Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>Nemetschek's share price has risen 17% since the FY 2024 pre-announcement, with management forecasting a 17-19% revenue increase for 2025, driven by growth in the Build division and Bluebeam subscriptions.  </li>
<li>It has made significant progress in its transition to subscriptions, with these accounting for 57% of revenue. This shift is expected to drive further growth, particularly in Design by 2027.   </li>
<li>Nemetschek is advancing towards becoming a software platform, with adoption of BIM and digital twins, alongside the integration of AI across its solutions to streamline workflows in AEC.</li>
</ul>


Nemetschek's share price has risen 17% since the FY 2024 pre-announcement, with management forecasting a 17-19% revenue increase for 2025, driven by growth in the Build division and Bluebeam subscriptions.  
It has made significant progress in its transition to subscriptions, with these accounting for 57% of revenue. This shift is expected to drive further growth, particularly in Design by 2027.   
Nemetschek is advancing towards becoming a software platform, with adoption of BIM and digital twins, alongside the integration of AI across its solutions to streamline workflows in AEC.


Nemetschek (NEM GR): Overdelivering on Promises

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. </li>
<li>$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.</li>
<li>DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. 
$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.
DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials


More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

<ul>
<li>Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.</li>
<li>As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.</li>
<li>The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases</li>
</ul>


Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.
As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.
The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases


Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> IE considers <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. </li>
<li>The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. </li>
<li>The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.</li>
</ul>


The Altium Ltd (ALU AU) IE considers Renesas Electronics (6723 JP)’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. 
The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. 
The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.


Korea Stock Exchange Kospi Index / Technical Analysis

<ul>
<li>Throughout 2024 we've discussed the theme of more global indexes/Sectors breaking out to new highs, the latest being the UK's FTSE 100, South Korea's KOSPI, and Norway's Oslo OBX.</li>
<li>This is classic bull market behavior. The long list of breakouts discussed throughout 2024 include the MSCI EM, ACWI, MSCI EAFE (in local currency), Israel, Germany, Sweden, France, and Ireland.</li>
<li>Another important thing to note is that none of these breakouts are failing; they all remain above their major breakout levels, a very bullish sign. We remain bullish.</li>
</ul>


Throughout 2024 we've discussed the theme of more global indexes/Sectors breaking out to new highs, the latest being the UK's FTSE 100, South Korea's KOSPI, and Norway's Oslo OBX.
This is classic bull market behavior. The long list of breakouts discussed throughout 2024 include the MSCI EM, ACWI, MSCI EAFE (in local currency), Israel, Germany, Sweden, France, and Ireland.
Another important thing to note is that none of these breakouts are failing; they all remain above their major breakout levels, a very bullish sign. We remain bullish.


More Countries Breaking Out; Bullish Outlook Intact; FTSE 100, KOSPI, and Oslo OBX Breaking Out

Germany

Nemetschek SE provides standard software for designing, constructing and managing buildings and real estate. The Company offers software which provides cost estimation, design, planning, account calculation, cost management, facilities management, document management and B2B e-commerce capabilities. Nemetschek distributes its products around the world.

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Nemetschek SE (NEM GR)

Nemetschek (NEM GR): Overdelivering on Promises

Nemetschek predicts 17-19% revenue rise in 2025. Transition to subscriptions expected to boost growth, aiming to become software platform with...

Gregory Ramirez

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

Buying Global Technology; $SPX and MSCI $ACWI Remain Above Base Supports at 5650-5670 and $117; Buying Taiwan Semiconductor $TSM $SE $SAP $GRAB...

Vermilion Research

Altium (ALU AU): Scheme Vote on 12 July

The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%...

Arun George

More Countries Breaking Out; Bullish Outlook Intact; FTSE 100, KOSPI, and Oslo OBX Breaking Out

Bullish Outlook Intact; More Countries Breaking Out, including UK's FTSE 100, South Korea's KOSPI, and Norway's Oslo OBX; Buys in global...

Vermilion Research

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52-week Range

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Nemetschek (NEM GR): Overdelivering on Promises

​Nemetschek predicts 17-19% revenue rise in 2025. Transition to subscriptions expected to boost growth, aiming to become software platform with...

Gregory Ramirez

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

Buying Global Technology; $SPX and MSCI $ACWI Remain Above Base Supports at 5650-5670 and $117; Buying Taiwan Semiconductor $TSM $SE $SAP $GRAB...

Vermilion Research

Altium (ALU AU): Scheme Vote on 12 July

The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%...

Arun George

More Countries Breaking Out; Bullish Outlook Intact; FTSE 100, KOSPI, and Oslo OBX Breaking Out

Bullish Outlook Intact; More Countries Breaking Out, including UK's FTSE 100, South Korea's KOSPI, and Norway's Oslo OBX; Buys in global...

Vermilion Research

Nemetschek predicts 17-19% revenue rise in 2025. Transition to subscriptions expected to boost growth, aiming to become software platform with...