Nemetschek SE (NEM.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+53.3%

€114.34

vs €74.60 price

Levered DCF

€139.84

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.18

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	49.36×	61.58×	54.41×	34.34×	96.41×	71.9×	53.45×	48.23×
P/B	11.54×	11.93×	11.79×	8.5×	24.78×	17.27×	19.49×	14.73×
P/S	9×	10.86×	10.33×	6.93×	19.12×	11.69×	12.2×	7.97×
EV / EBITDA	29.17×	35.77×	32.38×	21.1×	58.59×	40.78×	34.49×	29.76×
Gross margin	49.4%	59.3%	46.8%	59.6%	59.3%	50.4%	52.5%	52.5%
Operating margin	25.1%	23.5%	23.4%	24.7%	25.2%	20.5%	22.2%	21.2%
Net margin	18.2%	17.6%	18.9%	20.2%	19.8%	16.2%	22.8%	16.6%
Current ratio	0.76×	0.77×	1.04×	0.81×	0.68×	0.8×	1.09×	0.91×
Debt / equity	0.44×	0.63×	0.1×	0.23×	0.37×	0.49×	0.74×	0.52×
Interest coverage	15.83×	13.99×	60.88×	75.51×	62.77×	41.13×	39.06×	87.01×
Dividend yield	0.6%	0.5%	0.6%	0.8%	0.3%	0.5%	0.5%	0.8%
Payout ratio	29.2%	31.6%	32.2%	27.8%	25.7%	33.4%	24.5%	37.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.4%	19.4%	21.6%	24.8%	25.6%	24.0%	36.5%	30.6%
Return on invested capital	15.0%	11.3%	17.8%	18.8%	17.8%	15.0%	15.6%	24.0%
Return on assets	10.0%	8.2%	12.7%	13.5%	12.8%	10.9%	14.8%	13.2%
Free cash flow yield	3.4%	2.7%	2.7%	3.5%	1.6%	2.1%	2.1%	2.4%
Earnings yield	2.0%	1.6%	1.8%	2.9%	1.0%	1.4%	1.9%	2.1%
Enterprise value	€10.9B	€11.2B	€8.6B	€5.5B	€13.1B	€7B	€6.8B	€3.7B
Net debt / EBITDA	0.41×	1.17×	-0.72×	-0.18×	0.17×	0.34×	0.25×	0.08×
Cash conversion cycle (days)	41	36	39	27	27	31	25	28