Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>Q1 2026 results met expectations, with modest growth constrained by high comparatives. Full-year guidance is maintained, implying a slight acceleration in H2 2026, with stronger momentum expected from 2027. </li>
<li>Dassault Systèmes has advanced its AI positioning through virtual companions, industry AI architecture, and partnerships. While strenghtening its differentiation versus generalist AI players, meaningful revenue contribution is unlikely before 2027. </li>
<li>The appointment of COO Pierre Barnabé reflects a focus on improving execution and scaling operations, particularly through transforming the indirect sales channel into a value-driven ecosystem.</li>
</ul>


Q1 2026 results met expectations, with modest growth constrained by high comparatives. Full-year guidance is maintained, implying a slight acceleration in H2 2026, with stronger momentum expected from 2027. 
Dassault Systèmes has advanced its AI positioning through virtual companions, industry AI architecture, and partnerships. While strenghtening its differentiation versus generalist AI players, meaningful revenue contribution is unlikely before 2027. 
The appointment of COO Pierre Barnabé reflects a focus on improving execution and scaling operations, particularly through transforming the indirect sales channel into a value-driven ecosystem.


Dassault Systèmes (DSY FP): Keys to Re-Accelerating Growth

<ul>
<li>Bernard Charlès has stepped down as Executive Chairman, with CEO Pascal Daloz becoming Chairman &amp; CEO . The succession has been planned through a structured leadership renewal since 2018.   </li>
<li>The strategic roadmap remains centred on  3D Universes and the integration of generative and agentic AI. Management intends to resume sizeable M&amp;A to deepen domain expertise and capture AI-driven opportunities.   </li>
<li>Management has addressed growth bottlenecks at Medidata, Centric and in 3DExperience indirect channels. With governance simplified, the focus is on disciplined execution in 2026 to re-accelerate growth from 2027 onwards.</li>
</ul>


Bernard Charlès has stepped down as Executive Chairman, with CEO Pascal Daloz becoming Chairman &amp; CEO . The succession has been planned through a structured leadership renewal since 2018.   
The strategic roadmap remains centred on  3D Universes and the integration of generative and agentic AI. Management intends to resume sizeable M&amp;A to deepen domain expertise and capture AI-driven opportunities.   
Management has addressed growth bottlenecks at Medidata, Centric and in 3DExperience indirect channels. With governance simplified, the focus is on disciplined execution in 2026 to re-accelerate growth from 2027 onwards.


Dassault Systèmes (DSY FP): A Change in Governance, Not in Strategy

<ul>
<li>Dassault Systèmes' shares fell 21% after 2025 results came in at the low end of guidance and 2026 guidance disappointed due to weakness at Medidata, Centric and in European automotive.   </li>
<li>Management is prioritising operational improvements, accelerating the shift to subscriptions and repositioning M&amp;A towards AI-driven bolt-ons rather than new standalone brands.   </li>
<li>The new AI-based 3D Universes offering represents a strategic shift with differentiated, value-based pricing and strong technological positioning, but meaningful revenue impact is more likely from 2027–2029.</li>
</ul>


Dassault Systèmes' shares fell 21% after 2025 results came in at the low end of guidance and 2026 guidance disappointed due to weakness at Medidata, Centric and in European automotive.   
Management is prioritising operational improvements, accelerating the shift to subscriptions and repositioning M&amp;A towards AI-driven bolt-ons rather than new standalone brands.   
The new AI-based 3D Universes offering represents a strategic shift with differentiated, value-based pricing and strong technological positioning, but meaningful revenue impact is more likely from 2027–2029.


Dassault Systèmes (DSY FP): The Wake-Up Call

<ul>
<li>Dassault Systèmes announced a partnership with Nvidia to build an industrial AI platform combining virtual twins and AI. This includes deploying AI factories and embedding AI across its software portfolio.   </li>
<li>It also unveiled three agentic AI assistants. These virtual companions assist users across design, engineering, simulation and materials science, automating validated tasks while keeping humans in control of key decisions.   </li>
<li>We believe agentic AI will enhance existing software rather than disrupt it. We deem Dassault's  industry expertise, data assets and integration into customer processes position it well for long-term growth.</li>
</ul>


Dassault Systèmes announced a partnership with Nvidia to build an industrial AI platform combining virtual twins and AI. This includes deploying AI factories and embedding AI across its software portfolio.   
It also unveiled three agentic AI assistants. These virtual companions assist users across design, engineering, simulation and materials science, automating validated tasks while keeping humans in control of key decisions.   
We believe agentic AI will enhance existing software rather than disrupt it. We deem Dassault's  industry expertise, data assets and integration into customer processes position it well for long-term growth.


