Dassault Capital Markets Day Points to Increasing Digital Dependency Tailwind; Shares Fairly Valued

Dassault Systemes' June 16 capital markets day had a consistent message: The view that Dassault is just an aircraft modeling company is outdated. We agree with the wide-moat firm on its self-perception, as it is clear to us that Dassault is catering to new markets pertaining to what we call the enterprise metaverse. We define the enterprise metaverse as the use of digital worlds to further enterprise goals like shorter time to market for manufacturers. After the capital markets day, we are confident in reiterating our EUR 37 fair value estimate. This leaves Dassault trading in 3-star territory, and thus we recommend that investors hold off from buying or selling the stock.