Mensch und Maschine Software SE
Company Presentation Status April 19, 2024 / Q1 report 2024
Mensch und Maschine
© 2024
© 2024 Mensch und Maschine
Business model
- Leading developer of Technical Software Solutions
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CAD/CAM/CAE = Computer Aided Design / Manufacturing / Engineering
PDM/PLM = Product Data/Lifecycle Management / BIM = Building Information Modelling/Management - Founded 1984 - 40 years on the market // IPO 1997 - 27 years public // >1,100 employees
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CAD/CAM/CAE = Computer Aided Design / Manufacturing / Engineering
- Added Value well balanced over 2 Segments
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M+M Software: Proprietary Standard Software
CAD/CAM / BIM/Civil Engineering / Garden/Landscaping / CAE - Digitization*: Customized Software Solutions
Proprietary Added Value: Customer Projects / Training / Hotline etc.
Third-party software (Autodesk etc.): Leveraging M+M market share
(*previous segment name: VAR Business)
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M+M Software: Proprietary Standard Software
Sales | Gross profit | EBIT |
M+M | ||
Software | Digitize | Digitize |
M+M | M+M | |
Digitize | Software | |
Software | ||
Sustainable business development
© 2024 Mensch und Maschine
100
80
60
40
20
0
50
40
30
20
10
0
16
14
12
10
8
6
4
2
0
Sales 2022
Sales 2023
Sales 2024
Q1 Q2 Q3 Q4
Gross profit 2022
Gross profit 2023
Gross profit 2024
Q1 Q2 Q3 Q4
EBIT 2022
EBIT 2023
EBIT 2024
- Record sales 2023: EUR 322.31 mln / +0.5%
- 9YR average sales growth 2014-2023: +10% p.a.
- Sales 2023 pro forma without Autodesk Resale: approx. EUR 216 mln (PY: 209)
- Record gross profit 2023: EUR 168.53 mln / +4.6%
- 9YR growth 2014-2023: +9.5% p.a. / much more steadily than sales development
- Record EBIT 2023: EUR 46.83 mln / +10%
- EBIT margin 14.5% (PY: 13.3%) // without Autodesk Resale: approx. 22% (PY: 20%)
- EBIT growth 2014-2023: +24% p.a. / highly disproportionate to sales & gross profit
- Record net profit 2023: EUR 28.87 mln / +11% // EPS 172 Cents
- 9YR average net profit growth 2014-2023: +24.5% p.a.
- Record cash flows 2023: EUR 50.59 mln / +30% // CPS 302 Cents
- 9YR average Cashflow growth 2014-2023: +25% p.a.
- Record Dividend Proposal 2023: 165 Cents (PY: 140 / +18%)
- 9YR average Dividend growth 2014-2023: +26.4% p.a.
◼ Sales Q1/2024: EUR 100.87 mln / -2.1% | Q1/2024 |
- Record gross profit Q1/2024: EUR 50.18 mln / +6.6%
- Record EBIT Q1/2024: EUR 16.86 mln / +6.7%
- Record net Q1/2024 : EUR 10.62 mln / +8.2% // EPS 63 Cents (PY: 59)
- Record CF Q1/24: EUR 25.52 mln (PY: 24.59) // CPS 151 Cents (PY: 148)
350 | |||||||||
Cost of Autodesk Resale | Sales +10% p.a. | ||||||||
300 | Other cost of materials | ||||||||
Gross profit Digitization | |||||||||
250 | Gross profit Software |
200 | |
150 | |
100 | Gross profit +9.5% p.a. |
50 | |
0 | |
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 | |
50 | EBIT VAR |
45 | |
EBIT Software | |
40 | Net proft |
35 | Operating Cashflow |
EBIT +24% p.a. | |
30 | |
25 | |
20 | |
15 | |
10 | |
5 | |
0 | |
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 |
Q1 Q2 Q3 Q4
Sustainable business development: Outlook
Mensch und Maschine
Gross profit +9.5% p.a. / EBIT +24% p.a. - what's the trick?
- Very simple method: Opex increase 2014-2023 just +6.7% p.a.
