Intrinsic value of Autodesk, Inc. - ADSK

Previous Close

$169.20

  Intrinsic Value

$0.20

stock screener

  Rating & Target

str. sell

-100%

Previous close

$169.20

 
Intrinsic value

$0.20

 
Up/down potential

-100%

 
Rating

str. sell

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 0001), $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 37.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  28.30
  25.97
  23.87
  21.99
  20.29
  18.76
  17.38
  16.14
  15.03
  14.03
  13.12
  12.31
  11.58
  10.92
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.29
  7.07
  6.86
  6.67
  6.51
  6.35
  6.22
  6.10
Revenue, $m
  2,639
  3,325
  4,118
  5,024
  6,043
  7,176
  8,424
  9,784
  11,254
  12,833
  14,517
  16,304
  18,192
  20,179
  22,264
  24,445
  26,723
  29,097
  31,570
  34,142
  36,816
  39,596
  42,484
  45,485
  48,605
  51,848
  55,221
  58,731
  62,383
  66,187
Variable operating expenses, $m
  3,284
  4,133
  5,117
  6,238
  7,501
  8,906
  10,451
  12,136
  13,958
  15,914
  17,986
  20,200
  22,539
  25,001
  27,584
  30,286
  33,108
  36,050
  39,113
  42,300
  45,613
  49,057
  52,636
  56,354
  60,219
  64,238
  68,417
  72,764
  77,290
  82,003
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
  3,284
  4,133
  5,117
  6,238
  7,501
  8,906
  10,451
  12,136
  13,958
  15,914
  17,986
  20,200
  22,539
  25,001
  27,584
  30,286
  33,108
  36,050
  39,113
  42,300
  45,613
  49,057
  52,636
  56,354
  60,219
  64,238
  68,417
  72,764
  77,290
  82,003
Operating income, $m
  -645
  -809
  -999
  -1,215
  -1,458
  -1,729
  -2,027
  -2,352
  -2,704
  -3,081
  -3,469
  -3,896
  -4,347
  -4,822
  -5,320
  -5,841
  -6,385
  -6,953
  -7,544
  -8,158
  -8,797
  -9,461
  -10,152
  -10,869
  -11,614
  -12,389
  -13,195
  -14,034
  -14,907
  -15,815
EBITDA, $m
  -555
  -699
  -866
  -1,057
  -1,271
  -1,510
  -1,772
  -2,058
  -2,367
  -2,699
  -3,054
  -3,430
  -3,827
  -4,245
  -4,683
  -5,142
  -5,621
  -6,121
  -6,641
  -7,182
  -7,744
  -8,329
  -8,937
  -9,568
  -10,224
  -10,906
  -11,616
  -12,354
  -13,123
  -13,923
Interest expense (income), $m
  48
  86
  106
  173
  250
  338
  437
  547
  668
  801
  944
  1,097
  1,261
  1,434
  1,618
  1,811
  2,014
  2,226
  2,447
  2,678
  2,918
  3,168
  3,428
  3,698
  3,979
  4,271
  4,574
  4,889
  5,217
  5,558
  5,913
Earnings before tax, $m
  -731
  -915
  -1,171
  -1,465
  -1,796
  -2,166
  -2,575
  -3,021
  -3,504
  -4,024
  -4,566
  -5,157
  -5,782
  -6,440
  -7,131
  -7,855
  -8,611
  -9,400
  -10,222
  -11,077
  -11,966
  -12,890
  -13,850
  -14,848
  -15,885
  -16,963
  -18,085
  -19,251
  -20,465
  -21,729
Tax expense, $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
Net income, $m
  -731
  -915
  -1,171
  -1,465
  -1,796
  -2,166
  -2,575
  -3,021
  -3,504
  -4,024
  -4,566
  -5,157
  -5,782
  -6,440
  -7,131
  -7,855
  -8,611
  -9,400
  -10,222
  -11,077
  -11,966
  -12,890
  -13,850
  -14,848
  -15,885
  -16,963
  -18,085
  -19,251
  -20,465
  -21,729

