We reiterate our Sell rating and cut our DCF-derived fair value to EUR63 from EUR65, as we have reduced our adj. EPS ests. by 2% for 2016 and 4% for 2017-18 in order to make our forecasts converging with FY 2016 company guidance (sales up 6-7% lfl and an op. margin of c. 31%). Although Dassault Systèmes has a history of exceeding quarterly guidance, we deem the outlook for 2016 is more at risk than for previous years – especially since company guidance is back-end loaded.
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