Cadence Design Systems Inc

CDNS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Cadence: Lifting Our Fair Value Estimate to $313 From $250 as We Transfer Coverage

Eric Compton

Dec 5, 2024

We are raising our fair value estimate to $313 per share $250, as we transfer coverage to a new analyst, upgrade our moat rating to wide from narrow, and lower our cost of equity to 7.5% from 9%. With shares trading at close to $321, we now view shares as fairly valued.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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Cadence Design Systems Inc

Cadence: Lifting Our Fair Value Estimate to $313 From $250 as We Transfer Coverage

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