Dassault Systèmes: Q2 13 analysts' meeting and conference call feedback
NEUTRAL, Fair Value EUR96 vs. EUR91 (-4%)
We reiterate our Neutral rating and increase our DCF-derived fair value to EUR96 from EUR91 on updated medium-term revenue growth assumptions. We shave our sales and adj. EPS ests. by 1% for 2014-15 due to adjustments to our fx assumptions. Dassault Systèmes is a defensive IT stock par excellence, and is likely to continue to benefit from this in our view due to long-term drivers related to the ramp-up of the 3D Experience platform. However, while the shares recently received a craze for 3D printing, we contend they are fairly valued given its revenue and margin growth profile.
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