NEMTF - Dassault Systèmes Offers Way Better Payoff Than Nemetschek
Nemetschek (OTC: NEMTF; [ETR: NEM]) and Dassault Systèmes (OTC: DASTY; [ETR: DSY]) are one of the closest peers in the European computer-aided design (aka "CAD") market. We view Nemetschek mainly as the growth company slightly shifting into the value category. Dassault Systèmes is a more mature (and bigger) counterpart of Nemetschek with a much more benign growth profile while giving more back to the shareholders via dividend payments and share buyback programs, suggesting more value-like qualities. We have looked at the underlying growth dynamics as well as the profitability of