Hello, everyone,

I'm staying invested in my software stocks. How about you?

$SAP (+7,53%)
$NEM (+5,33%)
$ADBE (+6,08%)
$INTU (+5,24%)
$ADSK (+2,93%)
$ROP (+3,81%)
$CPRT (+3,4%)
$SNPS (+0%)
$MSFT (-0,01%)

Many investors have already written off software stocks. But what if artificial intelligence doesn’t destroy their business models—but instead makes them more valuable?

The days of software companies like Adobe, SAP, and Nemetschek are numbered, and their business models will become obsolete—this narrative has recently dominated the stock markets. The result: billions in market value were lost. Adobe fell 43 percent within a year, SAP 48 percent, and Nemetschek as much as 56 percent.

But recently, there have been increasing signs that call this view into question. Denis Machuel, CEO of Adecco, the world’s largest staffing agency, told the Reuters news agency that artificial intelligence (AI) will not trigger a job apocalypse or lead to massive job cuts. Nvidia CEO Jensen Huang also considers the assumption that so-called AI agents will render traditional software obsolete to be unfounded.

This raises the following question, particularly for investors who have recently had to absorb heavy losses in software stocks: Are the supposed losers of the AI boom poised for a comeback?

Software Companies Could Now Follow in the Footsteps of Chip Winners

Stefanie Dyballa, portfolio manager at KSW Vermögensverwaltung, sees a good chance that software companies will now catch up after chip manufacturers. AI does not render software obsolete, but rather enhances its utility. “AI agents require applications, data, and processes, making powerful software more important than ever. Established providers stand to benefit from this,” says Dyballa.

So far, investors have primarily favored companies that provide the technical infrastructure for AI—such as Nvidia, Micron, Taiwan Semiconductor, Marvell, Seagate, Western Digital, and Dell. These companies are considered the “shovel makers” of the AI boom because they provide the chips, memory, and hardware on which AI applications run.

With share price gains of more than 500 percent in some cases within a single year, they were among the biggest winners. SAP, on the other hand, has been among the weakest DAX stocks since the start of the year, down about 35 percent. But according to Dyballa, there are growing signs that the tide could be turning.

Why AI Doesn’t Work Without Software

The decline in share prices of many software and data analytics companies—such as Adobe, Intuit, Thomson Reuters, Autodesk, Roper, Copart, and Synopsys—stems primarily from concerns that AI will eventually take over tasks for which companies previously required software subscriptions. Fewer subscriptions would mean lower revenue and profits. The result would be the loss of thousands of jobs.

Jensen Huang disagrees with this assessment. He emphasizes that the markets are underestimating the impact of AI on the software industry. AI will not replace software, but rather enhance it and even increase its use. Companies will need more software in the future, not less—but it must be developed in such a way that AI agents can use it.

In this context, Dyballa points to the transition to so-called agent-based AI systems. These do not operate in isolation but access enterprise software, databases, and existing workflows. Software will not be replaced as a result, but will become the operating system for AI agents.

Why Data Is Becoming a Decisive Competitive Advantage

This trend is particularly evident in the example of the German software manufacturer Nemetschek. The company sells software for highly specialized applications in the fields of architecture, structural engineering, physics, construction management, and building management. Many investors fear that AI will eventually generate construction plans and 3D models at the push of a button, thereby rendering specialized software obsolete.

However, analysts at Deutsche Bank and JPMorgan consider this assessment too pessimistic. They cite three key reasons.

- First, with platforms such as Allplan and Bluebeam, Nemetschek has proprietary CAD and BIM data built up over decades. AI is only as good as its training data. Open AI models cannot simply replace this sensitive industry data.

- Second, the company is already integrating AI into its own products, for example through the Bluebeam Max features or the acquisition of the AI planning tool mbue. Rather than being displaced, Nemetschek is using AI to make its own offerings more attractive.

- Third, liability and precision play a crucial role. In the construction industry, AI systems cannot afford to make mistakes. Incorrect structural analysis or design data can cost millions and endanger human lives. Nemetschek’s software therefore remains the authority that verifies AI-generated designs.

