Mensch & Maschine Software

DB: MUM

€472.1m market cap

€28.3 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.

Sector
TMT
Share price graph
Price performance
%
1m
3m
12m
Actual 2.2 11.9 24.7
Relative* 3.0 4.7 32.7
52-week high/low €30.7/€21.4
*% relative to local index
Key management
Adi Drotleff Chairman & CEO
Markus Pech CFO
Christoph Aschenbrenner COO