DASSAULT SYSTÈMES: Q1 2020 webcast and call feedback: a cost savings story for now | NEUTRAL | EUR128 vs. EUR124 (-6%)
DASSAULT SYSTÈMES - NEUTRAL | EUR128 vs. EUR124 (-6%)Q1 2020 webcast and call feedback: a cost savings story for now
No significant pressure on recurring revenues
Cost savings expected to account for 3.7% of sales in 2020
The coronavirus crisis puts Medidata and Biovia in the spotlight
We raise our Fair Value to EUR128 and reiterate 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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