(Boursier.com) — After its surge yesterday, Dassault Systems gives back 2% to 37.75 euros, while analysts are redoing their accounts in the wake of the presentation of the 2022 accounts deemed robust. The software publisher reported an operating profit of 1.90 MdE (+ 14%) for a turnover (non IFRS) up 9% at constant exchange rates to 5.67 billion euros. The operating margin reached 33.4%, against 34.3% a year earlier. The group announced a plan at the start of 2022 to accelerate its investments during the year, in order to compensate for the weakness of hirings made during the pandemic. Dassault Systèmes having achieved its recruitment objectives, the group intends to capitalize on these investments in the years to come, said management.
Management is targeting diluted EPS of 0.27-0.28 euros in the first quarter and an operating margin of 30.7%-31.3%, with revenue growth at constant exchange rates of 7 to 9%.
If the publication of Q4 was considered reassuring, in particular on license sales, the 2023 objectives are cautious…
As for analysts, Jefferies maintained its ‘underperform’ rating with an adjusted target of 28 to 33 euros. JP Morgan remains ‘underweight’, but with a target price raised from 30 to 32 euros and Citi revalued the file from 38 to 40 euros while remaining ‘neutral’, while noting that the 2023 objectives showed a certain resilience , with revenues above estimates and margins broadly in line after adjusting for a weaker dollar… Invest Securities also took the opportunity to adjust the target from 35 to 38 euros while remaining ‘neutral’. As for Bryan Garnier, he reiterated his ‘neutral’ opinion following this publication “in line with his expectations and consensus”, but with a non-IFRS operating margin that came out at the bottom of the company’s guidance range. , due to an increase in wage costs linked to an acceleration in hiring. Despite pockets of relative weakness (Central Europe, China), performance remains solid overall.
Oddo BHF (‘outperformer’), for its part, revised its target price from 44 to 47 euros, explaining that the company exceeded expectations in terms of growth in the fourth quarter, and generally reassured on its growth prospects for 2023 Q1 guidance is robust for revenue, although the company expects licensing revenue to decline.
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