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Dassault Systemes SE ADR DASTY

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Dassault Systemes Surpasses Q4 Expectations With Broad-Based Software Deals; Shares Overvalued

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

Dassault Systèmes reported strong fourth-quarter results that came in at the high end and above management’s guidance. Dassault continues to undergo a transition to a subscription model from a license-based approach. Nonetheless, the company is determined not to sacrifice growth as a result of the change. Today, the company has more than 20% of revenue related to cloud offerings, and is aiming for this to grow to a third by 2025--which we think is doable--and key to margin expansion going forward. We are increasing our fair value estimate for the wide-moat computer-assisted design company to EUR 156 ($187) per share from EUR 140 ($165), due to our confidence in Dassault’s potential in areas like the life sciences. Still, shares are overvalued, in our view, implying investors wait for a more favorable entry point.

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Company Profile

Business Description

Dassault Systemes is a leading provider of computer-assisted design and product lifecycle management software, serving customers like Boeing and Tesla throughout the production process. The company’s top line largely depends on the transportation and mobility, industrial equipment, and aerospace and defense industries.

10, rue Marcel Dassault
Velizy-Villacoublay Cedex, 78140, France
T +33 161626162
Sector Technology
Industry Software - Application
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 19,667