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ThemenmitKopf · 2024-10-19T11:03:49.580119Z

Mensch und Maschine Software SE Unternehmensvorstellung Die Mensch und Maschine Software SE ($MUM ) ist ein führender Anbieter von CAD/CAM-Software mit Hauptsitz in Weßling, Deutschland. Gegründet im Jahr 1984, hat sich das Unternehmen zu einem wichtigen Akteur im Bereich der Digitalisierungslösungen für die Industrie, das Bauwesen und die Infrastruktur entwickelt. MuM beschäftigt über 1.000 Mitarbeiter an rund 75 internationalen Standorten. Das Kerngeschäft von MuM gliedert sich in zwei Hauptsegmente: MuM-Software: Hier werden Standardsoftwarelösungen für CAM, BIM und CAE entwickelt und vertrieben. M+M Digitization Dieses Segment bietet maßgeschneiderte Digitalisierungslösungen, Schulungen und Beratungsdienstleistungen an. Die Mission von MuM besteht darin, Unternehmen bei ihrer digitalen Transformation zu unterstützen und innovative Softwarelösungen für komplexe technische Herausforderungen bereitzustellen. Die Vision des Unternehmens ist es, in Europa weiterhin als führender Anbieter von CAD/CAM-Lösungen zu agieren und kontinuierlich in neue Technologien und Märkte zu expandieren. Historische Entwicklung Seit seiner Gründung hat MuM mehrere wichtige Meilensteine erreicht: 1997: Börsendebüt am Neuen Markt als achtes Unternehmen. 2002: Übernahme des CAM-Spezialisten Open Mind AG, was die Expertise im Bereich der Fertigungssoftware erweiterte. Im selben Jahr erwarb MuM die Mehrheit an der Dataflor AG, einem Entwickler von Software für den Garten- und Landschaftsbau. 2019: Übernahme des Softwareherstellers Sofistik, der sich auf Berechnung, Bemessung und Konstruktion von Bauprojekten spezialisiert hat. Diese strategischen Akquisitionen haben MuM geholfen, sein Portfolio zu diversifizieren und seine Marktposition in verschiedenen Branchen zu stärken. Geschäftsmodell & Kernkompetenzen Die Kernkompetenzen von MuM liegen in der tiefen technischen Expertise im Bereich CAD/CAM-Software sowie in der Fähigkeit, komplexe Kundenbedürfnisse in individuelle Digitalisierungslösungen umzusetzen. Das Unternehmen profitiert von langjährigen Kundenbeziehungen und einem starken Partnernetzwerk. Zukunftsperspektiven & Strategische Initiativen MuM setzt auf kontinuierliche Innovation und Expansion in neue Technologiebereiche. Aktuelle Wachstumsinitiativen umfassen: Verstärkte Investitionen in BIM-Technologien für die Bauindustrie. Ausbau des Angebots an CAM-Lösungen für die fortschrittliche Fertigung. Entwicklung von Lösungen für die digitale Fabrik und Industrie 4.0. Mittelfristig strebt MuM an, seine Marktposition in Europa weiter auszubauen und in neue geografische Märkte zu expandieren. Marktposition & Wettbewerb MuM hat sich als einer der führenden Anbieter von CAD/CAM-Lösungen in Europa etabliert. Das Unternehmen steht im Wettbewerb mit großen internationalen Softwareunternehmen sowie spezialisierten Nischenanbietern. Zu den Hauptkonkurrenten gehören: $ADSK (USA) $DSY Systèmes (Frankreich) Siemens Digital Industries Software (Deutschland) MuM differenziert sich durch seine starke lokale Präsenz in Europa, maßgeschneiderte Lösungen sowie umfassende Beratungs- und Schulungsangebote. Total Addressable Market (TAM) Der globale Markt für CAD/CAM-Software wird bis 2028 voraussichtlich ein Volumen von über 25 Milliarden US-Dollar erreichen, mit einer jährlichen Wachstumsrate von etwa 7 %. Wichtige Wachstumstreiber sind: Die zunehmende Digitalisierung in der Fertigungsindustrie. Die steigende Nachfrage nach BIM-Lösungen im Bausektor. Die wachsende Bedeutung von Industrie 4.0 und IoT. MuM ist gut positioniert, um von diesen Trends zu profitieren und seinen Marktanteil in Europa weiter auszubauen. Entwicklung Die Umsätze sind mit einer jährlichen Wachstumsrate von 6 % gewachsen, was akzeptabel ist. Im Gegensatz dazu ist der Nettogewinn jedoch mit 14 % CAGR gestiegen, was als sehr positiv zu bewerten ist. In Bezug auf den Umsatz ist der Bereich Digitalisierung deutlich größer als der Softwarebereich, trägt jedoch weniger zum Bruttogewinn bei. Dennoch weist der Sektor Digitalisierung, trotz des geringeren absoluten Betrags, eine bessere Marge auf als die Software. Die Bruttomarge liegt bei knapp 54 %, während die operative Marge bei 15 % und der Nettogewinn sich der 10 %-Marke mit einer jährlichen Wachstumsrate von 7 % nähert. Die Shareholder Yield beträgt 2,6 %, während das Verhältnis von Unternehmenswert zu EBITDA im Durchschnitt liegt. Zudem ist das Verhältnis von Nettoverschuldung zu EBITDA negativ. Die Ausschüttungsquote ist sehr hoch und könnte gerne zunächst in Richtung 90 % bleiben, eventuell auch niedriger. Die Dividende pro Aktie steigt kontinuierlich und sollte diesen Trend beibehalten. Die Kapitaleffizienz ist sehr gut, und es könnte gerne ein größerer Teil der Ausschüttungen zurückgehalten werden, um in das Geschäft zu investieren, um noch mehr Marktanteile zu gewinnen. Fazit Das Bild spricht für sich: Mit einem Insideranteil von 48 % und einer vielversprechenden Historie bin ich überzeugt, dass das Unternehmen seine Ziele erreichen kann. Der Gewinn pro Aktie (EPS) soll sich in den nächsten 4 bis 5 Jahren verdoppeln. Die Aktie entwickelt sich gut, ist aber immer noch zu niedrig bewertet. Zudem gibt es eine attraktive Dividende, die bereits seit längerer Zeit kontinuierlich steigt. Der Business Case ist überzeugend, und der Name des Unternehmens ist einfach cool. Das einzige, was das Unternehmen wirklich behindern könnte, ist Deutschland, da der Umsatz größtenteils aus diesem Markt stammt und die Steuerbelastung hier sehr hoch ist. Man könnte zwar an der Präsentation arbeiten, da es für ein digitales Unternehmen etwas seltsam wirkt, aber letztlich läuft es gut.

