Dassault Systèmes: Feedback from FY 2012 analysts' meeting and conference call: still in midstream

NEUTRAL, Fair Value EUR86 vs. EUR91 (+6%)

News published on February Friday 8, 2013
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We are reiterating our Neutral rating and have reduced our DCF-derived Fair Value to EUR86 from EUR91 following yesterday’s analysts’ meeting. We have cut our sales ests. by 5-6% and our adj. EPS estimates by 6-7% for 2013-15, partly due to our revised forward fx assumptions (EUR/USD 1.35 vs. 1.30, EUR/JPY 125 vs. 105) and partly due to the reduction in our lfl revenue growth est. to +7% from +10% for 2013. Our new projections remain 1-3% above the company's 2013 guidance as we are convinced Dassault Systèmes has been cautious enough to exceed expectations. However, we still consider the share price offers limited upside potential in view of negative fx momentum.

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