DASSAULT SYSTÈMES: Almost all lights are green | BUY | EUR213 VS. EUR208 (+9%)
DASSAULT SYSTÈMES - BUY | EUR213 VS. EUR208 (+9%)Almost all lights are green
We reiterate our Buy rating and have upped our target price to EUR213
Better-than-expected licence sales reflects capex preference for clients
Medidata is not the sole growth engine for cloud revenues
More cost savings in 2021 may lead to less margin progression in 2022
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.
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.
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