Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €56.55, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Software industry in the United Kingdom. Total loss to shareholders of 20% over the past three years. New Risk • Jun 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Upcoming Dividend • May 15
Upcoming dividend of €0.68 per share Eligible shareholders must have bought the stock before 22 May 2026. Payment date: 27 May 2026. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.6%). Reported Earnings • May 02
First quarter 2026 earnings released: EPS: €0.52 (vs €0.39 in 1Q 2025) First quarter 2026 results: EPS: €0.52 (up from €0.39 in 1Q 2025). Revenue: €320.1m (up 13% from 1Q 2025). Net income: €60.4m (up 35% from 1Q 2025). Profit margin: 19% (up from 16% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €69.25, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 19x in the Software industry in the United Kingdom. Total returns to shareholders of 9.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €120 per share. Ankündigung • Apr 14
Nemetschek SE (XTRA:NEM) entered into a definitive agreement to acquire 72% stake in Heavy Construction Systems Specialists, LLC from Thoma Bravo, L.P. Nemetschek SE (XTRA:NEM) entered into a definitive agreement to acquire 72% stake in Heavy Construction Systems Specialists, LLC from Thoma Bravo, L.P. on April 13, 2026. As part of the transaction, Thoma Bravo will receive shares in Nemetschek Group’s Build & Construct segment. Following the acquisition, HCSS will join other brands in Nemetschek's Build & Construct segment. Under the agreed-upon ownership structure, Nemetschek SE will hold approximately 72% of the shares of the Build & Construct segment and funds managed by Thoma Bravo will hold approximately 28% as a minority shareholder.
In 2025, Heavy Construction Systems Specialists, LLC generated revenue of approximately $215 million.
The transaction is subject to customary regulatory approvals and closing conditions. The transaction is expected to close in the second half of 2026
Kirkland & Ellis LLP acted as legal advisor for Thoma Bravo, L.P. Citigroup Inc. acted as financial advisor for Thoma Bravo, L.P. Deutsche Bank Securities Inc. acted as financial advisor for Thoma Bravo, L.P. Centerview Partners LLC acted as financial advisor for Thoma Bravo, L.P. Hoffmann & de Vries Partnerschaft von Rechtsanwälten mbB acted as legal advisor for Nemetschek SE. Latham & Watkins LLP acted as legal advisor for Nemetschek SE. J.P. Morgan SE acted as financial advisor for Nemetschek SE. Ankündigung • Apr 13
Nemetschek SE, Annual General Meeting, May 21, 2026 Nemetschek SE, Annual General Meeting, May 21, 2026, at 10:00 W. Europe Standard Time. Reported Earnings • Mar 19
Full year 2025 earnings released: EPS: €1.88 (vs €1.52 in FY 2024) Full year 2025 results: EPS: €1.88 (up from €1.52 in FY 2024). Revenue: €1.20b (up 21% from FY 2024). Net income: €217.2m (up 24% from FY 2024). Profit margin: 18% (in line with FY 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Declared Dividend • Mar 16
Dividend increased to €0.68 Dividend of €0.68 is 24% higher than last year. Ex-date: 22nd May 2026 Payment date: 26th May 2026 Dividend yield will be 1.0%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 31%. Cash payout ratio: 17%. Ankündigung • Mar 14
Nemetschek SE announces Annual dividend, payable on May 26, 2026 Nemetschek SE announced Annual dividend of EUR 0.6800 per share payable on May 26, 2026, ex-date on May 22, 2026 and record date on May 25, 2026. Ankündigung • Feb 27
Nemetschek Group Appoints Alok Sharma as Managing Director and Vice President for India Nemetschek Group has appointed Alok Sharma as managing director and vice president for India, underscoring the company's ambitions in one of the world's fastest-growing construction markets. The appointment comes as India accelerates investment in infrastructure, urban development and public sector modernisation, with digital tools increasingly central to efficiency, compliance and lifecycle management across construction projects. Based in Mumbai, Sharma will lead Nemetschek's India growth strategy. This strategy will focus on deeper enterprise and government engagement, expanding the local partner ecosystem and accelerating the shift towards subscription and SaaS-led digital construction models. A key priority will be scaling building information modelling (BIM) adoption across infrastructure and real estate projects. Sharma brings over 30 years of experience building and scaling software businesses across India and the Saarc region, with a strong focus on the architecture, engineering, construction and operations sectors. His background includes leading large enterprise deals, driving public sector engagements and guiding transitions from perpetual licensing to cloud-based delivery. The appointment signals Nemetschek's intent to consolidate its India operations and align its multi-brand technology portfolio with the country's expanding digital construction ambitions. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €76.30, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 24x in the Software industry in the United Kingdom. Total returns to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €122 per share. Buy Or Sell Opportunity • Jan 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to €86.80. The fair value is estimated to be €109, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 8.0%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: €0.48 (vs €0.34 in 3Q 2024) Third quarter 2025 results: EPS: €0.48 (up from €0.34 in 3Q 2024). Revenue: €295.1m (up 17% from 3Q 2024). Net income: €55.3m (up 41% from 3Q 2024). Profit margin: 19% (up from 16% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Nov 05
