We see organic growth risks in all three segments in H2e. We cut adj. EBITA by 3-6% on the back of the weak Q2. Share has had a strong rally (+43% YTD), downgrade to HOLD (Buy)
Q2e: easy comps from PW last year, 55% adj. EBITA growth. Autodesk transaction model change visible from Q3e. BUY but less upside after strong share price rise.