Resuming coverage with a Buy rating

研报英文原文证据摘录

Resuming coverage with a Buy rating

Deutsche Bank

Research

Rating Company Date

Buy Nemetschek 6 July 2026

Forecast Change

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 2 Jul 2026 (EUR) 55.70

NEKG.DE NEM GR GER NEKG

Price Target (EUR) 75.00

Technology

52-week range (EUR) 137.70 - 52.05

IT Software & Services

Valuation & Risks

Nicolas Herms

HCSS: Great asset, but patience is required as the acquisition comes at a price Research Analyst

We resume coverage of Nemetschek and update our estimates to reflect Q1/26 +49-69-910-13052

results, the HCSS acquisition, and FX. We view HCSS as a compelling strategic fit,

Johannes Schaller

broadening Nemetschek’s exposure to North American infrastructure and heavy Associate Director of Equity Research - Germany

civil construction while further expanding its TAM. HCSS is widely regarded as a +49-69-910-31731

high-quality asset, combining strong growth, best-in-class profitability, and

Nooshin Nejati

exceptionally high customer retention, all above Nemetschek Group averages. The

Research Analyst

acquisition also increases Nemetschek’s exposure to the more resilient public

+49-69-910-61797

infrastructure end market, which benefits from multiple structural growth drivers

and has been highlighted by several industry peers as a particularly strong source

Price/price relative

of growth in recent quarters.

We believe the transaction structure is sensible at a time when investors remain 100

cautious on larger software M&A transactions, as it limits near-term balance sheet 50

pressure to the refinancing of HCSS’s existing debt and other liabilities of ~E450m 0

2024 2025 2026

(net debt impact). That said, the acquisition clearly comes at a cost. Thoma Bravo