- Opex development in the M+M Group is controlled continuously & locally (~100 profit centers) at ~2/3 relative to gross profit development
- Continuous profit gains through strict cost control management
- Working well even despite short-term dips in gross profit development
(2016/17: Gross profit +3.7% / EBIT +22% // 2YR 19/21: Gross profit +8.2% / EBIT +28%)
Sustainably profitable strategy - also for the future:
- Organic growth + cost discipline = economy of scale effect
Long-term growth target (organic):
- Profit doubling in 4-5 years: EPS >344 Cents by 2027/28
2024E/25E: EBIT/EPS target path still +17% p.a. on average
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2024E: Gross profit +8-12% to EUR 182-189 mln
EPS +10-20% to 189-206 Cents / Dividend +20-30 to 185-195 Cents - 2025E: EBIT/EPS +12-25% / Dividend +25-35 Cents
220 | |||||
200 | EBIT | ||||
Opex | |||||
180 | |||||||||
160 | Gross profit | ||||||||
+9.5% p.a. | |||||||||
140 | EBIT | ||||||||
+24% p.a. | |||||||||
120 | Opex | ||||||||
100 | +6.7% p.a. | ||||||||
80 | |||||||||
60 | |||||||||
40 | |||||||||
20 | |||||||||
0 | |||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 2024E2025E |
© 2024
© 2024 Mensch und Maschine
The M+M Portfolio: Various Digital Twins
CAM: Simulation/Optimization | BIM: All disciplines of a building in 3D, incl. | ||
of the entire machining | |||
masses, cost dimensions and timeline | |||
process in a "Virtual Machine" | |||
Manufacturing/CAE: PDM, plant or variant design/construction
BIM for Infrastructure: Connecting geo and land register data with other data sources to Digital City or Factory
CAD/CAM in practice (M+M Software)
- CAM - Computer Aided Manufacturing
- 100% Subsidiary Open Mind - Product line hyperMILL®
- High end: Average revenue approx. EUR 30,000 per seat
- Globally >10,000 customers with >20,000 CAM seats
Virtual Machine Simulation
Example: lightweight aircraft part
Up to 10x faster flat surface finishing
Up to 5x faster helical 5axis roughing
Precision machine tools' purchase prices are in the six or seven digit Euro range. hyperMILL® reduces milling times by up to 90% through intelligent machining strategies, pushing return on investment for these expensive machine tools to completely new dimensions.
© 2024 Mensch und Maschine
5x faster: Total milling time 2h05 instead of 10h30
CAD Software | CAM Software | Precision machine |
generating NC | tool with | |
(3D design) | ||
code for machine | NC control | |
BIM in practice (M+M Software)
◼ BIM / Civil Engineering: Structural Analysis & Reinforcement Software
- Subsidiary SOFiSTiK AG (est. 1987) / M+M share 51.4%
- Technology leader in bridge, geotech/tunnel and building construction
- Over 3,000 customers in more than 60 countries on all continents
- Impressing References - e.g. Sixth Street Viaduct in Los Angeles, USA (2022)
- Various special modules rounding up the software portfolio e.g.:
- Bridge + Infrastructure Modeler to design Bridges, Tunnels and other profile buildings like noise barriers
- CFD (Computational Fluid Dynamics) for wind analysis
- Seismic analysis of building safety in case of earthquakes etc.
© 2024 Mensch und Maschine
BIM in practice (M+M Software)
- Gardening / Landscaping / Earthworks for Architects and Implementers
- M+M Subsidiary DATAflor, Goettingen, Germany (est. 1982) / M+M share 67.2%
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Integrated software solutions not only containing graphical planning
but also calculation, tender, quoting, construction site controlling and billing - Three examples from the extensive functionality:
- Garden plan with planting suggestion and 'flowering calendar' across the seasons (left picture)
- Digital terrain model: Comfortable 3D design / Output to excavator control units (middle picture)
- GRUENSTUDIO 3D: Live experiencing the future garden e.g. via VR glasses (right picture)
© 2024 Mensch und Maschine
Digitization in practice
◼ Solutions for Manufacturing Customers with high savings potential, e.g.:
PDM/PLM: Connecting design | CAE for large plants: electrical, hydraulics, |
and commercial data, e.g. SAP | pneumatics as well as building services |
Fully automated variant design for profitable production from batch size 1
© 2024 Mensch und Maschine
Digitization in practice
◼ Architecture: BIM - Building Information Modelling / Management
BIM training series for all stakeholders in construction projects - from draftsperson to project manager. Since 2012 more than 10,000 participants have been trained/certified.
© 2024 Mensch und Maschine
Application/Countrification family adapting Autodesk Revit to local standards & needs
Planning / Model checking Calculation Module 2D/3D Quantity Take Off
Attachments
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Disclaimer
MUM - Mensch und Maschine Software SE published this content on 20 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 22:01:02 UTC.