(new: shares turn into plus, background, DZ Bank, chart technology)

FRANKFURT (dpa-AFX) - Nemetschek 's performance in the second quarter did not disappoint investors in the long term on Monday. Shares in the construction software manufacturer had slumped by up to 4.6 percent in early trading before recovering peu à peu and turning positive. In the end, the shares rose by 1.2 percent to 66.24 euros, almost three times as much as the MDax index of mid-cap stocks.

Nemetschek had earned less than expected in view of the switch to software subscriptions. In addition to the shift to the subscription model, the Munich-based group also felt the effects of the sluggish economy in its construction software division, with sales in this business declining. Despite the poor economic situation, business with construction software and the still small area of media programs, which are used in video games and film and series productions, fared somewhat better.

Traders and analysts alike criticized the group's profitability in a difficult market environment. Expert Knut Woller of Baader Bank added that the company's growth had been in line with expectations. For expert Andreas Wolf of Warburg Research, the second quarter of the year had been marked, as expected, by the ongoing shift to the subscription model of the construction software specialist.

Analyst Armin Kremser from DZ Bank summarized that the changeover to subscription models at Nemetschek has so far proceeded in an orderly manner and is gradually taking shape. The bend in the sales dynamics and in the operating profit margin is tolerable and probably reached its lowest point in the second quarter of the year. However, the valuation remains the main drawback for the shares, which clearly dwarf those of the competitors at all levels.

The chart picture, which had been clouded in the meantime by the price slide, had brightened up again by the close of trading. Nemetschek shares are once again trading above the 21-day average line as an indicator of the short-term trend and have moved closer to the 50-day line. This describes the medium-term trend and has represented resistance for the shares since the end of June./la/he