Dassault Systèmes: Q3 2018 analysts' meeting and conference call feedback: stable momentum
Dassault Systèmes: (NEUTRAL, Fair Value EUR112 (-10%))Q3 2018 analysts' meeting and conference call feedback: stable momentum
We reiterate our Neutral recommendation following the meeting and the conference call held yesterday. We are making virtually no change to our forecasts as the acquisitions of No Magic and Centric Software and solid Software revenues are partly offset by further headwinds in the Services activity. We remain cautious on valuation, while revenue momentum remains stable before a planned acceleration in 2019 thanks to Boeing, and Dassault Systèmes will accelerate growth investments over H2 2018.
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.
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