(BFM Stock Exchange) – The professional software publisher has delivered quarterly results a little above expectations while its prospects are a little cautious. But management comments during the conference call, especially on the cash generation, rained in the market.

During a season of the results, it may happen that the essentials are played at the conference call held by management in the wake of the publication of a company.

If necessary this Tuesday, February 4, with the results of the fourth quarter of Dassault Systems. The action of the specialist in computer -assisted design and manufacturing software, such as Catia and Solidworks, first opened slightly before turning around. The action then took off during the “call” with the analysts organized by the group leaders. Around 3:15 p.m. the title takes another 7% and very much signed the strongest increase in CAC 40.

The results

From the fourth trimester strictly speaking, emerged above expectations. Turnover increased by 7% excluding exchange effects at 1.75 billion euros, against expectations lodged at 1.73 billion euros, according to a consensus quoted by Stifel. Revenues have notably been brought by sales of new licenses, which displayed growth of 15% excluding exchange effects.

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Medidata finds growth

Medidata, the subsidiary of Dassault Systèmes specializing in clinical trials monitoring software, returned to growth, with an increase in its 1%income. However, this figure turns out to be slightly lower than the 2% growth expected by Oddo BHF.

Medidata’s performance is closely monitored by investors because this subsidiary has repeatedly disappointed the market, for example in the first quarter of 2024.

Dassault Systems also released an operating margin of 36.3% in the fourth quarter, in improvement of 0.4 percentage points over one year, as well as a profit per share of 40 cents, up 11%. These two lines of accounts prove to be online with expectations.

Stifel evokes “solid” results in view of the “difficult” macroeconomic context.

Regarding its prospects, Dassault Systems indicated to count for the first quarter on income ranging from 1.535 billion to 1.601 billion euros, reflecting growth from 3% to 8% excluding exchange effects. The company also intends to generate operating margin located between 31% and 31.1% as well as profit per share ranging from 30 cents to 32 cents.

For, this time, the whole of 2025, the group expects income between 6.55 billion and 6.65 billion euros, an increase of 6% to 8% excluding exchange effects, an operating margin included Between 32.6% and 32.9% and on profit per share ranging from 1.36 euros to 1.39 euros.

Oddo BHF notes that both for the first quarter and out of 2025, these forecasts are a little below expectations. The income target for the current exercise is, for example, 2% lower than consensus, in the middle of the range.

A more favorable cycle on the cash flow

However, it should be noted that Dassault Systems used to be cautious at the start of the year on his prospects, even if it means raising them later. As Oddo BHF notes, this is reflected in particular in the hypotheses of exchange rate retained by the company. For the first quarter as for 2025, the group based on a Euro dollar at $ 1.10 when the currency in the area is currently exchanging the greenback to 1.04 times.

Above all, beyond the figures proper, the tone of management during the conference call convinced investors. “Holding a very optimistic speech is not the Mantra of Dassault Systems, but this time management came with tangible elements to improve the results to come,” said an analyst.

The latter notably mentions the elements communicated by the financial director, Rouven Bergmann, on the company’s operational cash generation.

The manager explained that the operational cash flow should increase by approximately 8% in 2025, an increase in line that of activity and operating profit. The working capital need should improve because several major group contracts arrive in a more favorable operating cycle in terms of cash conversion. “We will benefit from these most important cash payments in 2025 and 2026,” said Rouven Bergmann.

Relativized Nvidia competition

The analyst previously Cité also underlines other engaging remarks, in particular the desire to integrate artificial intelligence into the supply of society, and reassuring remarks on Medidata. Rouven Bergman explained that the company specializing in clinical trials had succeeded in renewing many contracts that arrived at the fourth quarter while obtaining the “growth” linked to the “value” contained in these contracts.

The director general, Pascal Daloz, tempered the fears of competition from Nvidia who seemed to walk on the flower beds of Dassault Systems by evoking the creation of “digital twins”, last January.

The German group Kion and Accenture established a partnership in January to “optimize logistics channels” using AI and Nvidia simulation technologies.

Pascal Daloz explained that his group was “much better equipped” to serve its customers, especially in industry, than Nvidia.

“There are certain things that we are probably the only ones to be able to do. Whether for a medication, an airplane, a car, a bottle of shampoo you need to comply with regulations and you need to do it The demonstration.

The director general added that Dassault Systèmes had also demonstrated his expertise on a crucial point: protecting the intellectual property of its industrial customers. “Our customers attribute a lot of values ​​to the solutions that protect these intellectual properties”.

Dassault Systems also indicated, on the occasion of the publication of its results, having won a contract with the German manufacturer Volkswagen to strengthen the digital infrastructure of the automotive group with its 3dexperience solution.

Pascal Daloz explained that the company had won this contract even if its offer was “significantly” more expensive than those of its competitors. The manager added that the company could extend this contract afterwards.

“This contract will provide long -term growth for the group,” appreciates the previously quoted analyst.