Report
Gregory Ramirez

Dassault Systèmes: Acquisition of Centric Software in Fashion & Apparel

Dassault Systèmes: (NEUTRAL, Fair Value Fair Value EUR100 (-18%))
Acquisition of Centric Software in Fashion & Apparel
This morning Dassault Systèmes announced it would acquire a majority stake (between 58% and 69%, with an option to acquire 100% in 2020 and 2021 for up to 4-6x 2019 and 2020 sales) in Centric Software, a US-based PLM software vendor for Fashion & Apparel. According to our preliminary calculations, we estimate that Dassault Systèmes will pay for up to USD530m (c. EUR450m). We calculate this deal will be marginally dilutive to the op. margin and marginally accretive to EPS.
Underlying
Dassault Systemes SA

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.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Gregory Ramirez

Other Reports on these Companies
Other Reports from Bryan Garnier

ResearchPool Subscriptions

Get the most out of your insights

Get in touch