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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener">Manycore Tech (68 HK)</a>, a leading spatial design software provider, has launched an HKEx IPO to raise US$156 million.</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/manycore-tech-68-hk-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:230492" rel="noopener">Manycore Tech (68 HK) IPO: The Investment Case</a></em></strong>.</li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is unattractive.</li>
</ul>



Manycore Tech (68 HK), a leading spatial design software provider, has launched an HKEx IPO to raise US$156 million.
I previously discussed the IPO in Manycore Tech (68 HK) IPO: The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is unattractive.


Manycore Tech (68 HK) IPO: Valuation Insights

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Nemetschek SE demonstrated robust performance in the financial year 2024, underlining its capacity to sustain growth and profitability amid challenging global economic conditions, particularly in the construction industry.</li><li>The company's transition towards a subscription and Software-as-a-Service (SaaS)-centric business model has proven instrumental in its strategic evolution, contributing significantly to recurring revenue growth.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Nemetschek SE demonstrated robust performance in the financial year 2024, underlining its capacity to sustain growth and profitability amid challenging global economic conditions, particularly in the construction industry.The company's transition towards a subscription and Software-as-a-Service (SaaS)-centric business model has proven instrumental in its strategic evolution, contributing significantly to recurring revenue growth.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Nemetschek Group: Initiation of Coverage- Game-Changing Subscriptions & Smart Tech Are Fueling Its Global Ascent!

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

<ul>
<li>Nemetschek has partnered with Google Cloud to embed AI into its AEC/O and media software, expand global market access through digital marketplaces, and promote sustainability in design and construction workflows.   </li>
<li>For Q1 2025, it reported better-than-expected revenue growth, though EBITDA was temporarily impacted by the insolvency of a payment service provider; underlying margins remain strong, and full-year guidance was reaffirmed.   </li>
<li>Nemetschek remains one of Europe’s fastest-growing software firms, driven by a successful transition to subscriptions, with strong visibility through 2027–2028.</li>
</ul>


Nemetschek has partnered with Google Cloud to embed AI into its AEC/O and media software, expand global market access through digital marketplaces, and promote sustainability in design and construction workflows.   
For Q1 2025, it reported better-than-expected revenue growth, though EBITDA was temporarily impacted by the insolvency of a payment service provider; underlying margins remain strong, and full-year guidance was reaffirmed.   
Nemetschek remains one of Europe’s fastest-growing software firms, driven by a successful transition to subscriptions, with strong visibility through 2027–2028.


Nemetschek (NEM GR): Strengthening the AI Roadmap with Google Cloud

<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

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%.


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)

Manycore Tech (68 HK) IPO: Valuation Insights

Manycore, a leading provider of spatial design software, has launched an HKEx IPO to raise US$156 million. In this note, I discuss the valuation.

Arun George

Nemetschek Group: Initiation of Coverage- Game-Changing Subscriptions & Smart Tech Are Fueling Its Global Ascent!

Nemetschek SE demonstrated robust performance in the financial year 2024, underlining its capacity to sustain growth and profitability amid...

Baptista Research

Nemetschek (NEM GR): Strengthening the AI Roadmap with Google Cloud

Nemetschek partners with Google Cloud to embed AI, reported strong revenue growth for Q1 2025 despite EBITDA impact, and remains a fast-growing...

Gregory Ramirez

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

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

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52-week Range

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Manycore Tech (68 HK) IPO: Valuation Insights

Manycore, a leading provider of spatial design software, has launched an HKEx IPO to raise US$156 million. In this note, I discuss the valuation.

Arun George

Nemetschek Group: Initiation of Coverage- Game-Changing Subscriptions & Smart Tech Are Fueling Its Global Ascent!

Nemetschek SE demonstrated robust performance in the financial year 2024, underlining its capacity to sustain growth and profitability amid...

Baptista Research

Nemetschek (NEM GR): Strengthening the AI Roadmap with Google Cloud

​Nemetschek partners with Google Cloud to embed AI, reported strong revenue growth for Q1 2025 despite EBITDA impact, and remains a fast-growing...

Gregory Ramirez

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

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

Nemetschek partners with Google Cloud to embed AI, reported strong revenue growth for Q1 2025 despite EBITDA impact, and remains a fast-growing...

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