DASSAULT SYSTÈMES: FY19 results and FY20 guidance globally in line; slow start expected in Q1 | NEUTRAL | EUR131
DASSAULT SYSTÈMES - NEUTRAL | EUR131FY19 results and FY20 guidance globally in line; slow start expected in Q1
FY19 results globally in line with expectations
Growth was driven by Medidata, acquired in late October
FY20 guidance is in line with our forecasts, but Q1 starts slowly
We expect a negative reaction and reiterate our Neutral rating
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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