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Ansys Inc ANSS

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Stock XNAS Rating as of
$327.25 +0.29 (0.09%)
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Company Report

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Ansys Earnings: Results Come in Light as the Synopsys Transaction Inches Closer

Brian Colello, Verushka Shetty

We maintain our $327 per share fair value estimate for wide-moat Ansys after the firm reported first-quarter results below 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. With this, 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 not materializing and Ansys continuing to operate independently at a stand-alone valuation of $262 per share.

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Price vs Fair Value

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ANSS is trading at a 219% premium.
Price
$327.25
Fair Value
$481.00
Uncertainty
Medium
1-Star Price
$927.24
5-Star Price
$497.40
Economic Moat
Qrdv
Capital Allocation
Schrcfmkz

Bulls Say, Bears Say

Bulls

Ansys’ increased go-to-market partnerships should improve margins even further as the strategy has little costs associated with the additional revenue, given the reliance on partners’ salespeople.

Bears

An economic downturn could put a halt to Ansys’ growth area revenue streams that tend to be more discretionary, like those related to Internet of Things and digital twins. Margins could take a hit given significant fixed costs in the short term.

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News

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Trading Information

Previous Close Price
$326.96
Day Range
$326.26–328.58
52-Week Range
$258.01–364.31
Bid/Ask
$327.25 / $346.00
Market Cap
$28.57 Bil
Volume/Avg
197,013 / 463,654

Key Statistics

Price/Earnings (Normalized)
41.16
Price/Sales
12.85
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Ansys is an engineering software company that provides simulation capabilities for structural, fluids, semiconductor power, embedded software, optical, and electromagnetic properties. Ansys employs over 4,000 people and serves over 50,000 customers globally, including those in aerospace defense and automotive.
Sector
Technology
Industry
Software - Application
Stock Style Box
Mid Growth
Total Number of Employees
6,200
Website
https://www.ansys.com

Competitors

Valuation

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Metric
ANSS
ADSK
CDNS
Price/Earnings (Normalized)
 41.1629.5956.15
Price/Book Value
 5.2825.2221.55
Price/Sales
 12.858.5918.91
Price/Cash Flow
 38.4529.0853.99
Price/Earnings
ANSS
ADSK
CDNS

Financial Strength

Metric
ANSS
ADSK
CDNS
Quick Ratio
 2.700.650.96
Current Ratio
 2.800.751.32
Interest Coverage
 10.96—35.75
Quick Ratio
ANSS
ADSK
CDNS

Profitability

Metric
ANSS
ADSK
CDNS
Return on Assets (Normalized)
 10.66%17.53%25.27%
Return on Equity (Normalized)
 14.30%141.41%43.05%
Return on Invested Capital (Normalized)
 12.56%41.05%35.56%
Return on Assets
ANSS
ADSK
CDNS
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