Investors Are Rediscovering Software Stocks

The first reactions are already evident on the stock market. Following recent statements by Nvidia CEO Huang, numerous software stocks rose significantly. “Investors are realizing that AI not only increases the demand for computing power but also gives rise to new generations of software,” says Dyballa.

Companies such as Adobe, SAP, and Nemetschek have recently benefited from this revaluation. There is another advantage: AI tools boost the productivity of software developers. According to the expert, this reduces development costs, brings innovations to market faster, and could increase profit margins—a combination that is often viewed positively by the stock market.

Despite new opportunities, the risks remain high

Nevertheless, caution is still warranted. AI-native startups are increasing competitive pressure, and established providers must consistently adapt their products to the new agent-driven world. “Those who miss this shift will lose market share,” warns Dyballa.

For investors, therefore, careful selection remains crucial. Especially in markets with high barriers to entry and where sensitive customer data is processed, established providers such as SAP, Microsoft, and Nemetschek are likely to maintain their strong positions for the time being.

Added to this are compliance, liability, and security requirements that limit the use of autonomous AI systems. If Denis Machuel and Jensen Huang are correct, the next phase of the AI revolution is therefore unlikely to take place solely in data centers, but rather primarily in the software that companies use every day.

https://www.t-online.de/finanzen/boersen-news/id_101356350/sap-adobe-nemetschek-stehen-software-aktien-vor-dem-comeback-.html

We have $NEM (+5,33%) made a purchase in our value portfolio.

In our view, the current sell-off is excessive. We believe the barriers to market entry for competitors are relatively high. Therefore, we now see an exciting opportunity to invest in the company. However, it is, of course, completely unclear how significant the impact of AI will be.

You can also find the detailed analysis on our YouTube channel:

https://youtu.be/kar7SnNCaUc?is=Fj_DmbsB4eMECsY5

Okay, today a little "shitposting" (or as the Germans would say: shitposting).

But you really have to realize how bad the German stock market is actually doing. I really think it's my biggest rookie mistake as an individual stock investor that I bought into this nonsense about "global diversification" and "broad diversification" in the first place.

There are simply countries that are un-diversifiable on average, and unfortunately these include not only various emerging markets but increasingly also some European nations.

And this is actually structural. Topics such as "small caps" and "hidden champions" in particular can now be flushed down the toilet because politicians ... let's say ... create suboptimal economic conditions in Europe.

What we are seeing here is not exclusively due to poor stock picking, but is also indicative of how badly the German stock market as a whole is doing. You can look at the ETX index $DEAM (+0,66%) index and see that the MDAX (which still forms the backbone of the German economy) has not generated any returns at all over a five-year period.

Does anyone remember that a few years ago it was always said that Germany didn't have any great global corporations in the IT sector, but that German SMEs with their technology leaders and highly specialized niche providers would make up for everything? What's left of that? Fiddlesticks! Whether $RAA (+1,92%) or $NEM (+5,33%) or $AFX (+1,17%) or $SRT (-2,3%) or $BC8 (+3,2%) - many German beacons of hope, especially in future markets, have failed and all at the same time. Let's not even start with BionTech this time.

Meanwhile, the DAX is increasingly becoming a "pensioners' get-together" of companies, some of which are 100 to 150 years old and fill the index with their spin-offs. Thus $FRE (+2,48%) Fresenius is represented twice, $MBG (+0,73%) Mercedes is represented twice and $SIE (+1,02%) Siemens is even represented four times. These three companies alone fill eight places in the DAX, while success stories from the rise of a company from an SME to a group like Qiagen are almost non-existent. And in the case of Qiagen, too, we will first have to see whether the company can hold its own in the "Bundesliga" in the long term.

To be honest, the fact that the DAX is still doing relatively well is only due to the success of a few companies and their size advantage, which allows them to lobby at both federal and European level. However, the weaker Germany becomes, the less it will be possible in the long term for finance ministers to use their room for maneuver to the benefit of corporations or for foreign ministers to lobby for international trade agreements.

