Autodesk’s Investor Day Confirms Our Confidence in Its Long-Term Growth; Shares Attractive

On March 22, Autodesk hosted its investor day, spelling out how its market has plenty of drivers for future growth—from adoption of building information modeling, or BIM, to leveraging machine learning. Since we have been a firm believer in these growth avenues for Autodesk and its ability to monetize them, our model remains unchanged. However, we think this is still an opportune time to remind investors that the stock is trading in attractive 4-star territory given our $230 fair value estimate. We think this is a rare opportunity for long-term investors, as we think the stock boasts a wide moat and more often than not trades at a premium valuation because of its quality.