La High Tech, indicateur avancé de l’adoption de la V6 ? - ACHAT, OC 82€
La présentation de vendredi dernier sur l’industrie High Tech a une nouvelle fois conforté notre opinion quant aux perspectives MT/LT particulièrement favorables du groupe, notamment via son développement sur les industries de diversification (30% du CA). Surtout, cette présentation a mis en lumière le fait que (i) l’industrie High Tech constitue un indicateur avancé de l’adoption de la 3D Experience compte tenu de cycles d’innovation plus courts, et (ii) la convergence des sciences de la vie et de la mécatronique confère un avantage compétitif certain à Dassault Systèmes après l’acquisition d’Accerlys et le développement de sa marque Biovia. Reste désormais à retranscrire à CT ces perspectives favorables en accélération de la croissance des résultats. Après la déception du T3 sur les ventes de nouvelles licences, la publication T4 le 2 février doit permettre de rassurer sur ce point. Après la sous-performance récente (8,2pts en relatif depuis 3 mois) qui a permis d’effacer en grande partie sa prime face au secteur, nous réitérons notre opinion à ACHAT et notre objectif de 82€ (+17%).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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