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Dassault Systemes SE DSY

Morningstar Rating
€37.54 −0.50 (1.31%)
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Company Report

Dassault Systèmes Earnings: Steady Results as Shift to Subscriptions Continues

We maintain our EUR 37 fair value estimate for wide-moat Dassault Systemes after the firm reported first-quarter results that were slightly light compared with our expectations. Management also affirmed previously issued full-year guidance and provided a second-quarter outlook consistent with our model. We conclude that the firm is on track to meet its 2024 targets and is making progress in expanding subscription-based revenue, which we believe serves the best interest of shareholders. The stock has dropped from a high of EUR 48 in January, and we now view it as fairly valued. Despite near-term headwinds, we think the firm is well-positioned to benefit from the growing computer-assisted design and product lifecycle management markets, which we believe will hit $52 billion by 2032, indicating an 8% 10-year compound annual growth rate.

Price vs Fair Value

DSY is trading at a 897% premium.
Price
€38.04
Fair Value
€77.00
Uncertainty
Medium
1-Star Price
€55.59
5-Star Price
€56.40
Economic Moat
Jds
Capital Allocation
Vrkhjktjw

Bulls Say, Bears Say

Bulls

Dassault should see strong adoption of its 3DExperience platform, enabling margin expansion due to increasing switching costs.

Bears

Dassault is exposed to aircraft manufacturers, where order patterns can be volatile and could lead to a temporary softening of demand for the company's solutions.

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News

Trading Information

Previous Close Price
€38.04
Day Range
€37.1637.74
52-Week Range
€33.5647.18
Bid/Ask
€37.50 / €37.58
Market Cap
€49.22 Bil
Volume/Avg
1.1 Mil / 1.4 Mil

Key Statistics

Price/Earnings (Normalized)
31.10
Price/Sales
8.46
Dividend Yield (Trailing)
0.60%
Dividend Yield (Forward)
0.60%
Total Yield
1.31%

Company Profile

Dassault Systèmes 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.
Sector
Technology
Industry
Software - Application
Stock Style Box
Large Growth
Total Number of Employees
23,811

Competitors

Valuation

Metric
DSY
ADSK
ANSS
Price/Earnings (Normalized)
31.1028.4841.27
Price/Book Value
6.0724.275.29
Price/Sales
8.468.2712.89
Price/Cash Flow
29.2527.9938.55
Price/Earnings
DSY
ADSK
ANSS

Financial Strength

Metric
DSY
ADSK
ANSS
Quick Ratio
1.590.652.70
Current Ratio
1.720.752.80
Interest Coverage
10.96
Quick Ratio
DSY
ADSK
ANSS

Profitability

Metric
DSY
ADSK
ANSS
Return on Assets (Normalized)
11.19%17.53%10.66%
Return on Equity (Normalized)
20.98%141.41%14.30%
Return on Invested Capital (Normalized)
14.08%41.05%12.56%
Return on Assets
DSY
ADSK
ANSS
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