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Dassault (A3/NR) Results In Line; Q1 Cash Flow Lower But ST Liquidity Improved

TECHNOLOGY
  • Q1 revenue and op income broadly in line with BBG consensus at +6% YoY and +5% YoY. Software revenue was in line at +7% YoY. with growth across all regions and most products.
  • CFO of EUR 671mn compared to the EUR 783mn seen last year on the back of collections timing. Net Financial Position of EUR 1.1bn from EUR 578mn at FY23 with Cash & CE of EUR 4.1bn vs. EUR 3.6bn at FY23 and EUR 3.5bn at Q123.
  • FY guidance of 8-10% revenue growth affirmed (see 2024 performance as back-loaded).
  • EUR spreads muted.

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