Nemetschek: Invest Securities on hold, raises TP

(CercleFinance.com) - Invest Securities maintains its neutral rating on the vendor of software for architects, engineers and the construction industry, Nemetschek shares, while raising its target price for them from E86 to E88.


The analyst points out that yesterday Nemetschek announced the biggest acquisition in its history with the purchase of GoCanvas for $770m, equivalent to 11.5x ARR 2023.

This deal will strengthen the Build division, which already includes the star brand Bluebeam, and speed up the migration to SaaS, Invest says.

While Nemetschek's track record in M&A and its complementary nature with Bluebeam appear attractive, the transaction is dilutive in the near term and we will have to wait for the transaction to be finalised over the summer to assess the value creation in the medium/long term, it concludes, adding that the share's current valuation offers "no potential".


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