DASTF - Dassault: Downside Risks Loom Large Following Capital Markets Day Update

• There were lots of positives from the Dassault capital markets day, but the lack of a guidance reset was disappointing.
• Cloud targets look increasingly vulnerable to downward revisions, although the fortress balance sheet allows for M&A to fill any gaps.
• The premium P/E valuation could come under pressure in a world of rising yields, however, keeping me neutral.

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