Nemetschek: Raising estimates with HCSS integration; Remain OW despite a noisy quarter

研报英文原文证据摘录

Nemetschek: Raising estimates with HCSS integration; Remain OW despite a noisy quarter

J P M O R G A N Europe Equity Research

31 July 2026

Nemetschek Overweight

NEKG.DE, NEM GR

Raising estimates with HCSS integration; Remain OW Price (30 Jul 26):€58.90

despite a noisy quarter Price Target (Dec-27):€110.00

We update our financial model following Nemetschek’s Q226 results (see our take European Tech Software & IT

on the release here & the ad-hoc release from earlier this week here). Our organic Services

forecasts are mostly unchanged, with our headline estimates raised as a result of Joseph George AC

the HCSS integration (we model ~600bps of revenue growth accretion in FY26 & (44-20) 3493-6990

close to ~700bps in FY27). We also lower our EBITDA margin forecasts to account joe.george@jpmorgan.com

for the guided integration costs. Net/net, this leaves our EBITDA estimates flat vs. J.P. Morgan Securities plc

prior through FY26, and ~MSD% higher vs. prior through FY27/28 (full table of Toby Ogg

changes below). Overall, Q226 was a noisier quarter, with a number of moving (44-20) 7742-3278

toby.ogg@jpmorgan.com

parts for investors to digest, including but not limited to multi-year deals (and their J.P. Morgan Securities plc

impact on growth and FCF conversion), extraordinary costs, a downgrade to the Giulio Gambardella

near-term Media outlook and a slight upgrade to the organic margin guidance. (44-20) 3493-4181

Nemetschek’s shares came under pressure yesterday, having rallied into the event giulio.gambardella@jpmorgan.com

(up almost ~30% from recent lows, driven by both the recent software sector J.P. Morgan Securities plc

outperformance alongside some idiosyncratic outperformance at the time of the Priya R Suneja

ad-hoc statement).