Unfortunately, things don't look very good in the rest of Europe either. However, the level of economic decline here is not that high anyway. Many European countries have never defined themselves as "economic nations" anyway, but see themselves as cultural nations. But here, too, you can take a look at what has become of the pearls of the European stock markets. The top 10 in Europe are now full of British and Swiss companies, while the heavyweights from Germany and France are losing more and more ground. Yes, Siemens is holding its own, but the German flagship industry used to be car manufacturing. And the only 5-star company in the EU is ASML.

I've now written much more than I wanted to for a fun post and don't even know what point I wanted to make.

I don't know, don't buy so many dubious individual stocks from dubious countries just because you want to diversify. Only buy the best stocks and if you can't think of anything else, put the rest in the S&P 500.

Transportation

Utilities

Social affairs

Digital

Future needs until 2040

Private Markets Infrastructure

Modernization

Infrastructure programs

Link: https://shorturl.at/maYS2

$IFX (-3,16%)
$NDA (+0,85%)
$ENR (-0,29%)
$SIE (+1,02%)
$DEZ (+1,09%)
$TKA (+1,8%)
$CBK (+0,81%)
$NKT (-0,67%)
$DHL (+0,96%)
$NEM (+5,33%)
$BZU (-1,95%)
$DBK (+1,2%)
$SPIE (-0,37%)
$ELI (-0,72%)
$GBF (-4,06%)

$NEM (+5,33%)

After heavy losses Nemetschek has made an impressive comeback. Is this the start of a sustained recovery? How should the takeover of HCSS be assessed?

What's behind Nemetschek

Nemetschek is one of the world's leading providers of software for the construction and real estate industry. Around six million users worldwide work daily with solutions from the portfolio of the company's 16 brands.

The business model follows a compelling logic: anyone who designs, builds or operates a building needs software. And Nemetschek supplies it for each of these steps. The company is divided into four segments: Design, Build, Manage and Media.

In the Design segment, everything revolves around planning and architecture. Here Nemetschek offers software under the brands Allplan, Graphisoft and dRofus in particular in the area of Building Information Modeling (BIM), which architects, engineers and planning offices use to model and coordinate buildings in three dimensions.

This area accounted for 45% of the Group's business in the last financial year.

The Build segment (Build & Construct) focuses on the construction process itself. The solutions support construction companies in project management, collaboration on the construction site, document management and mobile and cloud-based applications.

The Bluebeam brand is the flagship here - a collaborative tool that is used on construction sites worldwide to check, comment on and approve plans.

This segment accounted for 40% of the Group's business in the last financial year.

A further 10 % was generated in the Media segment and 4 % in the Manage segment. However, the acquisition of HCSS will increase sales in the Build segment by around half, further reducing the weight of the two smallest Group divisions.

The Design and Build segments account for the majority of the Group's business.

Acquisition of HCSS calculated

The takeover of HCSS has been the dominant topic of late. At first glance, the valuation of HCSS might seem exaggerated, but in the end Nemetschek is putting comparatively little money on the table.

Nemetschek is taking over the debts of HCSS amounting to 450 million euros and will receive a new subsidiary in return, which will be integrated into the Build & Construct segment. In return, the previous owner, Thoma Bravo, joins Nemetschek and receives 28% of the Build & Construct segment.

The Build & Construct segment of the Nemetschek Group and HCSS have comparable and attractive growth and profitability profiles.

Last year, Nemetschek's Build & Construct segment generated sales of EUR 476 million and HCSS USD 215 million.

If the turnover is put in proportion, this corresponds exactly to the split of the deal of 72% and 28%.

The deal is fair for both sides. For Nemetschek and the new subsidiary, it opens up new growth paths, access to new customers and much more.

Outlook and valuation

The update on the first quarter of the current financial year is expected to be presented on April 30. We will then know for sure whether the positive trends have continued, which is to be expected.

