Nemetschek SE
The publisher of BIM software and modeling solutions is benefiting from the structural boom in digital real estate investments. The digitization of construction, process automation, and intelligent infrastructure management are supporting solid demand. The group benefits from its international exposure, with 40% of its revenue generated in US and 31% from Europe outside Germany, a geographic mix that cushions local economic cycles. In September 2025, Nemetschek signed an agreement to acquire Firmus AI, a specialist in artificial intelligence applied to pre-construction plans, through its subsidiary Bluebeam. This purchase demonstrates the group's commitment to strengthening its AI capabilities in the construction sector.
The fundamentals show a profitable growth profile. The stock has risen by approximately 90% over three years and 40% over five years. Its valuation is gradually becoming more attractive, with a PEG ratio falling from 2.0 in 2025 to 1.5 in 2026 and then 1.4 in 2027, reflecting an increasingly attractive growth/valuation ratio for investors.
The company has a robust financial trajectory. Debt stands at $136m in 2025, before becoming negative in 2026 and 2027 at -$136m and -$451m respectively. The group will therefore have more cash than debt, a particularly reassuring sign for shareholders and long-term investors.
For investors, Nemetschek stands out as a digital growth stock with high visibility, driven by structural trends in real estate and engineering.
Atoss Software SE
This specialist in work time management software continues to benefit from the digitization of human resources. With 80% of its revenue generated in Germany, the group relies on a very strong domestic market that is embracing SaaS solutions and HR process automation on a massive scale.
The stock's performance has been remarkable. The share price has risen 49% over three years and 75% over five years. The PEG is not very useful in 2025 due to a one-off decline in earnings to -€104m. It then returns to a consistent level of 2.6 in 2026 and 1.8 in 2027, reflecting a return to the typical earnings momentum for a high-margin SaaS company. Investors should note that the temporary decline in 2025 does not call into question the group's growth trajectory, and that the stock remains attractive for those seeking to capitalize on a profitable SaaS story over the long term.
The balance sheet is a strong point. Net debt is already negative in 2025 at -€109m and will strengthen to -€129m and then -€150m in 2026 and 2027. The generation of excess cash ensures a very comfortable investment and distribution capacity.
For investors, Atoss represents a profitable and defensive growth opportunity in software, rarely available at reasonable valuation levels over the long term.
SAP SE
The European leader in enterprise software solutions is accelerating its commercial momentum, driven by digital transformation projects in the cloud. The group benefits from a balanced global presence, with 32% of revenue coming from the US and 30% from Europe and Africa. This month, SAP announced a collaboration with Snowflake Inc. to offer an extension of its SAP Business Data Cloud platform, combining Snowflake data and SAP applications to enhance enterprise AI capabilities. This alliance demonstrates SAP's growing strength in the field of data and AI.
The stock has posted a strongperformance: up 90% over the past three years and up 108% over five years. The future growth profile is reflected in a PEG of 0 in 2025, followed by 2.2 in 2026 and 1.2 in 2027. This trend reflects a gradual normalization of earnings growth in line with large-scale cloud investments.
Financial strength is one of SAP's major assets. Net debt is largely negative, at -€4bn in 2025, -€10bn in 2026, and -€16bn in 2027. This cash surplus position strengthens the group's strategic leeway - both for innovation and for shareholder return programs.
For investors, SAP remains a key player in the global business software market, well suited to portfolios seeking profitable growth with a particularly well controlled risk profile.
