Software weekly update: CDNS, DSY, MSFT, PMTC, channel
Griffin Securities, Inc.
29 Jan 2013
Available for Immediate Download
In this issue (#54), we preview 4Q12 results for Cadence Design Systems (CDNS, $14.13, Buy) and Dassault Systèmes (DSY.FR, €83.92, Neutral), plus an update on Dassault’s SolidWorks business following its recent annual conference. For Microsoft (MSFT, $27.91, Buy), we deduce 2Q13 Surface tablet volumes based on analysis of Windows division cost of revenues. For Parametric Technology (PMTC, $23.58, Hold) we update our analysis of average selling prices for its CAD business, in software distribution, Autodesk’s (ADSK, $38.86, Buy) largest VAR in Europe has released its preliminary 4Q12 results. On page 7 our table of valuation metrics and estimates through 2014, and on pages 8-11 our compilation of issues published in 2012-2013 (#18-#53).