In the last financial year, turnover increased by 23% to EUR 1.19 billion. Almost the entire business is now based on recurring income and is therefore easy to plan.

At the same time, profitability has improved, with the EBIT margin rising from 23.5% to 25%.

Profit climbed by 25% to EUR 217.2 million, or from EUR 1.52 to EUR 1.88 per share.

Free cash flow increased by 33% to 389.5 million euros.

Net debt was reduced from 294.6 to 107.5 million euros. Nemetschek was almost debt-free before the takeover of HCSS and should therefore be able to afford the deal without any problems.

Prior to the acquisition, revenue growth of 14-15% and an increase in the EBITDA margin from 31.2% to 32-33% were forecast for 2026.

This is in line with the consensus estimates, which predict a 24% jump in earnings to EUR 2.32 per share for 2026.

This puts Nemetschek at a P/E ratio of 28.4, compared to a long-term average of over 40. The same applies to the last few years

Nemetschek share: Chart from 17.04.2026, price: EUR 66.50 - abbreviation: NEM | Source: TWS

Nemetschek has recorded significant price losses and lost half of its value. However, the overall chart picture remains bullish, as the long-term upward trend is intact.

If a sustained rise above 66 euros is now achieved, this could trigger a recovery towards 70 or 74 euros. Above this level, there would be a procyclical Kaufsignal.

If, on the other hand, the share falls below EUR 57 at the end of the week, further losses towards EUR 45 must be expected.

Source

https://www.lynxbroker.de/boerse/boerse-kurse/aktien/nemetschek-aktie/nemetschek-analyse/?a=3355991664&utm_medium=email&utm_source=newsletter&utm_campaign=newsletter-boersenblick&newsletter=true&mc-rss-cache-bypass=2026042006&goal=0_d93daae099-5d1ecd60d8-410756260#nemetschek-dreht-fast-wie-von-geisterhand-direkt-am-aufwartstrend

The construction industry is a fascinating area for us investors. It is one of the least digitized sectors in the world. This is precisely where Nemetschek $NEM (+5,33%) comes in. As a private investor, I look for companies that solve a real problem and become almost indispensable in the process. Nemetschek is one such candidate: their software covers the entire life cycle of a building - from the initial design to demolition.

What sets Nemetschek apart from many of its US competitors is its holding structure. Instead of squeezing everything into a single software package, they allow their brands such as Graphisoft, Allplan and Bluebeam to operate as independent companies.

At the heart of this is the Design segment, which contributed an impressive 46% of total sales in 2025. Here, architects use tools such as Archicad for building information modeling (BIM) to plan buildings digitally in advance.

In the Build segment, things get practical. This involves the digitalization of the construction site itself. With the massive takeover of GoCanvas in 2024, Nemetschek has ignited a turbo here to close the gap between the planners in the office and the craftsmen on site.

Added to this are the Manage segment, which deals with the efficient operation of buildings, and Media, in which the Maxon brand creates photorealistic visualizations with Cinema 4D. This diversity makes the model very resilient in my eyes.

But who is in charge?

There is a clear vision and a strong family behind the company. Control is firmly in the hands of the founding family.

Professor Georg Nemetschek holds around 38.9% through his foundations, the Nemetschek Foundation a further 4%, his sons 5.4% and he himself directly holds 2.7%. This means that over 50% of the shares are in firm hands, while the free float is 49%. This is a double-edged sword for us shareholders. It offers enormous stability for long-term decisions, but limits the influence of external investors.

Yves Padrines, who recently extended his contract until the end of 2028, is in charge of the operating business as CEO. He has massively trimmed the Group towards the subscription model (SaaS). He is supported by CFO Louise Öfverström and newcomer Usman Shuja, who heads the important Build division as CDO. I see the fact that the contracts of the core team have been extended on a long-term basis as a very positive signal for continuity.

Why Nemetschek is so hard to beat!

Why don't customers simply switch to Autodesk or Bentley? Because the switching costs are extremely high. If an architecture firm has set up all its processes on Archicad or Vectorworks, switching costs not only software licenses, but months of retraining and loss of productivity. This is a "sticky" business, which is reflected in extremely high customer loyalty.

