Dassault Systèmes: remains under pressure

(Boursier.com) — Down 2.5% to 42.15 euros, Dassault Systèmes remains under pressure the day after his violent dropout. Invest Securities returned to ‘purchase’ on the file given a reconstituted potential after the fall of the stock. The company’s publication does not lead to a significant change in the broker’s 2024-25 expectations, the stock market reaction reflecting the longer than expected recovery of Medidata and a failure of communication on this subject. Despite Medidata and an acceleration in subscription adoption by industrial customers, the group maintains a solid growth profile, with recurrence and increased visibility, according to the broker. The only uncertainty in the short term lies in the next structuring acquisition which could be surprising according to past comments from B.Charles, but it will be necessary to judge on the spot…

For Oddo BHF, the correction was probably amplified by the recent performance of the stock before this publication (+9% in 2024; +40% since October) but it nevertheless seems somewhat exaggerated. Indeed, to the extent that the disappointment of this publication seems solely attributable to Medidata, the fact that DSY loses €6.5 billion in market capitalization amounts to destroying nearly 70% of the value of this asset (the broker estimated a fair value 9 to 10 billion euros for Medidata before this publication). Certainly, part of the derating is certainly also linked to a more general erosion of market confidence in DSY but we should also give credit to the excellent execution in the activities of Industrial Innovation… To ‘outperform’ on the file, the analyst is now targeting 53 euros.