Mensch und Maschine Software SE

Company presentation

Mensch und Maschine Software SE ($MUM (+1,52 %) ) is a leading provider of CAD/CAM software headquartered in Weßling, Germany. Founded in 1984, the company has developed into a major player in the field of digitization solutions for industry, construction and infrastructure. M+M employs over 1,000 people at around 75 international locations.

M+M's core business is divided into two main segments:

M+M SoftwareThis segment develops and distributes standard software solutions for CAM, BIM and CAE.

M+M Digitization This segment offers customized digitization solutions, training and consulting services.

M+M's mission is to support companies in their digital transformation and provide innovative software solutions for complex technical challenges. The company's vision is to remain the leading provider of CAD/CAM solutions in Europe and to continuously expand into new technologies and markets.

Historical development

Since its foundation, M+M has reached several important milestones:

1997: Stock market debut on the Neuer Markt as the eighth company.
2002Acquisition of the CAM specialist Open Mind AG, which expanded the expertise in the field of manufacturing software. In the same year, M+M acquired a majority stake in Dataflor AG, a developer of software for gardening and landscaping.
2019Acquisition of the software manufacturer Sofistik, which specializes in the calculation, dimensioning and design of construction projects.

These strategic acquisitions have helped M+M to diversify its portfolio and strengthen its market position in various industries.

Business model & core competencies

M+M's core competencies lie in its deep technical expertise in CAD/CAM software and its ability to translate complex customer needs into individual digitization solutions. The company benefits from long-standing customer relationships and a strong partner network.

Future prospects & strategic initiatives

M+M is committed to continuous innovation and expansion into new technology areas. Current growth initiatives include:

Increased investment in BIM technologies for the construction industry.
Expanding the range of CAM solutions for advanced manufacturing.
Developing solutions for the digital factory and Industry 4.0.

In the medium term, M+M aims to further strengthen its market position in Europe and expand into new geographic markets.

Market position & competition

M+M has established itself as one of the leading providers of CAD/CAM solutions in Europe. The company competes with large international software companies as well as specialized niche suppliers. The main competitors include:

$ADSK (+0,8 %) (USA)
$DSY (+2,76 %) Systèmes (France)
Siemens Digital Industries Software (Germany)

M+M differentiates itself through its strong local presence in Europe, customized solutions and comprehensive consulting and training services.

Total Addressable Market (TAM)

The global market for CAD/CAM software is expected to reach a volume of over 25 billion US dollars by 2028, with an annual growth rate of around 7%. Important growth drivers are:

Increasing digitalization in the manufacturing industry.
The increasing demand for BIM solutions in the construction sector.
The growing importance of Industry 4.0 and IoT.

M+M is well positioned to benefit from these trends and further expand its market share in Europe.

Development

Sales have grown at an annual growth rate of 6%, which is acceptable. In contrast, however, net profit has grown at a 14 % CAGR, which is very positive.

