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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
TECHNOLOGY
Dassault Systeme (DSY FP) issued 4Q23 results today which disappointed on forward revenue guidance – the equity is one of the weakest performers in SXXP today but the cash curve is little changed and has still outperformed peers on a 3M view.
- DSY results included revenue guidance for FY24 of 8-10% and, though consensus only implies 8.5% growth, the key “3DExperience” product saw sales slow to 21% in 4Q23 from 46% in the prior quarter. This has clearly unnerved the equity market.
- From a credit perspective, the firm appears to have net cash at Dec-23 (from a tiny net debt of 11% of equity at Dec-22) but the credit has been rangebound since Oct-23. The graphic shows DSY’s benchmark ’26 bond (DSYFP 0 1/8 09/16/26). Over the same period, CapGemini’s credit has widened meaningfully, even though its equity is up nearly one third.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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