Nemetschek SE Reconfirms Earnings Guidance for the Financial Year 2025 Nemetschek SE reconfirmed earnings guidance for the financial year 2025. For the financial year 2025, the Currency-adjusted revenue growth, including the revenue contribution from GoCanvas, which was acquired in the previous year, is expected to be in the range of 20% to 22%. This includes an acquisition-related revenue contribution from the acquisition of GoCanvas of around 450 basis points. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: €0.45 (vs €0.36 in 2Q 2024) Second quarter 2025 results: EPS: €0.45 (up from €0.36 in 2Q 2024). Revenue: €294.7m (up 30% from 2Q 2024). Net income: €52.4m (up 25% from 2Q 2024). Profit margin: 18% (in line with 2Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 28
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €128. The fair value is estimated to be €106, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 4.9%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • Jul 04
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to €121. The fair value is estimated to be €99.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 4.9%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Upcoming Dividend • May 14
Upcoming dividend of €0.55 per share Eligible shareholders must have bought the stock before 21 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (1.8%). Buy Or Sell Opportunity • May 02
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at €116. The fair value is estimated to be €95.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 4.9%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Ankündigung • Apr 09
Nemetschek SE, Annual General Meeting, May 20, 2025 Nemetschek SE, Annual General Meeting, May 20, 2025, at 10:00 W. Europe Standard Time. Ankündigung • Apr 02
Nemetschek Announces Executive Changes The Nemetschek Group announced the appointment of Sunil Pandita as new Chief Division Officer for the Planning & Design Division. He will also lead the Digital Twin Business Unit, a strategically important cross-functional function within the Nemetschek Group. Sunil Pandita is an experienced international leader in digital transformation, bringing over 25 years of expertise in business and technology evolution. Prior to joining the Nemetschek Group, he held senior leadership roles in major global companies such as Dell, McKinsey & Company, Hewlett-Packard, and Thomson Reuters. Most recently, he held the position of Vice President & General Manager of Connected Industrials, Sustainability, Cybersecurity, Logistics, and Life Sciences at Honeywell, leading a major part of Honeywell’s software business. Pandita holds a bachelor’s and master’s degree in computer science, along with an MBA from the Kellogg School of Management at Northwestern University. Sunil Pandita succeeds César Flores Rodríguez, who will leave the company to pursue other opportunities. Over the past two and a half years, César played a key role in shaping the Planning & Design Division and establishing the Digital Twin Business Unit. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: €1.52 (vs €1.40 in FY 2023) Full year 2024 results: EPS: €1.52 (up from €1.40 in FY 2023). Revenue: €1.01b (up 18% from FY 2023). Net income: €175.4m (up 8.8% from FY 2023). Profit margin: 17% (down from 19% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Declared Dividend • Mar 17
Dividend increased to €0.55 Dividend of €0.55 is 15% higher than last year. Ex-date: 21st May 2025 Payment date: 23rd May 2025 Dividend yield will be 0.5%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 32%. Cash payout ratio: 21%. Ankündigung • Mar 15
Nemetschek SE announces Annual dividend, payable on May 23, 2025 Nemetschek SE announced Annual dividend of EUR 0.5500 per share payable on May 23, 2025, ex-date on May 21, 2025 and record date on May 22, 2025. Ankündigung • Feb 13
Nemetschek SE (XTRA:NEM) commences an Equity Buyback Plan, under the authorization approved on May 23, 2024. Nemetschek SE (XTRA:NEM) commences share repurchases on February 7, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 23, 2024. As per the mandate, the company is authorized to repurchase it's own shares, which in total must not exceed 10% of the share capital of the company. The repurchased shares will be resold via the stock exchange or via a public offering or used as acquisition currency in suitable cases and consequently being able to react quickly and flexibly to favorable offers or opportunities which arise, to fulfill or hedge conversion or option rights or conversion obligations or acquisition rights to shares of the company. The repurchase authorization is valid for 5 years.