In terms of turnover, the digitalization sector is significantly larger than the software sector, but contributes less to gross profit. Nevertheless, despite the lower absolute amount, the digitization sector has a better margin than software.

The gross margin is just under 54%, while the operating margin is 15% and net profit is approaching the 10% mark with an annual growth rate of 7%.

The shareholder yield is 2.6%, while the ratio of enterprise value to EBITDA is average. In addition, the ratio of net debt to EBITDA is negative.

The payout ratio is very high and could remain at around 90% for the time being, or possibly even lower. The dividend per share is rising continuously and should maintain this trend.

The capital efficiency is very good and a larger part of the distributions could be retained in order to invest in the business to gain even more market share.

Conclusion

The picture speaks for itself: with an insider share of 48% and a promising history, I am convinced that the company can achieve its goals. Earnings per share (EPS) should double in the next 4 to 5 years. The share is performing well, but is still undervalued. There is also an attractive dividend, which has been rising steadily for some time. The business case is convincing and the company's name is simply cool. The only thing that could really hinder the company is Germany, as most of its sales come from this market and the tax burden here is very high.

They could work on the presentation, as it seems a bit strange for a digital company, but ultimately it's going well.

MrMister@MrMister

3Lun

It should also be mentioned that M+M is an Autodesk reseller and offers its own services and software in addition to the classic Autodesk portfolio, whose margin is between 10% and 30% of the Autodesk software price.

M+M is one of Germany's largest CAD software resellers, but the competition is also very strong.

What Autodesk and M+M essentially have in common is that students and designers come into contact with Autodesk (AutoCAD, Inventor, Revit and Navisworks) at an early stage, thus steering them in the direction of Autodesk software rather than competitors such as Dassault, PTC, Siemens or others.

Autodesk is the market leader in mechanical design, infrastructure planning, architecture and game design as well as growing in film design.

Having worked with all competitors and service providers worldwide, I can also confirm that M+M has always been a reliable partner.

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Soprano@Soprano

@MrMister Thanks for your insights. I am also invested in Autodesk 👍🏼

ThemenmitKopf@topicswithhead

@MrMister to what extent do they compete and how are the programs from M+M. My CAD is anything but what I have done before, except maybe building 3D constructions. Maybe @Soprano also has an answer

@topicswithhead In essence, the M+M software solutions are integration software that offer more possibilities in data processing, in cooperation work (BIM), in various industry-specific topics.

This is a challenge for Autodesk as they only offer standard solutions and less specific. In product development, customization is essential. While a standard solution is sufficient for large corporations, this is not enough in special machine construction or architecture. This often results in high consulting and modification costs for customers.

This is also a challenge for SAP in the ERP environment. Standard yes, customization very expensive. This is where small ERP companies have the edge.

Regarding the competition: there are various software solutions for different areas. The integration of machines in CAD is easiest via Autodesk. AutoCAD offers a reliable 2D solution. PTC and Siemens are often found in the classic automotive industry. The same goes for Dassault Catia for surface design and aircraft construction.
Microstation is very successful in demolition and in the pipeline environment alongside AVEVA. So there is different software depending on the industry and the challenge. M+M is simply an all-rounder.

About my CV: I worked with all common software solutions in the CAD environment from 2008 to 2020. I'll leave out the one year of AutoCAD in 2000. I was also a product manager in the ERP environment.

Until I went into nuclear engineering at the beginning of 2021 and found my calling.

Maximilian@Max095

Thank you for the introduction 😊 I am and will remain invested

@topicswithhead Well, they don't really compete because the business model is different. Autodesk is the big PaaS provider that serves the whole world and can scale perfectly. You can contact M+M if you need customized software that is precisely tailored to your company. As a result, M+M may earn more money per customer, but they also have work to do with each customer.

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@Soprano I have never claimed that Autodesk competes with M+M. But Mum does compete with other Autodesk resellers such as Cideon or Contelos. Likewise outside the Autodesk portfolio with, for example, PDSVision, INNEO, Workstationpro, Microstation, Tricad MS and other resellers. The world is a big place when it comes to product development. There are over 400 different software and tools. I have worked in the industry myself for a competitor and later as a partner for all the resellers in the industry. I was also at the big events with a stand at Autodesk in Darmstadt, PTC in Stuttgart, Siemens in Seeheim etc. The competitive business is very strong.

@MrMister I replied to @topicswithhead because he wanted to know. It's clear to me that you know that 🤝🏼

@Soprano all right, thank you ☺️

Ahh okay. I had understood that the Autodesk resellers also have their own software that they market, but it is more specific. Interesting, thanks for the help. It's funny how you can misunderstand a company, but it's still a good company

Tenbagger2024@Tenbagger2024

Thank you MEGA 😘.
I also see it as positive that the founder Adi Drotleff is the main shareholder.
One of the top companies that survived the Neuer Markt.

@Tenbagger2024 47% is a lot, but he's doing well