Nemetschek SE

XTRA:NEM Stock Report

Market Cap: €11.5b

Nemetschek Valuation

Is NEM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NEM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NEM (€99.45) is trading above our estimate of fair value (€89.57)

Significantly Below Fair Value: NEM is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NEM?

Key metric: As NEM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NEM. This is calculated by dividing NEM's market cap by their current earnings.
What is NEM's PE Ratio?
PE Ratio67.2x
Earnings€170.90m
Market Cap€11.49b

Price to Earnings Ratio vs Peers

How does NEM's PE Ratio compare to its peers?

The above table shows the PE ratio for NEM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average44.3x
TMV TeamViewer
15.5x11.0%€1.8b
AOF ATOSS Software
41.8x7.8%€1.8b
MUM Mensch und Maschine Software
27.7x14.0%€887.0m
SAP SAP
92.1x40.8%€252.8b
NEM Nemetschek
67.2x18.6%€11.5b

Price-To-Earnings vs Peers: NEM is expensive based on its Price-To-Earnings Ratio (67.2x) compared to the peer average (44.3x).

Price to Earnings Ratio vs Industry

How does NEM's PE Ratio compare vs other companies in the European Software Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NEM 67.2xIndustry Avg. 27.7xNo. of Companies17PE020406080100+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NEM is expensive based on its Price-To-Earnings Ratio (67.2x) compared to the European Software industry average (27.6x).

Price to Earnings Ratio vs Fair Ratio

What is NEM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NEM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio67.2x
Fair PE Ratio32.7x

Price-To-Earnings vs Fair Ratio: NEM is expensive based on its Price-To-Earnings Ratio (67.2x) compared to the estimated Fair Price-To-Earnings Ratio (32.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NEM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€99.45
€99.95
+0.5%
16.8%€125.00€68.00n/a19
Nov ’25€99.85
€93.14
-6.7%
14.3%€125.00€68.00n/a19
Oct ’25€94.20
€91.46
-2.9%
13.9%€120.00€68.00n/a19
Sep ’25€94.25
€91.30
-3.1%
13.9%€120.00€68.00n/a19
Aug ’25€88.60
€90.99
+2.7%
13.6%€120.00€68.00n/a19
Jul ’25€92.35
€87.68
-5.1%
13.6%€116.00€61.00n/a19
Jun ’25€83.55
€86.37
+3.4%
13.9%€112.00€61.00n/a19
May ’25€83.55
€85.68
+2.6%
14.6%€112.00€61.00n/a19
Apr ’25€91.72
€83.68
-8.8%
16.2%€112.00€54.00n/a19
Mar ’25€88.04
€80.49
-8.6%
16.9%€105.00€54.00n/a19
Feb ’25€86.02
€77.71
-9.7%
16.8%€105.00€54.00n/a18
Jan ’25€78.48
€72.22
-8.0%
15.8%€92.00€53.00n/a18
Dec ’24€79.20
€71.22
-10.1%
15.8%€92.00€47.00n/a18
Nov ’24€70.52
€68.62
-2.7%
15.5%€92.00€46.00€99.8517
Oct ’24€57.88
€66.12
+14.2%
14.6%€86.00€45.00€94.2017
Sep ’24€63.12
€66.88
+5.9%
14.1%€86.00€45.00€94.2516
Aug ’24€65.12
€66.88
+2.7%
14.1%€86.00€45.00€88.6016
Jul ’24€68.64
€67.53
-1.6%
14.7%€85.00€45.00€92.3516
Jun ’24€74.70
€67.53
-9.6%
14.7%€85.00€45.00€83.5516
May ’24€70.58
€67.38
-4.5%
16.0%€86.50€45.00€83.5516
Apr ’24€63.28
€63.92
+1.0%
16.5%€86.50€45.00€91.7216
Mar ’24€53.46
€59.05
+10.5%
15.6%€86.50€45.00€88.0416
Feb ’24€49.22
€61.73
+25.4%
19.2%€92.00€46.00€86.0216
Jan ’24€47.69
€61.55
+29.1%
19.3%€92.00€46.00€78.4816
Dec ’23€50.20
€61.55
+22.6%
19.3%€92.00€46.00€79.2016
Nov ’23€47.82
€62.05
+29.8%
19.1%€92.00€48.00€70.5216

Analyst Forecast: Target price is less than 20% higher than the current share price.

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