DASSAULT SYSTÈMES NEUTRAL | EUR39 VS. EUR49 Industry tailwinds vs. potential economic headwinds
We reiterate our Neutral rating and cut our DCF-derived target price to EUR39 from EUR49 in order to reflect the risk of economic slowdown in coming quarters, following the Capital Markets Day held last week. Management refrained from raising its 2024 non-IFRS EPS target of EUR1.20, which reflects reluctance to take a more bullish stance on the outlook. Dassault Systèmes benefits from solid demand drivers related to sustainability and supply chain disruptions, while having to cope with the challenge of reaching its ambitious cloud subscription and 3DExperience revenue growth goals by 2025.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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