AUTODESK INC. $47 (Nasdaq symbol ADSK; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 231.7 million; Market cap: $10.9 billion; WSSF Rating: Average) makes AutoCAD, the world’s leading computer aided design program. AutoCAD helps engineers and architects design machinery and buildings, and supplies 90% of Autodesk’s revenue. The remaining 10% comes from software that filmmakers use to create special effects.
Autodesk spends over 20% of its revenue on research. This helps it maintain its dominance in its niche markets. Heavy research spending is also helping Autodesk transform its software, from the traditional 2D models to 3D. That speeds up the design process and improves the quality of the final product or structure.
Autodesk is also using acquisitions to strengthen its 3D expertise. In June 2007, it paid $29.1 million for UK-based 3D specialist NavisWorks.
Thanks to this purchase, revenue from 3D products in Autodesk’s third fiscal quarter ended October 31, 2007 rose 32% from a year earlier, and accounted for 24% of total revenues. Overall revenue for the quarter rose 17.9%, to $538.4 million from $456.8 million. Earnings rose 40.0%, to $0.49 a share (total $117.1 million) from $0.35 a share ($86.3 million).
Autodesk is also using acquisitions to expand in other areas. For example, it has agreed to pay $42.5 million for French software developer Robobat, which makes design software for the structural engineering industry. Growing by acquisition adds risk, but Autodesk should have little trouble integrating small purchases like this.
The stock has rebounded since Autodesk fixed problems with the way it accounted for stock options earlier this year. But at 29.4 times its forecast fiscal 2008 earnings of $1.60 a share, Autodesk needs substantial growth to move higher.
Autodesk is a hold.
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