Autodesk Maintains Business Model Transition Momentum, but Shares Remain Overvalued
For the second quarter in a row, Autodesk’s revenue growth outperformed our expectations and reflects the firm’s ongoing momentum in its business model transition. As Autodesk moves to more subscriptions and flexible licensing options, uptake of new model subscriptions (subscription, cloud, and enterprise) has been notable. Overall, we view Autodesk’s ongoing transition in a positive light and reiterate our $60 fair value estimate and wide economic moat rating. However, with the stock surging in...Autodesk is a design software and services company. The company is engaged in 3D design, engineering and entertainment software and services. The company's product offerings include: AutoCAD, which is a customizable and extensible CAD application for design, drafting, detailing, and visualization; AutoCAD Civil 3D, which provides surveying, design, analysis, and documentation solution for civil engineering; CAM Solutions, which is a computer-aided manufacturing software that provides solutions for computer numeric control machining, inspection, and modeling for manufacturing; and Inventor, which provides tools for 3D mechanical design, simulation, analysis, tooling, visualization, and documentation.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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