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>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

<ul>
<li>3D Universes is a new platform that integrates virtual twins, GenAI, and virtual companions to support product lifecycles and data, aiming to revolutionise the design, simulation, and operation of products.</li>
<li>3D Universes enhances Dassault Systèmes' ability to leverage legacy data and improve virtual product development, distinguishing itself from competitors by ensuring regulatory compliance and intellectual property protection.</li>
<li>The company’s growth is supported by large deals like the one with Volkswagen, highlighting the potential for expanded revenue through long-term subscriptions and the adoption of 3D Universes across industries.</li>
</ul>


3D Universes is a new platform that integrates virtual twins, GenAI, and virtual companions to support product lifecycles and data, aiming to revolutionise the design, simulation, and operation of products.
3D Universes enhances Dassault Systèmes' ability to leverage legacy data and improve virtual product development, distinguishing itself from competitors by ensuring regulatory compliance and intellectual property protection.
The company’s growth is supported by large deals like the one with Volkswagen, highlighting the potential for expanded revenue through long-term subscriptions and the adoption of 3D Universes across industries.


Dassault Systèmes SE (DSY FP): Understanding 3D Universes

<ul>
<li>Dassault Systèmes has agreed to acquire Contentserv, a provider of AI-driven product information management platforms, for EUR220m, enhancing Centric’s PLM offerings for consumer goods industries.   </li>
<li>Centric aims to reach EUR500m in revenue by 2028, with goals of becoming a EUR1bn brand. Contentserv is expected to boost Centric's revenue by 25%, contributing to its growth plans.  </li>
<li>We deem the integration of Contentserv into Centric will occur gradually. Additionally, Centric will benefit from 3D Universes, an AI-based environment designed to leverage legacy 3D designs and PLM data.</li>
</ul>


Dassault Systèmes has agreed to acquire Contentserv, a provider of AI-driven product information management platforms, for EUR220m, enhancing Centric’s PLM offerings for consumer goods industries.   
Centric aims to reach EUR500m in revenue by 2028, with goals of becoming a EUR1bn brand. Contentserv is expected to boost Centric's revenue by 25%, contributing to its growth plans.  
We deem the integration of Contentserv into Centric will occur gradually. Additionally, Centric will benefit from 3D Universes, an AI-based environment designed to leverage legacy 3D designs and PLM data.


Dassault Systèmes (DSY FP): Moving Forward Toward a Billion Euro Brand

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 outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. </li>
<li>$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.</li>
<li>DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. 
$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.
DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials


More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

<ul>
<li>Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.</li>
<li>$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.</li>
<li>We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in latest Int’l Compass (1/9/2025) how viewed the pullback as buying opportunity and were watching for $116-$117 support to hold on ACWI-US.
$116 support held perfectly and we expect upside to continue following 1+ month bull flag breakouts, followed by successful retests of support, on ACWI-US and the S&amp;P 500.
We also upgraded Germany to overweight last week, with RS on the DAX breaking out from a 2-year base. U.S. (SPX) and Germany are our only two country overweights.


Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

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): 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 SE (DSY FP): Understanding 3D Universes

3D Universes revolutionizes product design with virtual twins, GenAI, and companions, leveraging legacy data and ensuring compliance for growth...

Gregory Ramirez

Dassault Systèmes (DSY FP): Moving Forward Toward a Billion Euro Brand

Dassault Systèmes to acquire Contentserv for EUR220m, boosting Centric's PLM offerings and revenue growth plans to reach EUR500m by 2028....

Gregory Ramirez

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI $ACWI ex-US and $EAFE; U.S. Dollar $DXY and 10-Year Yields $TNX...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 SE (DSY FP): Understanding 3D Universes

​3D Universes revolutionizes product design with virtual twins, GenAI, and companions, leveraging legacy data and ensuring compliance for growth...

Gregory Ramirez

Dassault Systèmes (DSY FP): Moving Forward Toward a Billion Euro Brand

​Dassault Systèmes to acquire Contentserv for EUR220m, boosting Centric's PLM offerings and revenue growth plans to reach EUR500m by 2028....

Gregory Ramirez

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI ACWI Ex-US and EAFE

Remain Risk-On With Market Dynamics Improving; 6+ Month Base Breakouts for MSCI $ACWI ex-US and $EAFE; U.S. Dollar $DXY and 10-Year Yields $TNX...

Vermilion Research

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

3D Universes revolutionizes product design with virtual twins, GenAI, and companions, leveraging legacy data and ensuring compliance for growth...

Dassault Systèmes to acquire Contentserv for EUR220m, boosting Centric's PLM offerings and revenue growth plans to reach EUR500m by 2028....