Another ace up our sleeve is the "OPEN BIM" strategy. While others try to lock customers into their closed system, Nemetschek relies on open standards #ai. This makes them a favorite in large, complex projects where different companies with different software need to work together.

The bare figures

In financial terms, Nemetschek reached a real milestone in 2025: the revenue mark of one billion euros was broken for the first time. Specifically, revenue rose to EUR 1,191.2 million, which corresponds to a currency-adjusted increase of a whopping 22.6% compared to the previous year's EUR 995.6 million.

What is particularly impressive for me as an investor is that the proportion of recurring sales is 92%. This is almost like an insurance policy for future income. Despite the high investments and the acquisition of GoCanvas, the EBITDA margin is a strong 31.2%. So Nemetschek is managing to grow profitably while completely converting their business model to subscriptions.

Where are the dangers?

No analysis without warnings. Firstly, the valuation. Nemetschek is almost always expensive. A P/E ratio of 40 to 50 is an announcement. Nothing can go wrong operationally, otherwise the share price will quickly plummet, as we saw at the beginning of 2026 when it temporarily fell below €73.

Secondly: the US competition. Autodesk is a giant with much deeper pockets. Thirdly, the M&A risk. Nemetschek is growing strongly through acquisitions. If they make a mistake with a billion-euro takeover like GoCanvas or if the integration doesn't work out, it could wreak havoc on margins.

My verdict

If you have a time horizon of 5 to 10 years: Yes. The company is not a "gamble", but a quality stock. Experts expect that net profit could more than triple to over 11 billion euros by 2032.

If profits triple, the share definitely has the potential to multiply, even if the valuation (the P/E ratio) should fall somewhat. Personally, I see Nemetschek as one of the strongest tech stocks in Europe. In my view, the recent price setback at the beginning of 2026 was more a correction of the overvaluation than a problem with the business model. If you can pick up the share at prices of around €70 to €80, you are buying into a highly profitable company with a deep moat. It is a marathon investment in the digitalization of the world we live in.

Edit: for those who want to read more https://blog.aktien.guide/nemetschek-aktienanalyse

Now that I have spent a few days $NEM (+5,33%) for a few days and have been thinking about the share for a while, I have now taken the step of making an initial investment with a small position of 1 share. I will continue to save with a savings plan. In my personal opinion, the stock somehow fits into my overall concept as a "growth jocker". In terms of the size of the investment, I haven't really hurt myself now either... The necessary funds have now come from the silver ETC $SSLV (+0,89%) which somehow doesn't really know where it wants to go at the moment...

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- UBS raises its price target for NVIDIA from USD 150 to USD 185. Buy. $NVDA (-0,93%)

- METZLER raises the price target for MUNICH RE from EUR 535 to EUR 543. Buy. $MUV2 (+0,73%)

- GOLDMAN lowers the target price for NOVO NORDISK from DKK 1040 to DKK 1025. Buy. $NOVO B (+0,9%)

- GOLDMAN upgrades MTU from Neutral to Buy and raises target price from EUR 276 to EUR 400. $MTX (+1,56%)

- GOLDMAN upgrades BASF from Neutral to Buy and raises target price from EUR 45 to EUR 53. $BAS (-0,26%)

- DEUTSCHE BANK RESEARCH raises the price target for FRESENIUS SE from EUR 42 to EUR 44. Buy. $FRE (+2,48%)

- DEUTSCHE BANK RESEARCH raises the price target for EMBRACER from SEK 24 to SEK 28. Hold. $TH9A

- DEUTSCHE BANK RESEARCH raises the price target for AMADEUS IT from EUR 62 to EUR 65. Hold. $AMS (+2,73%)

- DEUTSCHE BANK RESEARCH raises the price target for NEMETSCHEK from EUR 85 to EUR 100. Hold. $NEM (+5,33%)

- WARBURG RESEARCH raises the price target for DÜRR from EUR 32 to EUR 33. Buy. $DURYY (-0,63%)

