Software weekly update: ADBE ANSS ADSK CDNS DSY MSFT PTC
Griffin Securities, Inc.
14 Oct 2013
Available for Immediate Download
In this issue, we comment on recent product news from Adobe Systems (ADBE, $52.63, Buy), Cadence Design (CDNS, $14.29, Buy), and Parametric Technology (PMTC, $28.23, Neutral). We review in detail the latest data for direct & indirect sales for Ansys, (ANSS, $85.91, Neutral), Autodesk (ADSK, $39.96, Buy), Dassault Systèmes (DSY.FR, €86.24, Neutral), and PTC, with accompanying Charts 1 through 8 on revenue and share data; Autodesk retains the largest share of indirect revenues among the publicly-held technical software companies and Dassault the largest share of direct revenues. Microsoft (MSFT, $34.45, Buy) will be implementing a price increase on certain server products on November 1st. On page 11, we show our table of valuation metrics and estimates through 2015, and on pages 13-17 our compilation of issues published in 2012-2013 (#18-#67).