Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion gigabytes).Ask any CEO how he expects to sell more products and cut more costs and he will tell you that Big Data features prominently in his strategy. Big Data refers to the technology processes by which companies can profit from the large amounts of data to which they have access.But investors who want to ride the Big Data wave are finding that it is not that easy to identify where to invest.In this report, we delve deep down into the Big Data supply chain and look at where the investment opportunities really lie.&nbsp;

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion gigabytes).Ask any CEO how he expects to sell more products and cut more costs and he will tell you that Big Data features prominently in his strategy. Big Data refers to the technology processes by which companies can profit from the large amounts of data to which they have access.But investors who want to ride the Big Data wave are finding that it is not that easy to identify where to invest.In this report, we delve deep down into the Big Data supply chain and look at where the investment opportunities really lie.&nbsp;

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Dassault Systèmes had solid second-quarter and first-half results for 2025, witnessing a consistent performance across its business segments.</li><li>Total and software revenue grew by 6%, fueled by a 10% increase in subscription revenue and 20% growth in its 3DEXPERIENCE platform.</li><li>Despite the growth, the company's EPS increased only by 4%, reaching EUR 0.30, partially due to foreign exchange headwinds affecting profitability.</li></ul>

Dassault Systèmes had solid second-quarter and first-half results for 2025, witnessing a consistent performance across its business segments.Total and software revenue grew by 6%, fueled by a 10% increase in subscription revenue and 20% growth in its 3DEXPERIENCE platform.Despite the growth, the company's EPS increased only by 4%, reaching EUR 0.30, partially due to foreign exchange headwinds affecting profitability.

Dassault Systèmes: Inside Its 3DEXPERIENCE Overhaul- What’s Driving the Platform’s Comeback!

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

<ul>
<li>Dassault Systèmes plans to accelerate growth through a shift towards subscription revenues and the adoption of AI-powered 3D Universes, aiming for an EPS of at least EUR 2.20 by 2029.   </li>
<li>While lacking detailed financials, 3D Universes build on the 3DExperience platform and introduces GenAI across industries, with first revenue impact expected in 2026 and faster adoption due to platform continuity.   </li>
<li>The company is repositioning Medidata for renewed growth, and is overhauling its underperforming indirect sales network by onboarding more specialised, cloud- and AI-capable partners to improve engagement and scalability.</li>
</ul>


Dassault Systèmes plans to accelerate growth through a shift towards subscription revenues and the adoption of AI-powered 3D Universes, aiming for an EPS of at least EUR 2.20 by 2029.   
While lacking detailed financials, 3D Universes build on the 3DExperience platform and introduces GenAI across industries, with first revenue impact expected in 2026 and faster adoption due to platform continuity.   
The company is repositioning Medidata for renewed growth, and is overhauling its underperforming indirect sales network by onboarding more specialised, cloud- and AI-capable partners to improve engagement and scalability.


Dassault Systèmes (DSY FP): Long-Term Vision Vs Market Expectations

<ul><li>Dassault Systèmes reported strong fourth-quarter and full-year 2024 results, emphasizing the performance of its 3DEXPERIENCE platform across various industries and geographies.</li><li>Key highlights from the earnings discussion include a 9% acceleration in software revenue during Q4 and an overall EPS growth of 11%.</li><li>For the full year, software revenue grew 6% with subscription revenue increasing by 10%, highlighting a significant drift towards recurring revenue, now constituting 80% of software revenue.</li></ul>

Dassault Systèmes reported strong fourth-quarter and full-year 2024 results, emphasizing the performance of its 3DEXPERIENCE platform across various industries and geographies.Key highlights from the earnings discussion include a 9% acceleration in software revenue during Q4 and an overall EPS growth of 11%.For the full year, software revenue grew 6% with subscription revenue increasing by 10%, highlighting a significant drift towards recurring revenue, now constituting 80% of software revenue.

Dassault Systèmes: Initiation of Coverage- Medidata Growth & Recurring Revenue As A Pivotal Factor Driving Growth!

<ul>
<li>Siemens is acquiring Dotmatics, a SaaS provider for laboratory management, for USD 5.1bn. The acquisition, which is seen as expensive, reflects high multiples of 16.5x EV/sales for FY 2025.  </li>
<li>This acquisition strengthens Siemens' position in life sciences by expanding its industrial software offerings. Dotmatics adds a new USD 5.5bn market opportunity, which could grow to USD 11bn.   </li>
<li>Siemens' entry into life sciences may challenge Dassault Systèmes, which currently leads the market with its Biovia and Medidata platforms. Siemens' growing presence in this sector may intensify competition.</li>
</ul>


Siemens is acquiring Dotmatics, a SaaS provider for laboratory management, for USD 5.1bn. The acquisition, which is seen as expensive, reflects high multiples of 16.5x EV/sales for FY 2025.  
This acquisition strengthens Siemens' position in life sciences by expanding its industrial software offerings. Dotmatics adds a new USD 5.5bn market opportunity, which could grow to USD 11bn.   
Siemens' entry into life sciences may challenge Dassault Systèmes, which currently leads the market with its Biovia and Medidata platforms. Siemens' growing presence in this sector may intensify competition.


Dassault Systèmes (DSY FP): Siemens Finally Moves onto Biovia’s Territory

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)

Big Data as an Investment Theme

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion...

CM Research

Dassault Systèmes: Inside Its 3DEXPERIENCE Overhaul- What’s Driving the Platform’s Comeback!

Dassault Systèmes had solid second-quarter and first-half results for 2025, witnessing a consistent performance across its business...

Baptista Research

Dassault Systèmes (DSY FP): Long-Term Vision Vs Market Expectations

Dassault Systèmes aims for growth with subscription revenues, AI-powered 3D Universes, and repositioning of Medidata and sales network.

Gregory Ramirez

Dassault Systèmes: Initiation of Coverage- Medidata Growth & Recurring Revenue As A Pivotal Factor Driving Growth!

Dassault Systèmes reported strong fourth-quarter and full-year 2024 results, emphasizing the performance of its 3DEXPERIENCE platform across...

Baptista Research

Dassault Systèmes (DSY FP): Siemens Finally Moves onto Biovia’s Territory

Siemens acquires Dotmatics for $5.1bn, expanding into life sciences and challenging industry leaders like Dassault Systèmes.

Gregory Ramirez

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Big Data as an Investment Theme

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion...

CM Research

Dassault Systèmes: Inside Its 3DEXPERIENCE Overhaul- What’s Driving the Platform’s Comeback!

Dassault Systèmes had solid second-quarter and first-half results for 2025, witnessing a consistent performance across its business...

Baptista Research

Dassault Systèmes (DSY FP): Long-Term Vision Vs Market Expectations

​Dassault Systèmes aims for growth with subscription revenues, AI-powered 3D Universes, and repositioning of Medidata and sales network.

Gregory Ramirez

Dassault Systèmes: Initiation of Coverage- Medidata Growth & Recurring Revenue As A Pivotal Factor Driving Growth!

Dassault Systèmes reported strong fourth-quarter and full-year 2024 results, emphasizing the performance of its 3DEXPERIENCE platform across...

Baptista Research

Dassault Systèmes (DSY FP): Siemens Finally Moves onto Biovia’s Territory

​Siemens acquires Dotmatics for $5.1bn, expanding into life sciences and challenging industry leaders like Dassault Systèmes.

Gregory Ramirez

Dassault Systèmes aims for growth with subscription revenues, AI-powered 3D Universes, and repositioning of Medidata and sales network.

Siemens acquires Dotmatics for $5.1bn, expanding into life sciences and challenging industry leaders like Dassault Systèmes.