That didn't stop us from expressing some reservations when we heard the announcement of the strategic objectives for 2028, emphatically communicated at the time of the most recent management change, which saw Pascal Daloz replace Bernard Charlès in the CEO's chair.

Dassault Systèmes promised to double its earnings per share between 2023 and 2028. In other words, to reproduce over the next five years - now four - its growth performance achieved over the previous five. As we know, this was largely due to the successful integration of the American company Medidata, acquired in 2019 for EUR5.2 billion.

The objective was certainly not unattainable, particularly in view of the Group's excellent financial position, which gives it full latitude to embark once again on an ambitious external growth strategy. On the other hand, an announcement of this nature could only set investors' expectations high, and thus increase the risk of upsetting them.

Against this backdrop, it's hardly surprising that recent results have been greeted with little enthusiasm. Over the first nine months of the year, sales rose by "only" 4%, and operating income by 1%. Thus, the strong rise in earnings per share stems primarily from the financial result rather than from operations.

Of the three segments Industrial Innovation, Life Sciences and Innovation for SMEs, the first looks set for difficult quarters ahead, due to the recession; the second is faltering, reflecting the industry it serves, which is still in the drought phase; while the third is surprisingly on the up, with another remarkable year of growth.

Dassault Systèmes trades on the stock market at thirty-five times its expected profit this year, and thirty-one times its expected profit next year - more or less the historical valuation average if smoothed over the long term, and adjusted for the period of mindless distortion observed during the pandemic.

At this multiple, investors' demand for growth remains strong. I would therefore hardly be surprised to see the Group announce a major acquisition in the very near future.