Nemetschek (OTC: NEMTF) [ETR: NEM] has released its full Q3 financial figures on October 31. As expected, the figures were strong and largely in line with our expectations. Albeit strong financial figures, which we believe were anticipated by the market, stock price reaction was rather mixed. Following the results, the stock climbed to €51.70 (+10%) in intra-day trading while subsequently falling to as low as €44.98 (c. -4.3%) and closing at €45.91 or - 2.3%. We believe, such erratic stock movements, despite strong results, was the market realization that the confirmed guidance,