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Autodesk Inc ADSK Stock Quote

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Morningstar‘s Stock Analysis ADSK

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Autodesk’s Resilient Subscription Business Helps Offset Headwinds; Shares Fairly Valued

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

Wide-moat Autodesk reported second-quarter financial results largely in line with our expectations. Sales growth was broad-based with Autodesk seeing year-over-year increases in each of its five product families and each of its three geographic operating regions. It achieved this despite headwinds in Russia stemming from the war and in China from COVID-19 lockdowns. There was an additional headwind from the strengthening of the U.S. dollar, which reduced full-year billings, revenue, and free cash flow to the tune of approximately $20 million, $5 million, and $5 million, respectively. We are encouraged by Autodesk’s continued successful effort to mitigate cyclicality from the business through its subscription model, best exemplified by Autodesk Build’s monthly active users, or MAUs, growing 45% quarter over quarter. Our belief in Autodesk’s long-term prospects remains unchanged and we are maintaining our $230 fair value estimate. Due to the encouraging results, shares are up over 6% to $227 per share after hours—nearly exactly at our fair value estimate.

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Key Statistics ADSK

Company Profile ADSK

Business Description

Founded in 1982, Autodesk is an application software company that serves industries in architecture, engineering, and construction; product design and manufacturing; and media and entertainment. Autodesk software enables design, modeling, and rendering needs of these industries. The company has over 4 million paid subscribers across 180 countries.

111 McInnis Parkway
San Rafael, CA, 94903
T +1 415 507-5000
Industry Software - Application
Most Recent Earnings Jul 31, 2022
Fiscal Year End Jan 31, 2023
Employees 12,600

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