Nemetschek at 52-Week Low: Robust Q1 and 2028 Building Mandate Contrast with Market Selloff
19.06.2026 - 19:34:40 | boerse-global.de
German building minister Verena Hubertz unveiled a 13-point plan on Friday that could fundamentally reshape the construction industry: from 2028, building permit applications must be submitted digitally, with paper versions permitted only in exceptional cases. For Nemetschek, the leading provider of building information modeling (BIM) software, the mandate represents an obvious structural tailwind. Yet the company’s shares continued to languish near their lowest level in a year.
On Friday, Nemetschek stock changed hands at €53.20 on Xetra, a hair’s breadth above a fresh 52-week low of €52.90. On Tradegate, the stock was quoted at €54.80, still close to the year’s trough of €53.40 touched on June 18. The 52-week high, reached at €138.60, now seems a distant memory: since January, the shares have shed 41%, and over the past twelve months the decline has widened to nearly 54%.
The selloff has been particularly stark against a rising market. On a 30-day view, Nemetschek has lost around 9%, while the MDAX and TecDAX – both indices in which the company is listed – gained more than 4% each. The stock’s 200-day moving average now lies roughly 34% above the current price, and the relative strength index (RSI) stands at 33, deep in oversold territory but without a clear reversal signal.
Should investors sell immediately? Or is it worth buying Nemetschek?
None of this reflects the operating performance. In the first quarter of 2026, Nemetschek reported currency-adjusted revenue growth of 17% to €313.1 million. EBITDA, also adjusted for currencies, rose nearly 30% to €98.4 million, lifting the EBITDA margin to 31.4%. Annualized recurring revenue surged 21% in constant currencies to around €1.19 billion, while subscription and SaaS revenue jumped 35% to €248.3 million. The Build segment led the way with a 30% revenue increase and an almost 49% EBITDA advance; within Design, SaaS revenue climbed 54.7%.
The management has reaffirmed its full-year guidance: organic revenue growth of 14% to 15% and an EBITDA margin of 32% to 33%, assuming no deterioration in the broader economic environment.
Analysts remain conspicuously bullish. Berenberg’s Nay Soe Naing, citing robust first-quarter results and a healthy order book, maintains a price target of €115 – more than double the current stock price. The median target among analysts following the company stands at €90.50, implying over 65% upside. mwb research rates the shares a Buy with a €95 target, and LBBW sees fair value at €91.00.
The glaring disconnect between market sentiment and fundamental strength has left investors waiting for a catalyst. The political push for digitalization could provide one, though it will take years to materialize. In the nearer term, Nemetschek is due to publish its half-year report on July 30. A confirmation of the strong subscription and SaaS momentum might at least slow the downward spiral – and give the market a reason to reconsider a stock that analysts say is trading at a fraction of its worth.
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