Mensch & Maschine Software


€563.9m market cap

€33.8 last close

Mensch und Maschine Software (M+M) sells proprietary and Autodesk CAD/CAM software. It reports across two business lines: M+M Software (28% of FY16 revenues) and VAR (72% of FY16 revenues). The company has operations in Europe, the US and Asia-Pacific.

Investment summary

Mensch und Maschine (M+M) reported strong revenue and profit growth in FY18. Its proprietary software business generated another year of growth and expanded operating margins above 23% for the first time. The VAR business saw a rebound in revenues (+17.5%) and, despite a lower gross margin, managed to grow its operating margin 1.6pp y-o-y. The recent increased investment in SOFiSTiK boosts the company’s construction software offering and adds high-margin proprietary software revenues.

Share price graph
Price performance
Actual (1.2) 22.0 40.2
Relative* (0.7) 14.9 51.8
52-week high/low €37.2/€21.5
*% relative to local index
Key management
Adi Drotleff Chairman & CEO
Markus Pech CFO
Christoph Aschenbrenner COO