Dassault Systèmes (DSY FP): 3DExperience World 2026 – AI Factories and Virtual Companions

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>Support at $152.35-$153.70 on ACWI-US held, and we discussed last week- as long as this support holds, the multi-month consolidation appears healthy as ACWI-US works off excesses from April-May gains.</li>
<li>ACWI-US now displays a clean 2-month base breakout, MSCI EM (EEM-US) is reversing its 1+ month downtrend, and MSCI EAFE (EFA-US) displays a 5.5+ month base breakout.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
Support at $152.35-$153.70 on ACWI-US held, and we discussed last week- as long as this support holds, the multi-month consolidation appears healthy as ACWI-US works off excesses from April-May gains.
ACWI-US now displays a clean 2-month base breakout, MSCI EM (EEM-US) is reversing its 1+ month downtrend, and MSCI EAFE (EFA-US) displays a 5.5+ month base breakout.


Time to Buy Global Tech Stocks (Lenovo, SAP); Metals/Miners Also in Focus; MSCI ACWI Clean Breakout

France

Dassault Systemes operates as a software company. The develops and offers 3Dexperience platform to create innovative new products and services using virtual experiences. Dassault Systemes serves aerospace, construction, business services, consumer packaged goods, high-tech, life science, health care, marine, energy, and industrial equipment industries worldwide.

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Dassault Systemes (DSY FP)

Dassault Systèmes (DSY FP): Keys to Re-Accelerating Growth

Q1 2026 results meet expectations, Dassault Systèmes advances AI positioning, COO appointment focuses on improving execution and scaling...

Gregory Ramirez

Dassault Systèmes (DSY FP): A Change in Governance, Not in Strategy

Dassault Systèmes announces leadership transition and strategic focus on 3D Universes, AI integration, and M&A for growth acceleration in 2027.

Gregory Ramirez

Dassault Systèmes (DSY FP): The Wake-Up Call

Dassault Systèmes' shares dropped 21% due to weak results and guidance, but management is focusing on operational improvements, subscription...

Gregory Ramirez

Dassault Systèmes (DSY FP): 3DExperience World 2026 – AI Factories and Virtual Companions

Dassault Systèmes partners with Nvidia to integrate AI into industrial processes, unveiling agentic AI assistants to enhance software and empower...

Gregory Ramirez

Time to Buy Global Tech Stocks (Lenovo, SAP); Metals/Miners Also in Focus; MSCI ACWI Clean Breakout

Time to Buy Global Technology Stocks (Lite-On, Lenovo, $SAP, etc.); Metals/Miners Also in Focus $AYA $GDX $XME; MSCI $ACWI Clean Breakout; Bullish...

Vermilion Research

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Dassault Systèmes (DSY FP): Keys to Re-Accelerating Growth

​Q1 2026 results meet expectations, Dassault Systèmes advances AI positioning, COO appointment focuses on improving execution and scaling...

Gregory Ramirez

Dassault Systèmes (DSY FP): A Change in Governance, Not in Strategy

​Dassault Systèmes announces leadership transition and strategic focus on 3D Universes, AI integration, and M&A for growth acceleration in 2027.

Gregory Ramirez

Dassault Systèmes (DSY FP): The Wake-Up Call

​Dassault Systèmes' shares dropped 21% due to weak results and guidance, but management is focusing on operational improvements, subscription...

Gregory Ramirez

Dassault Systèmes (DSY FP): 3DExperience World 2026 – AI Factories and Virtual Companions

​Dassault Systèmes partners with Nvidia to integrate AI into industrial processes, unveiling agentic AI assistants to enhance software and empower...

Gregory Ramirez

Time to Buy Global Tech Stocks (Lenovo, SAP); Metals/Miners Also in Focus; MSCI ACWI Clean Breakout

Time to Buy Global Technology Stocks (Lite-On, Lenovo, $SAP, etc.); Metals/Miners Also in Focus $AYA $GDX $XME; MSCI $ACWI Clean Breakout; Bullish...

Vermilion Research

Q1 2026 results meet expectations, Dassault Systèmes advances AI positioning, COO appointment focuses on improving execution and scaling...

Dassault Systèmes announces leadership transition and strategic focus on 3D Universes, AI integration, and M&A for growth acceleration in 2027.

Dassault Systèmes' shares dropped 21% due to weak results and guidance, but management is focusing on operational improvements, subscription...

Dassault Systèmes partners with Nvidia to integrate AI into industrial processes, unveiling agentic AI assistants to enhance software and empower...