Intrinsic value of Autodesk - ADSK

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$107.70

  Intrinsic Value

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  Value-price divergence*

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$107.70

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ADSK stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 23.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -18.89
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,031
  2,072
  2,119
  2,174
  2,235
  2,303
  2,377
  2,458
  2,546
  2,640
  2,741
  2,850
  2,965
  3,088
  3,219
  3,358
  3,505
  3,661
  3,826
  4,000
  4,184
  4,378
  4,582
  4,798
  5,025
  5,264
  5,516
  5,781
  6,060
  6,354
  6,662
Variable operating expenses, $m
 
  2,068
  2,112
  2,163
  2,219
  2,282
  2,350
  2,425
  2,506
  2,593
  2,687
  2,631
  2,737
  2,851
  2,972
  3,100
  3,236
  3,380
  3,532
  3,693
  3,862
  4,041
  4,230
  4,429
  4,639
  4,860
  5,092
  5,337
  5,594
  5,865
  6,150
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,531
  2,068
  2,112
  2,163
  2,219
  2,282
  2,350
  2,425
  2,506
  2,593
  2,687
  2,631
  2,737
  2,851
  2,972
  3,100
  3,236
  3,380
  3,532
  3,693
  3,862
  4,041
  4,230
  4,429
  4,639
  4,860
  5,092
  5,337
  5,594
  5,865
  6,150
Operating income, $m
  -500
  3
  7
  11
  16
  21
  27
  33
  40
  47
  55
  219
  228
  237
  247
  258
  269
  281
  294
  307
  322
  336
  352
  369
  386
  405
  424
  444
  466
  488
  512
EBITDA, $m
  -361
  185
  189
  194
  200
  206
  212
  219
  227
  236
  245
  254
  265
  276
  287
  300
  313
  327
  342
  357
  374
  391
  409
  428
  449
  470
  492
  516
  541
  567
  595
Interest expense (income), $m
  48
  40
  42
  45
  49
  53
  57
  62
  67
  72
  78
  85
  92
  99
  107
  115
  124
  134
  144
  154
  165
  177
  189
  202
  216
  231
  246
  262
  279
  297
  315
Earnings before tax, $m
  -524
  -36
  -35
  -34
  -33
  -32
  -30
  -29
  -27
  -26
  -24
  134
  136
  138
  140
  143
  145
  148
  150
  153
  156
  160
  163
  166
  170
  174
  178
  182
  187
  192
  197
Tax expense, $m
  58
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  36
  37
  37
  38
  39
  39
  40
  41
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  52
  53
Net income, $m
  -582
  -36
  -35
  -34
  -33
  -32
  -30
  -29
  -27
  -26
  -24
  98
  99
  101
  103
  104
  106
  108
  110
  112
  114
  116
  119
  121
  124
  127
  130
  133
  136
  140
  144

