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...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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