Analyst:                    Sebastian Droste



Strong growth, HCSS adds potential
On July 30, 2026, Nemetschek released its Q2 financial results and confirmed
its guidance for 2026. Revenues increased by 13.0% yoy to EUR 327.7m (14.5%
at cc), exceeding our expectation by 4.0%, driven by strong subscription and
SaaS growth, continued momentum in Build and the subscription transition in
Design. Weakness in Media and negative FX effects partly offset growth. The
EBITDA margin declined from 30.5% to 30.1%, in line, as FX effects and
acquisition-related costs were partly offset by operating leverage and a
stronger Build contribution. Management confirmed organic revenue growth
guidance of 14.0%-15.0% yoy at cc and an EBITDA margin of 32.0%-33.0%. HCSS
supports the medium-term growth case, although PPA and integration costs
will dilute margins initially. We lower our target price to reflect more
conservative long-term growth assumptions and a higher beta. We decrease our
target price to EUR 98 (previously EUR 127) and confirm our Buy
recommendation.




You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f74e4aea6aa72e15898f6aa4c1b87165
For additional information visit our website:
https://research.quirinprivatbank.de/



Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/



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2377258 04.08.2026 CET/CEST