On February 5, 2025, the company announced a share repurchase program. Under the program, the company will repurchase up to 92,600 shares, representing 0.08% for €11.1 million. The repurchased shares will be used to serve stock appreciation rights of members of the Executive Board and employees in senior leadership positions of the group. The repurchases will commence from today and will be valid till December 31, 2025. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €110, the stock trades at a forward P/E ratio of 62x. Average forward P/E is 28x in the Software industry in the United Kingdom. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €88.46 per share. Buy Or Sell Opportunity • Jan 20
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 5.3% to €107. The fair value is estimated to be €87.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 7.1%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Ankündigung • Jan 14
The Nemetschek Group Appoints Usman Shuja to the Executive Board The Nemetschek Group announced expanding its Executive Board. The Supervisory Board unanimously appointed Usman Shuja to the Executive Board, effective on January 1. Usman Shuja will continue to serve as Chief Division Officer (CDO) of the Build & Construct Division and as CEO of Bluebeam Inc. With this appointment, Usman Shuja becomes the third member of the Executive Board, alongside CEO Yves Padrines and CFO Louise Öfverström. Usman Shuja joined the Nemetschek Group in September 2023. Under his leadership, he has already successfully shaped the strategic direction of the Build & Construct Division with an improved go-to-market approach and the successful execution of Bluebeam’s subscription transition. Another important milestone was the successful acquisition of GoCanvas, a leading SaaS provider of field worker collaboration software. Usman Shuja is an accomplished technology leader with extensive experience driving operational excellence in international, high-growth companies. Prior to joining the Nemetschek Group, he was Vice President and General Manager of the Connected Buildings division at Honeywell. Other stages in his career included renowned companies such as Boston Consulting Group, IBM and Dell. Usman Shuja was also a founding member of Avathon (formerly SparkCognition), a pioneering software company specializing in artificial intelligence (AI). He holds a master’s in public administration (MPA) from the Kennedy School of Government at Harvard University, an MBA from the Kellogg School of Management at Northwestern University, and a bachelor’s in computer science from the University of Texas at Austin. Buy Or Sell Opportunity • Dec 04
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €102. The fair value is estimated to be €82.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 7.1%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. New Risk • Nov 08
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: €0.34 (vs €0.39 in 3Q 2023) Third quarter 2024 results: EPS: €0.34 (down from €0.39 in 3Q 2023). Revenue: €256.3m (up 17% from 3Q 2023). Net income: €39.3m (down 13% from 3Q 2023). Profit margin: 15% (down from 21% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 08
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to €108. The fair value is estimated to be €88.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 7.1%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: €0.36 (vs €0.28 in 2Q 2023) Second quarter 2024 results: EPS: €0.36 (up from €0.28 in 2Q 2023). Revenue: €228.7m (up 10% from 2Q 2023). Net income: €41.9m (up 28% from 2Q 2023). Profit margin: 18% (up from 16% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 4% per year. Ankündigung • Jul 04
Nemetschek SE (XTRA:NEM) completed the acquisition of Canvas Solutions, Inc. from K1 Investment Management, LLC. Nemetschek SE (XTRA:NEM) has signed a definitive agreement to acquire Canvas Solutions, Inc. from K1 Investment Management, LLC on June 6, 2024. The purchase price for Canvas Solutions was agreed to be a multiple of approximately 11.5x recurring revenue (ARR). The ARR for 2023 was stated to be $67 million. Transaction financing will be provided by Nemetschek’s own cash resources and existing credit facilities. Upon closing, the CEO of GoCanvas, Viyas Sundaram, and his team will join the Nemetschek Group. The acquisition is expected to close in summer 2024 and is subject to customary regulatory approval and closing conditions. Dr. Michael Josenhans of Freshfields Bruckhaus Deringer LLP acted as a advisor to Nemetschek. Moelis & Company LLC acted as the exclusive financial advisor, and Kirkland & Ellis LLP and Morris, Manning & Martin, LLP served as legal advisors to GoCanvas for this transaction.
