DASSAULT SYSTÈMES | SELL vs. NEUTRAL | EUR136 vs. EUR140 Expensive in the current context
We downgrade to Sell on valuation and lag on cloud growth engineTrends are improving, but still in decline for new licence sales
Battle for cost savings has been won, but no short-term upside
Industry 4.0 customer cases show ability to address the issues
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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