(News Bulletin 247) – Jefferies reaffirms its ‘underperformance’ opinion on Dassault Systèmes despite a price target raised from 34 to 35 euros, continuing to believe that external growth operations (M&A) diluting EPS and ROCE will weigh on the share price.
The broker returns to the business software publisher’s investor day (CMD), pointing out that as expected, it used this meeting to define new five-year objectives to double its EPS.
‘However, the detail suggests little conservatism in organic growth (with objectives higher than forecasts for the current year) and M&A more important than the current buyer consensus,’ he judges.
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