Nemetschek SE (XTRA:NEM) completed the acquisition of Canvas Solutions, Inc. from K1 Investment Management, LLC on July 2, 2024. Ankündigung • Jun 08
Nemetschek SE (XTRA:NEM) has signed a definitive agreement to acquire Canvas Solutions, Inc. Nemetschek SE (XTRA:NEM) has signed a definitive agreement to acquire Canvas Solutions, Inc. on June 6, 2024. Transaction financing will be provided by Nemetschek’s own cash resources and existing credit facilities. Upon closing, the CEO of GoCanvas, Viyas Sundaram, and his team will join the Nemetschek Group. The acquisition is expected to close in summer 2024 and is subject to customary regulatory approval and closing conditions. Upcoming Dividend • May 17
Upcoming dividend of €0.48 per share Eligible shareholders must have bought the stock before 24 May 2024. Payment date: 28 May 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (1.8%). Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: €0.37 (vs €0.31 in 1Q 2023) First quarter 2024 results: EPS: €0.37 (up from €0.31 in 1Q 2023). Revenue: €227.3m (up 11% from 1Q 2023). Net income: €42.5m (up 17% from 1Q 2023). Profit margin: 19% (up from 18% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: €1.40 (vs €1.40 in FY 2022) Full year 2023 results: EPS: €1.40 (down from €1.40 in FY 2022). Revenue: €860.5m (up 7.3% from FY 2022). Net income: €161.3m (flat on FY 2022). Profit margin: 19% (down from 20% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 16% per year. Declared Dividend • Mar 17
Dividend increased to €0.48 Dividend of €0.48 is 6.7% higher than last year. Ex-date: 24th May 2024 Payment date: 28th May 2024 Dividend yield will be 0.6%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 35%. Cash payout ratio: 25%. Ankündigung • Jan 09
Nemetschek SE to Report Fiscal Year 2023 Results on Feb 08, 2024 Nemetschek SE announced that they will report fiscal year 2023 results on Feb 08, 2024 Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: €0.39 (vs €0.34 in 3Q 2022) Third quarter 2023 results: EPS: €0.39 (up from €0.34 in 3Q 2022). Revenue: €222.6m (up 9.8% from 3Q 2022). Net income: €45.0m (up 16% from 3Q 2022). Profit margin: 20% (up from 19% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Ankündigung • Oct 25
Nemetschek SE Increases Revenue Guidance for the Financial Year 2023 The Nemetschek Group is raising its revenue guidance for the current 2023 financial year following a strong third quarter. Currency-adjusted revenue growth for the financial year 2023 is now expected to be in a range between 6% and 8% (previously: between 4% and 6%). Ankündigung • Sep 06
Nemetschek Se Appoints Usman Shuja as Nemetschek Group Chief Division Officer of the Build & Construct Division Nemetschek SE appointed Usman Shuja as Nemetschek Group Chief Division Officer of the Build & Construct Division. Most recently, Usman Shuja led Honeywell’s Connected Buildings, one of Honeywell’s largest software businesses, as Vice President and General Manager. He originally joined as Chief Commercial Officer for Honeywell Connected Enterprise, where he was responsible for organic and inorganic growth of its software portfolio. Before joining Honeywell, Shuja worked for the Boston Consulting Group, IBM and Dell and was a founding member of the AI unicorn, SparkCognition. Buying Opportunity • Aug 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.1%. The fair value is estimated to be €80.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Reported Earnings • Jul 31
Second quarter 2023 earnings released: EPS: €0.28 (vs €0.40 in 2Q 2022) Second quarter 2023 results: EPS: €0.28 (down from €0.40 in 2Q 2022). Revenue: €209.3m (up 2.7% from 2Q 2022). Net income: €32.8m (down 29% from 2Q 2022). Profit margin: 16% (down from 23% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 17
Upcoming dividend of €0.45 per share at 0.7% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (1.8%). Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: €1.40 (vs €1.17 in FY 2021) Full year 2022 results: EPS: €1.40 (up from €1.17 in FY 2021). Revenue: €814.4m (up 20% from FY 2021). Net income: €161.9m (up 20% from FY 2021). Profit margin: 20% (in line with FY 2021). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Buying Opportunity • Jan 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.2%. The fair value is estimated to be €58.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: €0.34 (vs €0.30 in 3Q 2021) Third quarter 2022 results: EPS: €0.34 (up from €0.30 in 3Q 2021). Revenue: €209.2m (up 24% from 3Q 2021). Net income: €38.8m (up 13% from 3Q 2021). Profit margin: 19% (down from 20% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buying Opportunity • Oct 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €63.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Buying Opportunity • Aug 18
