Vers un S2 solide malgré la prudence des guidances - ACHAT, OC 80 vs 78€
Une nouvelle fois, les résultats du trimestre écoulé ont nettement dépassé les guidances et les attentes. Une nouvelle fois, le management a délivré des guidances prudentes qui seront certainement battues au T3 2015. Nous relevons de +1,9%/+2,1%/+1,7% nos BNA 2015-17e qui se situent 4% au-dessus de la guidance 2015, ainsi que notre objectif de cours (80€ vs 78€ préc). Pour conclure, nous réitérons notre opinion à ACHAT pour un des rares éditeurs de logiciels européens en mesure d’afficher une croissance organique des ventes de nouvelles licences à 2 chiffres et qui devrait relancer sa croissance externe à CT, avec à la clé un impact relutif quasi-certain.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 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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