Nemetschek: Invest Securities upgrades stock
(CercleFinance.com) - Invest Securities has upgraded Nemetschek shares from 'sell' to 'neutral', with a target price raised from E94 to E108, based on an adjustment of its 2025-26 expectations (+1.
4%/-0.8% at EPS level) and, above all, the one-year lag in the DCF.
While it recognises the solidity of fundamentals and the management's outstanding execution, the broker considers that the main problem with the dossier over the past two years lies in the valuation, which, in its view, is too demanding.
Even though the group's quality is beyond doubt, the recent underperformance could be prolonged, as the current context of rising interest rates is hardly favorable to companies with high valuation multiples, the analyst warns.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
4%/-0.8% at EPS level) and, above all, the one-year lag in the DCF.
While it recognises the solidity of fundamentals and the management's outstanding execution, the broker considers that the main problem with the dossier over the past two years lies in the valuation, which, in its view, is too demanding.
Even though the group's quality is beyond doubt, the recent underperformance could be prolonged, as the current context of rising interest rates is hardly favorable to companies with high valuation multiples, the analyst warns.
Copyright (c) 2025 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.