Dassault Systemes: Jefferies still a seller

(CercleFinance.com) - The broker confirms its 'underperform' recommendation on the Dassault Systemes stock with an unchanged TP of E27.


Downward revisions to FCF leave Dassault Systemes on a high FCF yield. However, Jefferies believes that the FCF consensus is excessive and could well be reduced.

As long as there is no evidence that Dassault Systemes can deliver sufficient growth to justify its valuation, we remain cautious, it adds.

In its opinion, the share price trend in 2024 merely reflects the deterioration in FCF.


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