Dassault Systemes S.A.

Dassault Systemes provides software products & consulting services. Co.'s software applications allow businesses to digitally define, simulate products, the processes & resources required to manufacture, maintain & recycle them. Co. also provides services, principally to large customers. These services comprise mainly consulting services in methodology for design, deployment & support, training services & engineering services. Co.'s activities can be divided into two segments: the PLM market supports product development, production, maintenance & lifecycle management; & the Mainstream 3D market, which is primarily focused on product design.
  • TickerDSY
  • ISINFR0000130650
  • ExchangeEuronext Paris
  • SectorSoftware & Computer Services
  • CountryFrance
Expert Corporate Governance Service (ECGS)

Dassault Systèmes – AGM 26 May 2020

ITEMS 5 and 8: The CEO's 2020 compensation policy includes 3 major changes (inclusion of an ESG criterion in the bonus, extension of the measurement period for the performance shares criterion and communication of the objective of this criterion) which make this 2020 policy preferable to the previous policy. We therefore support Resolution 5. But this policy still allows excessive amounts to be awarded and does not respect our voting policy. Only the rejection of resolution 8 related to the remuneration report would force the board to present a revised remuneration policy to the general meetin...

Jehanne Leroy

Dassault Systèmes SE - Assemblée Générale du 26 mai 2020

RémunérationsCette année encore, Bernard Charlès est le dirigeant le mieux payé du CAC 40 puisqu'au titre de 2019, sa rémunération totale, selon la société et selon Proxinvest, s'élève à plus de 24,7 M€, soit 600% de la médiane du CAC 40 et 492% de la médiane du secteur Technology du MSCI Europe et 1 186 SMICs, ce qui dépasse très largement le plafond socialement responsable de 5 M€ (240 SMIC) établi par Proxinvest. La politique de rémunération 2020 du Directeur général comprend 3 changements majeurs (inclusion d’un critère ESG dans le bonus, allongement de la période de mesure de la performa...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Growth Over Value We continue to see coronavirus concerns as helping correct the excess bullish sentiment in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. • Major Indexes Holding Up Well. As mentioned above, breakdowns in major indexes are hard to come by. EM (MSCI EM), China (MSCI China), Europe (STOXX 600), MSCI ACWI, ACWI ex-US, and EAFE have all pulled back to their 50-day MAs, while Japan (TOPIX) appears to be finding support at its 100-day MA. With s...

Jérôme VINERIER

Short term view - DASSAULT SYSTEMES SA : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €103.40. The bearish trend would be challenged above €126.50.

Jérôme VINERIER

Analyse court terme - DASSAULT SYSTEMES SA : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 103,40 €. La tendance baissière serait remise en cause au-dessus de 126,50 €.

Jérôme VINERIER

Analyse court terme - DASSAULT SYSTEMES SA : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 103,40 €, puis 93,86 €. Le franchissement de 126,50 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - DASSAULT SYSTEMES SA : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €103.40, then €93.86. Passing €126.50 would question the continuation of the fall.

Gregory Ramirez

DASSAULT SYSTÈMES: Q1 2020 webcast and call feedback: a cost savings story for now | NEUTRAL | EUR128 vs. EUR124 (-6%)

DASSAULT SYSTÈMES - NEUTRAL | EUR128 vs. EUR124 (-6%) Q1 2020 webcast and call feedback: a cost savings story for now No significant pressure on recurring revenues Cost savings expected to account for 3.7% of sales in 2020 The coronavirus crisis puts Medidata and Biovia in the spotlight We raise our Fair Value to EUR128 and reiterate Neutral rating

Charles Lepetitpas ...
  • Nicolas David

Dassault Systemes : Good margin protection in a challenging environment

>Q1 2020 sales at the top end of the guidance range - Dassault Systèmes yesterday morning reported Q1 2020 sales of € 1.144bn, up +17% at cc, which is at the top end of the guidance range issued at the time of the warning on 1 April and 2% better than forecast. Licence sales fell by -20% at cc and on an organic basis (ODDO BHF: -25%), with a significant COVID-19 impact in Europe and Asia (despite a slight recovery at the end of the quarter). The automotive sector...

Matthieu Lavillunière ...
  • Maxime Dubreil
  • Thibault Morel

INVEST SECURITIES - DASSAULT SYSTEMES : Résistant en 2020, optimiste pour l'après covid-19 - ACHAT, OC 172€

Charles Lepetitpas ...
  • Nicolas David

Dassault Systèmes : Bonne protection des marges dans un environnement difficile

>CA T1 2020 en haut de la fourchette indicative - Dassault Systèmes a publié hier matin un CA T1 de 1 144 M€ en croissance de +17% à cc, un chiffre qui se situe en haut de la fourchette indicative communiquée lors du warning du 1er avril dernier et 2% au-dessus des attentes. Les ventes de licences sont en baisse de -20% à cc et org. (ODDO BHF : -25%), particulièrement pénalisée par le COVID-19 en Europe et en Asie (malgré une légère reprise en fin de trimestre). ...

