Mensch und Maschine Software SE (Ticker: MUM): Another Hidden Champion from Germany

A consistent and fast growing business with a highly profitable software segment, a robust balance sheet, and a founder with significant 'Skin in the Game'

Summary

• Consistent Growth: Steady growth in revenue and EPS with 10y-CAGR’s of 10% and 27%, respectively; DPS growth with a 5y-CAGR of 17.55%

• High Capital Efficiency: Growing operating profit margins with 14% in FY2022, and average 5y-ROIC of around 19% underscores managements ability in capital allocation

• Strong Balance Sheet and FCF: Low debt and high in…