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,900
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,798
  4,523
  4,627
  4,746
  4,880
  5,028
  5,190
  5,367
  5,558
  5,764
  5,985
  6,222
  6,474
  6,743
  7,029
  7,332
  7,654
  7,994
  8,353
  8,734
  9,135
  9,558
  10,005
  10,475
  10,971
  11,494
  12,044
  12,622
  13,232
  13,872
  14,546
Adjusted assets (=assets-cash), $m
  2,898
  4,523
  4,627
  4,746
  4,880
  5,028
  5,190
  5,367
  5,558
  5,764
  5,985
  6,222
  6,474
  6,743
  7,029
  7,332
  7,654
  7,994
  8,353
  8,734
  9,135
  9,558
  10,005
  10,475
  10,971
  11,494
  12,044
  12,622
  13,232
  13,872
  14,546
Revenue / Adjusted assets
  0.701
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
Average production assets, $m
  344
  350
  358
  367
  378
  389
  402
  415
  430
  446
  463
  482
  501
  522
  544
  568
  592
  619
  647
  676
  707
  740
  774
  811
  849
  890
  932
  977
  1,024
  1,074
  1,126
Working capital, $m
  276
  -207
  -212
  -217
  -223
  -230
  -238
  -246
  -255
  -264
  -274
  -285
  -297
  -309
  -322
  -336
  -351
  -366
  -383
  -400
  -418
  -438
  -458
  -480
  -502
  -526
  -552
  -578
  -606
  -635
  -666
Total debt, $m
  1,491
  1,204
  1,291
  1,390
  1,502
  1,625
  1,761
  1,908
  2,068
  2,240
  2,425
  2,622
  2,833
  3,058
  3,296
  3,549
  3,818
  4,102
  4,402
  4,720
  5,055
  5,408
  5,781
  6,174
  6,588
  7,024
  7,483
  7,967
  8,475
  9,010
  9,573
Total liabilities, $m
  4,065
  3,777
  3,864
  3,963
  4,075
  4,198
  4,334
  4,481
  4,641
  4,813
  4,998
  5,195
  5,406
  5,631
  5,869
  6,122
  6,391
  6,675
  6,975
  7,293
  7,628
  7,981
  8,354
  8,747
  9,161
  9,597
  10,056
  10,540
  11,048
  11,583
  12,146
Total equity, $m
  734
  746
  763
  783
  805
  830
  856
  885
  917
  951
  988
  1,027
  1,068
  1,113
  1,160
  1,210
  1,263
  1,319
  1,378
  1,441
  1,507
  1,577
  1,651
  1,728
  1,810
  1,896
  1,987
  2,083
  2,183
  2,289
  2,400
Total liabilities and equity, $m
  4,799
  4,523
  4,627
  4,746
  4,880
  5,028
  5,190
  5,366
  5,558
  5,764
  5,986
  6,222
  6,474
  6,744
  7,029
  7,332
  7,654
  7,994
  8,353
  8,734
  9,135
  9,558
  10,005
  10,475
  10,971
  11,493
  12,043
  12,623
  13,231
  13,872
  14,546
Debt-to-equity ratio
  2.031
  1.610
  1.690
  1.780
  1.860
  1.960
  2.060
  2.150
  2.250
  2.360
  2.460
  2.550
  2.650
  2.750
  2.840
  2.930
  3.020
  3.110
  3.190
  3.280
  3.350
  3.430
  3.500
  3.570
  3.640
  3.700
  3.770
  3.830
  3.880
  3.940
  3.990
Adjusted equity ratio
  -0.402
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165
  0.165

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -582
  -36
  -35
  -34
  -33
  -32
  -30
  -29
  -27
  -26
  -24
  98
  99
  101
  103
  104
  106
  108
  110
  112
  114
  116
  119
  121
  124
  127
  130
  133
  136
  140
  144
Depreciation, amort., depletion, $m
  139
  182
  182
  183
  184
  185
  186
  187
  188
  189
  190
  35
  37
  38
  40
  42
  44
  45
  48
  50
  52
  54
  57
  60
  62
  65
  69
  72
  75
  79
  83
Funds from operations, $m
  527
  145
  147
  149
  151
  153
  155
  158
  160
  163
  166
  133
  136
  139
  143
  146
  150
  153
  157
  162
  166
  171
  176
  181
  187
  192
  199
  205
  212
  219
  226
Change in working capital, $m
  357
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
Cash from operations, $m
  170
  149
  152
  154
  157
  160
  163
  166
  169
  173
  176
  144
  148
  152
  156
  160
  164
  169
  174
  179
  185
  190
  196
  203
  209
  216
  224
  232
  240
  248
  257
Maintenance CAPEX, $m
  0
  -25
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -45
  -48
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -69
  -72
  -75
  -79
New CAPEX, $m
  -76
  -6
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
Cash from investing activities, $m
  272
  -31
  -34
  -35
  -37
  -39
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -58
  -60
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -108
  -114
  -119
  -125
  -131
Free cash flow, $m
  442
  118
  118
  119
  120
  121
  122
  123
  124
  125
  127
  92
  93
  94
  95
  96
  98
  99
  101
  102
  104
  106
  107
  109
  111
  113
  116
  118
  121
  123
  126
Issuance/(repayment) of debt, $m
  0
  74
  87
  99
  111
  124
  136
  148
  160
  172
  185
  198
  211
  225
  239
  253
  268
  284
  300
  317
  335
  354
  373
  393
  414
  436
  459
  483
  509
  535
  563
Issuance/(repurchase) of shares, $m
  -502
  49
  53
  54
  55
  56
  57
  58
  59
  60
  60
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -578
  123
  140
  153
  166
  180
  193
  206
  219
  232
  245
  198
  211
  225
  239
  253
  268
  284
  300
  317
  335
  354
  373
  393
  414
  436
  459
  483
  509
  535
  563
Total cash flow (excl. dividends), $m
  -140
  241
  257
  272
  286
  300
  314
  328
  342
  357
  372
  289
  304
  318
  334
  350
  366
  383
  401
  419
  439
  459
  480
  502
  525
  550
  575
  601
  629
  658
  689
Retained Cash Flow (-), $m
  886
  -49
  -53
  -54
  -55
  -56
  -57
  -58
  -59
  -60
  -60
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -111
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  192
  205
  218
  231
  244
  257
  270
  284
  297
  311
  250
  262
  274
  287
  299
  313
  327
  342
  357
  373
  389
  407
  425
  444
  463
  484
  506
  529
  553
  578
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  184
  188
  190
  190
  189
  187
  183
  177
  171
  163
  119
  112
  104
  96
  88
  80
  71
  63
  55
  47
  40
  34
  28
  23
  18
  14
  11
  8
  6
  4
Current shareholders' claim on cash, %
  100
  99.3
  98.6
  98.0
  97.3
  96.6
  95.9
  95.3
  94.7
  94.1
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5
  93.5