Gregory Ramirez

DASSAULT SYSTÈMES: Q1 2020 results above expectations, updated FY20 guidance in line | NEUTRAL | EUR124

DASSAULT SYSTÈMES - NEUTRAL | EUR124 Q1 2020 results above expectations, updated FY20 guidance in line Final Q1 2020 results were above expectations Recurring revenues were at the top-end of initial guidance Updated FY20 guidance globally in line on non-IFRS EPS We expect a positive reaction in the short term

Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/24/2020

...

Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/04/2020

...

Alexandre Iatrides ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/02/2020

From its low point of 23 March, the Stoxx 600 has clawed back around 15%. Even so, we know that a recession is inevitable and that it will be unprecedented in its magnitude, for a duration that remains unknown and that the adjustment of earnings estimates has not run its course. In this context, it seems futile to think that we can have our cake (the current rise in share prices), eat it (the unprecedented support measures) and come back for second helpings (the expected rally once th...

Alexandre Iatrides ...
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Louis Boujard, CFA
  • Nicolas David
  • Philippe Ourpatian
  • Sylvain Goyon, CFA
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/04/2020

Depuis son point bas (23/03), le Stoxx 600 a progressé de 15% environ. Pour autant on sait que la récession est inévitable, qu’elle sera inédite dans son ampleur, inconnue dans sa durée et que l’ajustement des estimations de résultats n’est pas à son terme. Dans ce contexte il parait vain de penser que l’on puisse avoir simultanément le beurre (la progression présente des cours), l’argent du beurre (les mesures de soutien sans précédent) et la crémière (le rallye attendu post pic épid...

Charles Lepetitpas ...
  • Emira Sagaama
  • Emmanuel Matot
  • Jerôme Bodin
  • Matthias Desmarais
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/03/2020

The recent correction has opened up opportunities. We have calculated an impact of -5% on Q1 2020 EBIT from COVID-19. Above all, we think: i/ organic growth momentum will remain higher than the sector’s; ii/ the acquisitions model is intact; and iii/ the issue with the EBIT margin, which is still north of 15.5%, must not be overestimated. Buy rating maintained. Cf. equity report published last evening. - ...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Dassault Systèmes – AGM 26 May 2020

ITEMS 5 and 8: The CEO's 2020 compensation policy includes 3 major changes (inclusion of an ESG criterion in the bonus, extension of the measurement period for the performance shares criterion and communication of the objective of this criterion) which make this 2020 policy preferable to the previous policy. We therefore support Resolution 5. But this policy still allows excessive amounts to be awarded and does not respect our voting policy. Only the rejection of resolution 8 related to the remuneration report would force the board to present a revised remuneration policy to the general meetin...

Jehanne Leroy

Dassault Systèmes SE - Assemblée Générale du 26 mai 2020

RémunérationsCette année encore, Bernard Charlès est le dirigeant le mieux payé du CAC 40 puisqu'au titre de 2019, sa rémunération totale, selon la société et selon Proxinvest, s'élève à plus de 24,7 M€, soit 600% de la médiane du CAC 40 et 492% de la médiane du secteur Technology du MSCI Europe et 1 186 SMICs, ce qui dépasse très largement le plafond socialement responsable de 5 M€ (240 SMIC) établi par Proxinvest. La politique de rémunération 2020 du Directeur général comprend 3 changements majeurs (inclusion d’un critère ESG dans le bonus, allongement de la période de mesure de la performa...

Expert Corporate Governance Service (ECGS)

Dassault Systèmes - AGM 23 May 2019

Item 8: This year again, Bernard Charlès is among the most well paid French CEOs as, for 2018, his total remuneration according to the company amounts to €22.9 M, i.e. 489% of the CAC40 median and 501% of the Technology sector of the MSCI Europe. It represents 1,098 times the French minimum wage (SMIC) which considerably exceeds our 240 SMIC limit. We note that in 2018, the company also granted 300,000 performance shares to Mr Charlès in anticipation of 2019 in order to benefit from the legal regime of the authorization of the General Meeting of September 4, 2015 which was to expire on Novembe...

Jehanne Leroy

Dassault Systèmes - Assemblée Générale du 23 Mai 2019

Rémunérations Cette année encore, Bernard Charlès est le dirigeant le mieux payé puisqu'au titre de 2018, sa rémunération totale, selon la société, s'élève à près de 22,9 M€, soit 489% de la médiane du CAC 40 et 501% de la médiane du secteur Technology du MSCI Europe et 1 098 SMICs, ce qui dépasse très largement le plafond socialement responsable de 5 M€ (240 SMIC) établi par Proxinvest. Notons qu'en 2018, la société a procédé à une seconde attribution de 300 000 actions gratuites au titre de l'exercice 2019. La société indique avoir procédé à cette attribution par anticipation afin de pouv...

Dassault Systèmes – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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