- HAUCK AUFHÄUSER IB upgrades CANCOM from Hold to Buy. Target price EUR 32. $COK (+3,24%)

- ODDO BHF upgrades GENERALI to Neutral. Target price EUR 26.10. $G (+0,32%)

- METZLER raises the price target for HEIDELBERG MATERIALS from EUR 131 to EUR 138. Buy. $HEI (+0,54%)

- BERENBERG raises the price target for FLATEXDEGIRO from EUR 16 to EUR 18. Buy. $FTK (+0,8%)

- BERENBERG raises the price target for FREENET from EUR 29 to EUR 32. Buy. $FNTN (+0,78%)

- JPMORGAN raises the target price for HEIDELBERG MATERIALS from EUR 108 to EUR 149. Overweight. $HEI (+0,54%)

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- UBS lowers the price target for MUNICH RE from EUR 560 to EUR 540. Buy. $MUV2 (+0,73%)

- ODDO BHF downgrades MODERNA to Outperform. Target price USD 86. $MRNA (-4,67%)

- UBS downgrades VALE from Buy to Neutral and lowers target price from USD 14 to USD 11.50. $VALE (+0,19%)

- DZ BANK lowers target price for DEUTZ from EUR 6.80 to EUR 5.80. Buy. $DEZ (+1,09%)

- DZ BANK lowers the price target for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (+3,2%)

- BERENBERG lowers the target price for ESTEE LAUDER from USD 87 to USD 76. Hold. $EL (+0,53%)

- RBC lowers the target price for ASOS from GBP 4.60 to GBP 4. Sector Perform. $ASC (+0,06%)

- RBC lowers the price target for EVOTEC from EUR 12 to EUR 11.60. Outperform. $EVT (-0,58%)

- RBC lowers the price target for VESTAS from DKK 222 to DKK 156. Outperform. $VWS (-1,61%)

- BERENBERG lowers the price target for SUSS MICROTEC from EUR 80 to EUR 75. Buy. $SMHN (-2,8%)

- JEFFERIES downgrades NEL from Hold to Underperform and lowers target price from NOK 5.50 to NOK 3. $NEL (-2,97%)

- RBC lowers the price target for BMW from EUR 81 to EUR 80. Sector Perform. $BMW (-0,33%)

- JEFFERIES lowers the price target for KNAUS TABBERT from EUR 26 to EUR 20. Hold. $KTA (-1,86%)

Analsyst updates, 08.11.

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- GOLDMAN upgrades BIONTECH from Neutral to Buy and raises price target from USD 90 to USD 137. $BNTX (-2,9%)

- BOFA raises target price for UNDER ARMOUR from USD 9 to USD 13. Neutral. $UAA (+4,3%)

- DEUTSCHE BANK RESEARCH raises the price target for DELIVERY HERO from EUR 29 to EUR 35. Hold. $DHE

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS from EUR 197 to EUR 200. Buy. $SIE (+1,02%)

- JEFFERIES raises the price target for HOCHTIEF from EUR 135 to EUR 138. Buy. $HOT (+0,11%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS HEALTHINEERS from EUR 60 to EUR 62. Buy. $SHL (+3,11%)

- DEUTSCHE BANK RESEARCH raises the price target for NORDEX from EUR 18 to EUR 19. Buy. $NDX1 (-1,16%)

- DEUTSCHE BANK RESEARCH raises the price target for RATIONAL from 832 EUR to 841 EUR. Hold. $RAA (+1,92%)

- DEUTSCHE BANK RESEARCH raises the target price for AXA from 37 EUR to 39 EUR. Buy. $CS (+0,3%)

- WARBURG RESEARCH raises the price target for BASTEI LÜBBE from EUR 11.70 to EUR 12.20. Buy. $BST (-1,81%)

- DEUTSCHE BANK RESEARCH raises the price target for ARCELORMITTAL from EUR 28 to EUR 29. Buy. $MT (+1,4%)