Autodesk, Inc. operates as a design software and services company worldwide. The company’s Architecture, Engineering and Construction segment offers Autodesk Building Design Suites to manage various phases of design and construction; Autodesk Revit products that offer model-based design and documentation systems; Autodesk Infrastructure Design Suites; AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution; and AutoCAD Map 3D software for infrastructure planning, design, and management. Its Platform Solutions and Emerging Business segment offers AutoCAD software, a professional design, drafting, detailing, and visualization software; and AutoCAD LT, a professional drafting and detailing software. The company’s Manufacturing segment provides Autodesk Product Design Suites for digital prototyping; Autodesk Inventor to go beyond 3D design to digital prototyping; AutoCAD Mechanical software to accelerate the mechanical design process; Autodesk Moldflow, an injection molding simulation software; Autodesk Delcam, a CAD and computer-aided manufacturing software; Autodesk PLM 360, a product lifecycle management application; and Autodesk Fusion 360, a product development environment. Its Media and Entertainment segment offers Autodesk Maya and Autodesk 3ds Max software products that offer 3D modeling, animation, effects, rendering, and compositing solutions; and Autodesk Flame and Autodesk Lustre software applications that offer editing, finishing, and visual effects design and color grading solutions. Autodesk, Inc. sells consumer products for digital art, personal design and creativity, and home design in digital storefronts and over the Internet. It licenses or sells its products to customers in the architecture, engineering, and construction; manufacturing; and digital media, consumer, and entertainment industries directly, as well as through resellers and distributors. Autodesk, Inc. was founded in 1982 and is headquartered in San Rafael, California.

FINANCIAL RATIOS  of  Autodesk (ADSK)

Valuation Ratios
P/E Ratio -40.8
Price to Sales 11.7
Price to Book 32.3
Price to Tangible Book
Price to Cash Flow 139.6
Price to Free Cash Flow 252.4
Growth Rates
Sales Growth Rate -18.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.5%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 148.8%
Total Debt to Equity 203.1%
Interest Coverage -10
Management Effectiveness
Return On Assets -10.3%
Ret/ On Assets - 3 Yr. Avg. -1.1%
Return On Total Capital -21.8%
Ret/ On T. Cap. - 3 Yr. Avg. -10%
Return On Equity -49.4%
Return On Equity - 3 Yr. Avg. -21%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 83.2%
Gross Margin - 3 Yr. Avg. 84.9%
EBITDA Margin -16.6%
EBITDA Margin - 3 Yr. Avg. -0.1%
Operating Margin -24.6%
Oper. Margin - 3 Yr. Avg. -6.6%
Pre-Tax Margin -25.8%
Pre-Tax Margin - 3 Yr. Avg. -7.8%
Net Profit Margin -28.7%
Net Profit Margin - 3 Yr. Avg. -12.9%
Effective Tax Rate -11.1%
Eff/ Tax Rate - 3 Yr. Avg. -521.6%
Payout Ratio 0%

ADSK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADSK stock intrinsic value calculation we used $2031 million for the last fiscal year's total revenue generated by Autodesk. The default revenue input number comes from 2017 income statement of Autodesk. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ADSK stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ADSK is calculated based on our internal credit rating of Autodesk, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Autodesk.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ADSK stock the variable cost ratio is equal to 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ADSK stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Autodesk.

Corporate tax rate of 27% is the nominal tax rate for Autodesk. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ADSK stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ADSK are equal to 16.9%.

Life of production assets of 13.6 years is the average useful life of capital assets used in Autodesk operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ADSK is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $734 million for Autodesk - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 218.936 million for Autodesk is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Autodesk at the current share price and the inputted number of shares is $23.6 billion.


