Quirin Privatbank reiterates Buy on Nemetschek, cuts target price to EUR 98

PUBT · 1d ago
Quirin Privatbank reiterates Buy on Nemetschek, cuts target price to EUR 98
  • Quirin Privatbank reiterated a Buy rating on Nemetschek, cutting its target price to EUR 98 from EUR 127.
  • Q2 revenue rose 13% year over year to EUR 327.7 million, 14.5% at constant currency, driven by subscription and SaaS growth.
  • EBITDA margin slipped to 30.1% from 30.5%, with FX headwinds and acquisition costs partly offset by operating leverage.
  • Management maintained 2026 organic revenue growth guidance of 14%-15% at constant currency, EBITDA margin seen at 32%-33%.
  • HCSS acquisition seen supporting medium-term growth, with purchase price allocation and integration costs expected to dilute margins initially.


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