Dassault Systèmes: Q1 13 analysts' meeting and conference call feedback
NEUTRAL, Fair Value EUR86 (-5%)
We reiterate our Neutral rating following yesterday’s analysts’ meeting and conference call. In our opinion, Dassault Systèmes remains a defensive IT stock par excellence with 65% of revenues which are recurring. As such the company feels the burden of the economic slowdown but resists well. While valuation remains high, we believe the stock has slow long-term drivers related to the ramp-up of the V6 platform and the extension of the addressable market beyond engineers.
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