Dassault Reports Decent 3Q, but New License Sales Weaker Than Expected; Shares Still Overvalued
Dassault Systemes’ third-quarter results were mostly in line with our expectations, although new licensing revenue growth was a little weaker than management’s forecast as a result of clients delaying their purchasing decisions. Our fair value estimate remains unchanged at EUR 63, and we reiterate our wide economic moat rating. Even with the stock pulling back on the quarter, we still think investors should wait for a larger margin of safety.From a macro standpoint, weakness in Latin America an...
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