Contacter Bordier
Disclaimer
Informations Légales
Plan du site
Rechercher ...
...........................
DE
ES
This morning, Dassault Systèmes published good quality results for Q2 2010. Software sales gained 24% y/y at constant exchange rates to reach EUR 353 million. Recurring software sales, including maintenance and leasing (68% of the total) proved a pleasant surprise with a 27% increase! This strong growth of maintenance boosted the operating margin (27.9% against 23.3% expected). This has given Dassault Systèmes an opportunity to revise its 2010 prospects upwards: the group is now expecting higher sales and net profit per share; in our view, its targets are still prudent. Although the group’s valuation is relatively high, we confirm our PLUS code because of the quality of the group’s business model.
Dassault Systèmes published very strong Q1 results; it also focussed on finalization of the IBM PLM transaction. These sales activities have now been integrated, so enabling the group to offer all of the products under the same label. Now that the crisis is over, the group reports encouraging signs of recovery of its major clients. While maintaining its cautious outlook for 2010, the group does nevertheless expect higher EPS.
This morning, Dassault Systèmes published good results for Q1 2010. New licence sales were 19% higher y/y at constant exchange rates at EUR 76 million. Recurring software sales, including maintenance and hire (73% of the total), are almost stable. The group reports encouraging signs of recovery of its major clients with new orders taken on a sustained upward trend for several months. While maintaining its cautious outlook for 2010, the group nevertheless expects higher EPS (more favourable exchange rates). Pending the analysts’ day in mid-June and the announcement of future prospects, we confirm our PLUS code.
Dassault Systèmes has published somewhat disappointing Q4 results. New licence sales are down slightly by 5% YoY at constant exchange rates, at the upper end of the guidance range, but slightly below consensus. Recurring software sales (73% of total licence fees) are stable. The group has reported the first signs of recovery of its major clients, despite the very gradual improvement of the economic environment. Positive points include the cost-cutting programme, the acquisition of IBM PLM and encouraging prospects for 2010. PLUS code maintained.
Despite its defensive profile (76% of income recurring over a 9 months period), Dassault Systèmes is suffering from the current economic downturn. The group is expecting its revenues to be 5 to 7% lower in the financial year 2009 followed by a moderate recovery in 2010. PLM is becoming a strategic proposition. The group is now stepping up its presence in new sectors (life sciences, technology), which already represent 20% of sales; these will be growth relays for the next few years.
Dassault Systems released lacklustre results for Q3. Sales of new licences fell sharply by 38% year on year at current exchange rates, in the middle range of guidance, but a bit below consensus. Recurring software sales (77% of total licences) are slightly higher (+1%). The group is recording the first signs of recovery among its major customers despite an environment that is still difficult, particularly for SMEs. Positive factors: the cost cutting programme and the repurchase of IBM PLM (an important accretive effect for 2010 earnings per share). PLUS rating repeated.
Results published by Dassault Systèmes for Q2 2009 are perfectly satisfactory. Sales of new licences were down by 36% YoY at constant exchange rates, but up 7% against the previous quarter. Recurring software sales (74% of total licence revenue) fell slightly (-3% QoQ), in line with forecasts. The group reported the first signs of a recovery among its major clients, although the environment remains difficult. A judicious cost-cutting program and gradual upward revisions justify the maintenance of our PLUS code.
Despite its defensive profile (67% of income is recurring), Dassault Systèmes is suffering from the current economic downturn and has recently reported significantly lower sales of new licences (-40% y/y in Q1 2009). The group has therefore downgraded its prospects for the current financial year. PLM investments remain strategic for companies (race to innovate) and are supported by strong and relatively stable R&D budgets. PLUS code.
Results published by Dassault Systèmes for T1 2009 were in line with its early announcement made on 16 April which highlighted the difficulties of some of its clients (especially in the industrial and automobile sectors). Software sales were down 5% at comparable exchange rates in Q1 at EUR273 million. Recurring software sales (76% of total Q1 Licences) were 15% higher at comparable exchange rates. Allowing for slower growth of the installed base, the group has revised its prospects for Q2 and FY2009 down considerably. The cost-cutting programme is continuing. PLUS code maintained.
Q4 and FY2008 results published by Dassault Systèmes are in line with the pre-announcement made on 16 January calling attention to the postponed signing of new licences in a difficult economic environment. Software sales were down 1% (at constant exchange rates) in Q4 at EUR 332 million, but rose by 10% for the year as a whole, thanks to strong performance in the first 9 months. Recurring software sales (64% of the total) are up 17%. On prudent assumptions, the group still gives clear guidance for the financial year 2009. We regard this as reassuring. PLUS code confirmed.
Dassault Systèmes has one of the best defensive profiles in the European software sector. 67% of the Group's revenues (Q3 2008) are recurring (71% for PLM software). The further the macroeconomic environment deteriorates, the more PLM investments become strategic for companies (race to innovate), supported by strong R&D budgets which are unlikely to see significant cutbacks. PLUS code.
Dassault Systèmes has published solid results for Q3 2008, showing that its business model is holding up well in today’s difficult economic environment. Software sales (+12% at constant exchange rates) were substantially higher than consensus expectations, while the operating margin reached 23.7% (consensus at 23.2%), reflecting sound cost management. Allowing for the impact of more favourable exchange rates, the group has revised its sales prospects upwards (slightly) for Q4 2008. PLUS code confirmed.
Dassault Systèmes has published excellent figures for Q2 2008; the investments made in its distribution networks in the past two years are paying dividends. Software sales (+15% at comparable exchange rates) were better than the consensus forecast, while the operating margin reached 25.1% (consensus 23.9%), demonstrating the fact that costs are well under control. Allowing for an acquisition and asset disposal in Q2, the group has revised its sales forecasts for 2008 downwards (slightly). PLUS code confirmed.
Dassault Systèmes has one of the most attractive defensive profiles in the European software industry. 60% of the Group's revenues are recurring (regular contracts, maintenance). The Group's beacon product (Catia) provides high visibility (robust and regular growth). The potential of PLM is still underestimated and the French group has consolidated its leadership with the acquisition of its competitor UGS by Siemens. PLUS code.
version française