- DZ BANK raises the price target for SWISS RE from CHF 130 to CHF 140. Buy. $SREN (+1,73%)

- ODDO BHF raises the price target for HEIDELBERG MATERIALS from EUR 99 to EUR 110. Neutral. $HEI (+0,54%)

- KEPLER CHEUVREUX raises the price target for DAIMLER TRUCK from EUR 35 to EUR 41. Hold. $DTG (-0,25%)

- KEPLER CHEUVREUX upgrades REDCARE PHARMACY from Reduce to Hold. $RDC (+0,38%)

- ODDO BHF raises the price target for HENKEL from EUR 67 to EUR 73. Neutral. $HEN (+0,29%)

- ODDO BHF raises the price target for FREENET from EUR 27 to EUR 28. Neutral. $FNTN (+0,78%)

- BARCLAYS raises the target price for ABOUT YOU from EUR 3.10 to EUR 3.40. Underweight. $YOU

- BARCLAYS raises the target price for NEMETSCHEK from EUR 108 to EUR 125. Overweight. $NEM (+5,33%)

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- BOFA lowers the price target for PINTEREST from USD 45 to USD 39. Buy. $PINS (+1,04%)

- WARBURG RESEARCH lowers the price target for DAIMLER TRUCK from EUR 56 to EUR 55. Buy. $DTG (-0,25%)

- UBS lowers the price target for JCDECAUX from EUR 21.60 to EUR 18.50. Neutral. $DEC (+0,37%)

- WARBURG RESEARCH lowers the price target for ADTRAN HOLDING from EUR 9.70 to EUR 9.30. Buy. $ADTN (-2,78%)

- ODDO BHF lowers the price target for NORDEX from EUR 18 to EUR 17. Outperform. $NDX1 (-1,16%)

- BARCLAYS lowers the target price for VESTAS from DKK 99 to DKK 80. Underweight. $VWS (-1,61%)

- KEPLER CHEUVREUX lowers the price target for FRAPORT from EUR 62 to EUR 59. Buy. $FRA (+1,15%)

- BARCLAYS lowers the target price for GSK from GBP 15.50 to GBP 14.50. Equal-Weight. $GSK

- BERENBERG lowers the price target for COMPUGROUP from EUR 23 to EUR 21. Buy. $COP (-0,09%)

- BERENBERG lowers the price target for JUNGHEINRICH from EUR 41 to EUR 39. Buy. $JUN3 (+0,94%)

- JEFFERIES lowers the target price for SUSS MICROTEC from EUR 87 to EUR 75. Buy. $SMHN (-2,8%)

Summary Earnings, 07.11.

$MUV2 (+0,73%)
| Munich Re Q3 24 Earnings

EPS EU7.02 (est EU6.67)

Sees FY Insurance Rev. About EU61B, Saw About EU59B

Sees FY Profit Above EU5B, Saw EU5B

$RHM (+1,35%) | Rheinmetall AG Q3 24 Earnings

Sales EU2.45B (est EU2.42B)

Still Sees FY Sales About EU10B (est EU9.99B)

Sees FY Operating Margin At Upper End Of Guidance

Nissan Motor Q2 2024 Earnings $7201 (-1,85%)

Q2 Operating Income 31.91B Yen (est 65.25B Yen)

Q2 Net Loss 9.34B Yen (est Profit 49.07B Yen)

Sees FY Oper Income 150.00B Yen, Saw 500.00B Yen

To Cut 9,000 Jobs Globally

To Reduce Global Production Capacity By 20%

To Sell Back Up To 10.02% Of Mitsubishi Motors Shares

Air France KLM Q3 24 Earnings $AF

EBITDA EU1.90B (est EU1.9B)

Rev EU8.98B (est EU8.88B)

Net Income EU780M (est EU874.3M)

Sees FY Capex EU3B, Saw Below EU3B

$TEF (-0,88%) | Telefonica Q3 24 Earnings

REV. EU10.02B (est EU10B)

Adj. EBITDA EU3.26B (est EU3.26B)

Net Income EU10M (est EU357M)

