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Ansys Inc

ANSS: XNAS (USA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$592.00	Gxdt	Xstsngrzc

Ansys Earnings: Healthy Sales and Profitability While Awaiting Synopsys Transaction

Brian Colello , Verushka Shetty

Feb 22, 2024

We maintain our $327 fair value estimate for wide-moat Ansys after it reported fourth-quarter results above our expectations. We remind investors that in December 2023, narrow-moat Synopsys entered into a definitive agreement to acquire Ansys in a cash and stock deal for an enterprise value of approximately $35 billion. As such, Ansys’ management did not provide guidance, or hold a call. Our $327 fair value estimate is blended, based on a 75% chance of Ansys shareholders receiving the $349 in value from Synopsys, and a 25% chance of the deal being rejected and Ansys continuing to operate independently at a stand-alone valuation of $262 per share.

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