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IMAP Germany Digital Technology Report Q4 2022

We are pleased to release an update to the IT / Software Report for Q4 2022. The report provides insight and analysis on stock performance, valuation developments and M&A dynamics within the Software and IT Services sector.

This publication also includes a more detailed view on the universe of application software providers, which we segment into horizontal (CRM, ERP, Tele-/ Communications, and SCM/ Logistics) and vertical application software (Energy/ Mining, Finance/ Insurance, Healthcare, and Real Estate/ Construction).

In the last twelve months (LTM) 2022, all public companies we follow as sub-groups saw declining values, with the lowest loss being the vertical application software sub-group Energy/Mining with only -7%, and strongest declines of more than -40% being the sub-groups of CRM/Marketing, Tele-/Communications and SaaS business models. However, the adaptation of expectations to the new level of interest rates led to a slower decline/ partly increase in Q4 22. The IT service sub-group lost only -2% in Q4 22, whereas SaaS companies stabilized with a net 0%, and Infrastructure companies even saw a rise of +3%. Given the market capitalization weighting of the sub-groups, the sub-groups’ performances were in part strongly influenced by the performance of individual stocks contained therein. This development also underlined the performances of the indices we follow, where the MSCI World and the TECDAX gained 7% and 8% respectively in Q4 22, whereas the NASDAQ and our Cross segment index lost -3% and -14%.

M&A activity moved sideways in Europe with 131 deals compared to the previous quarter, but which was clearly below prior year’s Q4 with 216 deals. In Germany deal count increased on a Quarter-for-Quarter base up to 36 deals, which is c.10% less on a year-on-year comparison. Deal valuations increased slightly, up to 3.3x revenues and 15.9x EBITDA, which in part is also due to a lower number of disclosed valuations.

 

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