To Book €314 Million Non-Cash Impairment For Peru

ArcelorMittal Q3 24 Earnings: $MT (+1,4%)

- Sales $15.20B (est $15.23B)

- EBITDA $1.58B (est $1.47B)

- Still Sees FY CAPEX $4.5B To $5.0B

- Markets Conditions Are 'Unsustainable'

- Positive On Medium/Long Term Outlook

Daimler Truck Holdings Q3 24 Earnings: $DTG (-0,25%)

- Rev EU13.14B (est EU12.98B)

- Adj EBIT EU1.19B (est EU1.13B)

- Still Sees FY Rev EU53B To EU55B (est EU53.45B)

Adyen disappoints with lower than expected sales growth and loses 13% on the stock market. $ADYEN (-0,89%)

Lanxess-shares rise by 4.4% to 26.80 euros after a positive quarterly report, having previously fallen by 13%. The operating margin exceeds expectations, although prices weaken. $LXS (+0,36%)

National Grid increased its adjusted operating profit by 14% to 2 billion pounds in the first half of the financial year and expects an increase of around 10% for the year as a whole. Higher fees in New York and higher revenues in the UK are supporting growth. $NG. (-0,07%)

AMS-Osram increased its profitability in the third quarter despite a decline in sales, but expects business development to be subdued in the fourth quarter and early 2025. To ensure profitability, the company plans further cost reductions of 225 million euros by the end of 2026. $AMS

Suess Microtec is more optimistic after a strong third quarter and now expects to achieve its annual targets in the upper half of the forecast range. Sales are expected to reach 380 to 410 million euros, with an EBIT margin of 14 to 16 percent. $SMHN (-2,8%)

The investment company Mutares slips into the red operationally in the third quarter with an adjusted EBITDA loss of EUR 16.5 million. However, sales increased by 14% to 3.9 billion euros. $MUX (+0,09%)

Delivery Hero expects a free cash flow of EUR 50 to 100 million for 2024 and anticipates GMV growth at the upper end of the forecast of 7 to 9 percent. However, the Group expects adjusted EBITDA to be at the lower end of the range of EUR 725 to 775 million. $DHE

Deutz recorded an 80% drop in profits to EUR 7.2 million in the third quarter and slipped into the red with a bottom line of EUR 2 million. Turnover falls by 14.9% to 430.4 million euros due to a slump in demand. $DEZ (+1,09%)

Compugroup Medical records a decline in EBITDA in the third quarter

EBITDA fell by 12% to 54.9 million euros in the third quarter, but slightly exceeded

analysts' expectations slightly. Turnover falls by 1% to 283.4 million euros

euros, and the company confirms its reduced forecast for 2024. $COP (-0,09%)

Alzchem reports a jump in profits for the first nine months with

a 36% increase in EBITDA to EUR 76.8 million and increases the EBITDA margin to

EBITDA margin to 18.5 %. The Group is sticking to its profit target for 2024

but is aiming for the lower end of the sales forecast due to the discontinuation of low-margin

the lower end of the sales forecast. $ACT (+0,48%)

Nordex is raising its forecast for the EBITDA margin for 2024 and

now expects it to be closer to the upper end of the range of three to four

percent. In the first nine months of the year, the company recorded

an increase in revenue of 14 percent to EUR 5.1 billion and an improved

improved EBITDA margin of 3.7 percent. $NDX1 (-1,16%)

Nemetschek recorded an increase in revenue in the third quarter thanks to the

thanks to the GoCanvas acquisition, Nemetschek recorded a 15.1% increase in revenues to 253 million euros,

however, earnings remained slightly below expectations. The

The operating costs of the acquisition put pressure on profits, so that EBITDA

increases by 6.7 %. $NEM (+5,33%)

Rational increases earnings before interest and taxes in the third quarter

taxes by 18% to just under 78 million euros, exceeding analysts'

analysts' expectations, while sales revenues grew by 8% to 294 million

euros. The company confirms its forecast for the year. $RAA (+1,92%)