Investing in Europe #62
Company news and results
Nemetschek, the German company that develops software for architects, engineers and the construction industry, increased currency-adjusted revenue by +15.6% in 2021. EBITDA margin expanded to 32.6%.
Outlook 2022:
The executive board therefore expects a revenue growth at constant exchange rates in the range of 12% to 14% for the Group in fiscal year 2022. The benefits of the stronger shift to subscription/SaaS models will additionally lead to a higher value generation and further accelerate the Group's growth in the coming years. The EBITDA margin is targeted to be between 32% and 33%.
The private equity company Partners Group grew AUM to USD 127 billion in 2021. Total revenues increased by 86% driven by performance fees.
We are confident in the long-term outlook for private markets, which we believe will grow to USD 30 trillion assets under management in the next decade. Private markets are, in our view, becoming the new 'traditional' asset class, offering tremendous investment opportunities for firms like ours. It will, however, be a market characterized by increased competition, growing regulatory scrutiny, and increasingly specialized market participants.
Next, the British retailer, updated its guidance (page 5):
Deals and IPO
Mecalux targets June for $3.3 billion Madrid IPO - sources - Reuters (link)
Olam delays food unit's London IPO, citing volatility, Ukraine - Nikkei Asia (link)
Other news
Commission outlines options to mitigate high energy prices with common gas purchases and minimum gas storage obligations (link)
The Commission is tabling a legislative proposal today, introducing a minimum 80% gas storage level obligation for next winter to ensure security of energy supply, rising to 90% for the following years.
The Commission stands ready to create a Task Force on common gas purchases at EU level. By pooling demand, the Task Force would facilitate and strengthen the EU's international outreach to suppliers to help secure well-priced imports ahead of next winter.