Dassault Systèmes: Investment case revisited following 2Q26 results

研报英文原文证据摘录

Dassault Systèmes: Investment case revisited following 2Q26 results

Derric Marcon +33 1 58 98 06 30 derric.marcon@bernsteinsg.com 27 July 2026

...Continued from previous page

Where does the potential upside risk lie? The consensus (and we share this view) has adopted a very cautious stance

following a 2024–2025 period marked by a series of profit warnings and disappointing growth guidance for early 2026.

Consensus revenue growth projections for the coming years are closer to 5% than 10%, and operating leverage expectations

from consensus are very low (which makes sense in a low-revenue-growth scenario). If the group delivers on its plans, growth

should accelerate significantly over the next three years, and operating leverage should naturally improve. Furthermore, the

group is trading at a depressed EV/EBIT compared to its peers—understandably so, given its current low growth. A return to

higher, sustainable growth would automatically drive multiple expansion.

ArisGlobal: the latest addition, but certainly not the least promising. The group expects to complete this acquisition in

October; link). Although initial reactions to this newcomer were lukewarm and the asset’s quality drew considerable criticism,

it is quite possible that DSY has a ‘chef's special’ in store for us in the coming months. We saw a similar patter emerge with

Centric PLM. In the months ahead, we will find out whether the dish is better than initially anticipated or not. Management's early

comments on ArisGlobal have pointed in this direction, and we are not ruling out the possibility that they will reveal much more

when the acquisition is completed. The Capital Markets Day scheduled for November would be an ideal platform for the group

to unveil its culinary masterpiece.