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  5,278
  6,649
  8,236
  10,047
  12,085
  14,352
  16,847
  19,567
  22,508
  25,665
  29,034
  32,608
  36,385
  40,359
  44,528
  48,890
  53,446
  58,195
  63,140
  68,284
  73,632
  79,191
  84,968
  90,971
  97,210
  103,697
  110,443
  117,461
  124,767
  132,374
Adjusted assets (=assets-cash), $m
  5,278
  6,649
  8,236
  10,047
  12,085
  14,352
  16,847
  19,567
  22,508
  25,665
  29,034
  32,608
  36,385
  40,359
  44,528
  48,890
  53,446
  58,195
  63,140
  68,284
  73,632
  79,191
  84,968
  90,971
  97,210
  103,697
  110,443
  117,461
  124,767
  132,374
Revenue / Adjusted assets
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
Average production assets, $m
  1,238
  1,559
  1,931
  2,356
  2,834
  3,366
  3,951
  4,589
  5,278
  6,019
  6,808
  7,647
  8,532
  9,464
  10,442
  11,465
  12,533
  13,647
  14,806
  16,013
  17,267
  18,570
  19,925
  21,333
  22,796
  24,317
  25,899
  27,545
  29,258
  31,042
Working capital, $m
  -2,014
  -2,537
  -3,142
  -3,833
  -4,611
  -5,475
  -6,427
  -7,465
  -8,587
  -9,791
  -11,076
  -12,440
  -13,881
  -15,397
  -16,987
  -18,652
  -20,390
  -22,201
  -24,088
  -26,050
  -28,091
  -30,211
  -32,415
  -34,705
  -37,086
  -39,560
  -42,134
  -44,811
  -47,598
  -50,501
Total debt, $m
  1,967
  3,201
  4,629
  6,259
  8,093
  10,134
  12,379
  14,827
  17,474
  20,315
  23,347
  26,564
  29,962
  33,539
  37,291
  41,218
  45,317
  49,592
  54,042
  58,672
  63,486
  68,489
  73,688
  79,090
  84,706
  90,544
  96,615
  102,932
  109,506
  116,353
Total liabilities, $m
  4,750
  5,984
  7,413
  9,042
  10,877
  12,917
  15,163
  17,610
  20,257
  23,099
  26,130
  29,347
  32,746
  36,323
  40,075
  44,001
  48,101
  52,375
  56,826
  61,456
  66,269
  71,272
  76,471
  81,874
  87,489
  93,327
  99,398
  105,715
  112,290
  119,137
Total equity, $m
  528
  665
  824
  1,005
  1,209
  1,435
  1,685
  1,957
  2,251
  2,567
  2,903
  3,261
  3,638
  4,036
  4,453
  4,889
  5,345
  5,819
  6,314
  6,828
  7,363
  7,919
  8,497
  9,097
  9,721
  10,370
  11,044
  11,746
  12,477
  13,237
Total liabilities and equity, $m
  5,278
  6,649
  8,237
  10,047
  12,086
  14,352
  16,848
  19,567
  22,508
  25,666
  29,033
  32,608
  36,384
  40,359
  44,528
  48,890
  53,446
  58,194
  63,140
  68,284
  73,632
  79,191
  84,968
  90,971
  97,210
  103,697
  110,442
  117,461
  124,767
  132,374
Debt-to-equity ratio
  3.730
  4.810
  5.620
  6.230
  6.700
  7.060
  7.350
  7.580
  7.760
  7.920
  8.040
  8.150
  8.230
  8.310
  8.370
  8.430
  8.480
  8.520
  8.560
  8.590
  8.620
  8.650
  8.670
  8.690
  8.710
  8.730
  8.750
  8.760
  8.780
  8.790
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -731
  -915
  -1,171
  -1,465
  -1,796
  -2,166
  -2,575
  -3,021
  -3,504
  -4,024
  -4,566
  -5,157
  -5,782
  -6,440
  -7,131
  -7,855
  -8,611
  -9,400
  -10,222
  -11,077
  -11,966
  -12,890
  -13,850
  -14,848
  -15,885
  -16,963
  -18,085
  -19,251
  -20,465
  -21,729
Depreciation, amort., depletion, $m
  90
  110
  132
  158
  187
  220
  255
  294
  336
  381
  415
  466
  520
  577
  637
  699
  764
  832
  903
  976
  1,053
  1,132
  1,215
  1,301
  1,390
  1,483
  1,579
  1,680
  1,784
  1,893
