On the day that Autodesk allows dealers and the media to publicly talk about its 2008-line of software, Bear Stearns begins coverage of ADSK and decides on a "peer perform" rating.
The equity research company feels that Autodesk's exciting growth of the last couple of years was "easy," because it was driven by new subscription accounts, as well as "varying discounts to resellers and raising prices and managing rebates to customers to drive quarterly results."
But now, Bear Stearns feels, Autodesk has sold nearly all the new subs its going to, and so new growth must come from more sales of 3D, and that will be harder to implement than selling subs. The research company feels that Autodesk may also increase the number acquisitions in order to maintain growth. (Aquiring other companies costs money, but buys more customers and annual revenue.)
ADSK is estimated to have revenues of roughly US$2.5 billion in FY2009.