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COMPANY NEWS

▶ ETFs with exposure to Autodesk, Inc. : July 14, 2017   [Jul-14-17 12:39PM  Capital Cube]
▶ Why Wall Street mistrusts the bull market   [Jul-10-17 07:40PM  CNBC Videos]
▶ Autodesk Appears to Be Headed Lower   [11:56AM  TheStreet.com]
▶ [$$] HGGC Backs Provider of Data-Visualization Software   [Jun-28-17 12:33PM  The Wall Street Journal]
▶ Autodesk's chief marketing officer steps in to fill CEO role   [Jun-19-17 06:50PM  American City Business Journals]
▶ Autodesk names Andrew Anagnost its CEO   [04:23PM  MarketWatch]
▶ CEOs Insulting Activist Investors Typically Doesn't Turn Out Well for Them   [Jun-15-17 03:48PM  The Wall Street Journal]
▶ Watch Autodesk Price and Volume Pattern Going Forward   [Jun-12-17 03:23PM  TheStreet.com]
▶ Why Autodesks Stock Jumped 24% in May   [Jun-10-17 06:35PM  Motley Fool]
▶ 15 Tech Stocks Vulnerable to a Pullback (Part 3)   [Jun-09-17 03:00PM  TheStreet.com]
▶ 3 Growth Stocks for Ambitious Investors   [01:27PM  Motley Fool]
▶ Autodesk to Present at the Nasdaq Investor Program   [Jun-08-17 08:00AM  PR Newswire]
▶ Candle Magic   [Jun-06-17 02:02PM  Forbes]
▶ ETFs with exposure to Autodesk, Inc. : June 5, 2017   [Jun-05-17 01:59PM  Capital Cube]
▶ How Speculative Is Autodesk After Rising 53% YTD?   [May-31-17 09:53AM  Investopedia]
▶ 3 of the Best Stocks to Buy in June   [09:47AM  Motley Fool]
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▶ We're Happy to Be Back at Autodesk   [May-23-17 12:23PM  TheStreet.com]
▶ Stock Market News for May 22, 2017   [May-22-17 10:27AM  Zacks]
▶ Cramer: Here's the Best Tech Story That Nobody Knows   [May-19-17 07:01PM  TheStreet.com]
▶ What Happened in the Stock Market Today   [05:09PM  Motley Fool]
▶ Hot Stock: Autodesk Advances   [04:15PM  Barrons.com]
▶ Wal-Mart, Alibaba, Autodesk Upgraded; Symantec Downgraded   [04:03PM  Investor's Business Daily]
▶ Autodesk Keeps Climbing   [01:50PM  TheStreet.com]
▶ S&P 500, Dow Reach Key Levels; Facebook In Buy Area   [01:48PM  Investor's Business Daily]
▶ Why Autodesk Stock Is Surging Today   [01:09PM  Motley Fool]
▶ Autodesk: Can It Make Money?   [11:11AM  Investopedia]
▶ Story Stocks from Briefing.com   [09:38AM  Briefing.com]
▶ CAD Software Firm Autodesk Soars On Quarterly Earnings Beat   [May-18-17 05:18PM  Investor's Business Daily]
▶ Autodesk reports 1Q loss   [04:32PM  Associated Press]
▶ Apple, Home Depot Price Targets Hiked; Disney, Square Downgraded   [May-17-17 04:55PM  Investor's Business Daily]
▶ Autodesk's Uptrend Remains on Autopilot   [May-12-17 02:08PM  TheStreet.com]
▶ [$$] Autodesk Stock Could Reach $120   [May-10-17 12:49PM  Barrons.com]
▶ Cadence Design Stock Slips On Disappointing Guidance   [Apr-25-17 04:55PM  Investor's Business Daily]
▶ These 3 Software Makers Broke Out To Buys, But With A Design Flaw   [Apr-24-17 04:18PM  Investor's Business Daily]
▶ ETFs with exposure to Autodesk, Inc. : April 20, 2017   [Apr-20-17 02:10PM  Capital Cube]
▶ Rising Trend Channel Buying Opportunities   [Apr-13-17 10:45AM  Investopedia]
▶ ETFs with exposure to Autodesk, Inc. : April 7, 2017   [Apr-07-17 03:41PM  Capital Cube]
▶ 7 Stocks Beating the Market   [Apr-05-17 04:27PM  GuruFocus.com]
▶ Here's Why It's Best to Avoid Autodesk   [Mar-30-17 01:41PM  TheStreet.com]
▶ ETFs with exposure to Autodesk, Inc. : March 27, 2017   [Mar-27-17 03:47PM  Capital Cube]
▶ [$$] Why PTCs Revenue Still Raises Eyebrows   [12:06AM  The Wall Street Journal]
▶ [$$] Why PTC's Revenue Still Raises Eyebrows   [Mar-26-17 09:22AM  at The Wall Street Journal]
Stock chart of ADSK Financial statements of ADSK Annual reports of ADSK
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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