(News Bulletin 247) – Oddo BHF maintains its Outperformance recommendation on the Dassault Systèmes share and keeps its price target at 47E.
‘DSY’s performance is mixed ytd both due to weaker short-term trading momentum and market fears the group is carrying out a transformative deal’, notes the analyst.
Following this underperformance, the stock is now trading at ’23x EV/EBITA 2024, i.e. a discount of more than 20% on its PLM software peers (c. 30x)’.
For Oddo BHF, the stock’s weakness is ‘a buying opportunity because the operational momentum should improve significantly from the second quarter (the recovery in China alone justifies an acceleration of +1pt) and because we understand that there are no M&A operations planned in the short term’.
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