Funds from operations, $m
  -641
  -806
  -1,039
  -1,307
  -1,609
  -1,947
  -2,319
  -2,726
  -3,168
  -3,643
  -4,151
  -4,690
  -5,261
  -5,863
  -6,494
  -7,156
  -7,847
  -8,568
  -9,319
  -10,100
  -10,913
  -11,757
  -12,635
  -13,547
  -14,495
  -15,481
  -16,505
  -17,571
  -18,681
  -19,836
Change in working capital, $m
  -444
  -523
  -606
  -691
  -778
  -865
  -952
  -1,038
  -1,122
  -1,204
  -1,285
  -1,364
  -1,441
  -1,516
  -1,591
  -1,664
  -1,738
  -1,812
  -1,886
  -1,963
  -2,040
  -2,121
  -2,204
  -2,290
  -2,380
  -2,475
  -2,574
  -2,678
  -2,787
  -2,902
Cash from operations, $m
  -197
  -283
  -434
  -616
  -831
  -1,082
  -1,367
  -1,689
  -2,046
  -2,439
  -2,866
  -3,327
  -3,821
  -4,347
  -4,904
  -5,492
  -6,109
  -6,756
  -7,432
  -8,138
  -8,872
  -9,637
  -10,431
  -11,257
  -12,115
  -13,006
  -13,932
  -14,894
  -15,894
  -16,934
Maintenance CAPEX, $m
  -59
  -75
  -95
  -118
  -144
  -173
  -205
  -241
  -280
  -322
  -367
  -415
  -466
  -520
  -577
  -637
  -699
  -764
  -832
  -903
  -976
  -1,053
  -1,132
  -1,215
  -1,301
  -1,390
  -1,483
  -1,579
  -1,680
  -1,784
New CAPEX, $m
  -272
  -321
  -372
  -425
  -478
  -532
  -585
  -638
  -690
  -740
  -790
  -838
  -886
  -932
  -978
  -1,023
  -1,068
  -1,114
  -1,160
  -1,206
  -1,254
  -1,304
  -1,355
  -1,408
  -1,463
  -1,521
  -1,582
  -1,646
  -1,713
  -1,784
Cash from investing activities, $m
  -331
  -396
  -467
  -543
  -622
  -705
  -790
  -879
  -970
  -1,062
  -1,157
  -1,253
  -1,352
  -1,452
  -1,555
  -1,660
  -1,767
  -1,878
  -1,992
  -2,109
  -2,230
  -2,357
  -2,487
  -2,623
  -2,764
  -2,911
  -3,065
  -3,225
  -3,393
  -3,568
Free cash flow, $m
  -528
  -680
  -901
  -1,158
  -1,453
  -1,786
  -2,158
  -2,568
  -3,015
  -3,501
  -4,023
  -4,580
  -5,172
  -5,799
  -6,459
  -7,151
  -7,876
  -8,634
  -9,424
  -10,247
  -11,103
  -11,993
  -12,918
  -13,880
  -14,879
  -15,917
  -16,996
  -18,119
  -19,286
  -20,502
Issuance/(repayment) of debt, $m
  381
  1,234
  1,429
  1,630
  1,834
  2,040
  2,245
  2,448
  2,647
  2,841
  3,032
  3,217
  3,399
  3,577
  3,752
  3,926
  4,100
  4,274
  4,450
  4,630
  4,814
  5,003
  5,199
  5,403
  5,615
  5,838
  6,071
  6,317
  6,575
  6,847
Issuance/(repurchase) of shares, $m
  1,515
  1,052
  1,330
  1,646
  2,000
  2,393
  2,824
  3,293
  3,798
  4,340
  4,903
  5,514
  6,159
  6,837
  7,548
  8,291
  9,067
  9,875
  10,716
  11,591
  12,500
  13,446
  14,428
  15,448
  16,509
  17,612
  18,759
  19,953
  21,195
  22,490
Cash from financing (excl. dividends), $m  
  1,896
  2,286
  2,759
  3,276
  3,834
  4,433
  5,069
  5,741
  6,445
  7,181
  7,935
  8,731
  9,558
  10,414
  11,300
  12,217
  13,167
  14,149
  15,166
  16,221
  17,314
  18,449
  19,627
  20,851
  22,124
  23,450
  24,830
  26,270
  27,770
  29,337
Total cash flow (excl. dividends), $m
  1,368
  1,606
  1,858
  2,117
  2,382
  2,647
  2,912
  3,173
  3,430
  3,681
  3,912
  4,151
  4,385
  4,615
  4,842
  5,066
  5,290
  5,515
  5,743
  5,974
  6,211
  6,455
  6,708
  6,971
  7,246
  7,533
  7,834
  8,151
  8,484
  8,835
Retained Cash Flow (-), $m
  -1,515
  -1,052
  -1,330
  -1,646
  -2,000
  -2,393
  -2,824
  -3,293
  -3,798
  -4,340
  -4,903
  -5,514
  -6,159
  -6,837
  -7,548
