Dassault Systèmes: Feedback from Capital Markets Day: the digital manufacturing challenge
Dassault Systèmes: (NEUTRAL, Fair Value EUR112 vs. EUR100 (-10%))Feedback from Capital Markets Day: the digital manufacturing challenge
We reiterate our Neutral rating but raise our DCF-derived fair value to EUR112 from EUR100 following the Capital Markets Day. We raise our mid-term lfl sales growth rate to +9% from +8% (+EUR7) and updated fx (+EUR2), and reduce our tax rate assumption to 27% from 30% (+EUR3). The goals set for 2023 look to be more realistic than those defined 4 years ago for 2019 as they are underpinned by lots of medium-term catalysts, yet the potential of the Marketplace is still challenging to evaluate.
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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