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DASTF - Dassault: Ambitious CMD Targets Matched By A Premium Valuation
Dassault Systemes S.A.
Dassault outlines some ambitious new growth targets at its recent CMD event.
The key €6.00 EPS target was perhaps unsurprisingly delayed on COVID-19 headwinds, but the two-year delay in 3DEXPERIENCE adoption targets is especially concerning.
Deleveraging is progressing well, but any hiccups could impact the growth outlook considering the dependence on M&A.
At the current premium c. 30x EV/EBITDA multiple, I am on the sidelines.