  -8,291
  -9,067
  -9,875
  -10,716
  -11,591
  -12,500
  -13,446
  -14,428
  -15,448
  -16,509
  -17,612
  -18,759
  -19,953
  -21,195
  -22,490
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
  -147
  554
  528
  471
  381
  254
  88
  -120
  -369
  -659
  -991
  -1,363
  -1,774
  -2,222
  -2,706
  -3,225
  -3,777
  -4,360
  -4,974
  -5,617
  -6,289
  -6,990
  -7,719
  -8,477
  -9,263
  -10,079
  -10,925
  -11,802
  -12,712
  -13,655
Discount rate, %
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
  -138
  482
  424
  347
  255
  153
  47
  -57
  -154
  -238
  -307
  -357
  -388
  -401
  -396
  -378
  -348
  -310
  -269
  -226
  -184
  -146
  -112
  -84
  -61
  -43
  -29
  -19
  -12
  -8
Current shareholders' claim on cash, %
  50.0
  16.7
  5.6
  1.9
  0.6
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Autodesk, Inc. is a design software and services company, offering customers productive business solutions through technology products and services. The Company's segments include Architecture, Engineering and Construction (AEC), Platform Solutions and Emerging Business (PSEB), Manufacturing (MFG), and Media and Entertainment (M&E). The Company serves customers in the architecture, engineering and construction; product design and manufacturing; and digital media and entertainment industries. The Company's product development and manufacturing software provides manufacturers in automotive, transportation, industrial machinery, consumer products and building products with digital engineering solutions. The Company's product offerings include, AutoCAD, AutoCAD LT, Industry Collections, 3ds Max, Maya, Revit, Inventor, AutoCAD Civil three dimensional (3D), CAM Solutions, Fusion 360, BIM 360 and Shotgun.

FINANCIAL RATIOS  of  Autodesk, Inc. (ADSK)

Valuation Ratios
P/E Ratio -64
Price to Sales 18.4
Price to Book 50.8
Price to Tangible Book
Price to Cash Flow 219.3
Price to Free Cash Flow 396.5
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 $2057 million for the last fiscal year's total revenue generated by Autodesk, Inc.. The default revenue input number comes from 0001 income statement of Autodesk, Inc.. 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 28.3% 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 6.9%, whose default value for ADSK is calculated based on our internal credit rating of Autodesk, Inc., 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, Inc..
    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 124.6%.

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 5.4% for Autodesk, Inc..

Corporate tax rate of 27% is the nominal tax rate for Autodesk, Inc.. 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 46.9%.

Life of production assets of 16.4 years is the average useful life of capital assets used in Autodesk, Inc. 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 -76.3%. 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 - $-256 million for Autodesk, Inc. - 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 219.011 million for Autodesk, Inc. 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, Inc. at the current share price and the inputted number of shares is $37.1 billion.

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