Now 20% undervalued Over the last 90 days, the stock is up 3.2%. The fair value is estimated to be €84.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 16% share price gain to €69.82, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 36x in the Software industry in the United Kingdom. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €86.99 per share. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: €0.40 (vs €0.29 in 2Q 2021) Second quarter 2022 results: EPS: €0.40 (up from €0.29 in 2Q 2021). Revenue: €207.9m (up 25% from 2Q 2021). Net income: €46.5m (up 40% from 2Q 2021). Profit margin: 22% (up from 20% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 9.9%, compared to a 22% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 10% per year. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €55.73, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 35x in the Software industry in the United Kingdom. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €76.58 per share. Buying Opportunity • Jun 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €80.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Buying Opportunity • May 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be €80.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Buying Opportunity • May 09
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €80.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Upcoming Dividend • May 06
Upcoming dividend of €0.39 per share Eligible shareholders must have bought the stock before 13 May 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of British dividend payers (4.7%). Lower than average of industry peers (2.1%). Reported Earnings • May 01
First quarter 2022 earnings released: EPS: €0.37 (vs €0.26 in 1Q 2021) First quarter 2022 results: EPS: €0.37 (up from €0.26 in 1Q 2021). Revenue: €192.2m (up 21% from 1Q 2021). Net income: €42.6m (up 45% from 1Q 2021). Profit margin: 22% (up from 19% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 28% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 22% share price gain to €89.53, the stock trades at a forward P/E ratio of 69x. Average forward P/E is 34x in the Software industry in the United Kingdom. Total returns to shareholders of 99% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €69.74 per share. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €0.30 (vs €0.22 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €171.3m (up 15% from 3Q 2020). Net income: €34.2m (up 36% from 3Q 2020). Profit margin: 20% (up from 17% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS €0.29 (vs €0.18 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €165.9m (up 17% from 2Q 2020). Net income: €33.1m (up 57% from 2Q 2020). Profit margin: 20% (up from 15% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 06
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 17 May 2021. Trailing yield: 0.5%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (1.7%). Reported Earnings • May 02
First quarter 2021 earnings released: EPS €0.26 (vs €0.18 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €158.4m (up 8.1% from 1Q 2020). Net income: €29.4m (up 38% from 1Q 2020). Profit margin: 19% (up from 15% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS €0.84 (vs €1.10 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €596.9m (up 7.2% from FY 2019). Net income: €96.9m (down 24% from FY 2019). Profit margin: 16% (down from 23% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 22
New 90-day low: €54.55 The company is down 12% from its price of €61.95 on 24 November 2020. The British market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €34.19 per share. Is New 90 Day High Low • Jan 15
New 90-day low: €56.30 The company is down 12% from its price of €63.93 on 16 October 2020. The British market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €43.40 per share. Reported Earnings • Nov 02
Third quarter 2020 earnings released: EPS €0.22 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: €148.6m (up 7.5% from 3Q 2019). Net income: €25.2m (down 53% from 3Q 2019). Profit margin: 17% (down from 39% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Nov 02
Revenue beats expectations Revenue exceeded analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 9.3%, compared to a 30% growth forecast for the Software industry in the United Kingdom. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 3.4% at €148.6m. Revenue is forecast to grow 8.0% over the next year, compared to a 31% growth forecast for the Software industry in the United Kingdom. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of €99.5m, down 17% from the prior year. Total revenue was €596.5m over the last 12 months, up 11% from the prior year. Is New 90 Day High Low • Oct 27
New 90-day low: €56.98 The company is down 10.0% from its price of €63.20 on 29 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €31.61 per share. 
