Deutsche Bank analysts provided their key takeaways from Autodesk, Inc. (NASDAQ:ADSK) 2023 Investor Day, noting they feel more confident about the company’s ability to sustain 10-15% revenue growth with 30- 35% free cash flow margins over the medium-to-long-term.
In addition to secular market trends which remain in their favor, emphasis on the pace of internal innovation at Autodesk should enable the company to maintain and perhaps extends its competitive positioning as they disrupt the industry along with itself.
The focal point around Autodesk Platform Services and Industry Clouds (Forma, Fusion, Flow) highlights management’s understanding of where the future is going, though the analysts note the migration from a file-based workflow to data/model-based workflows will likely play out over the next decade with limited near-term financial benefit while requiring ongoing investment.
