No Surprises From Autodesk in Q2

Autodesk is in the portfolio due to its super-predictable results and dominant economic moat. Q2 was another case of "business as usual", with revenues up 12% and backlog up 11%, right on the modeling. The firm is still experiencing a bit of a cash flow lag as it transitions to a new transaction model in the U.S., but I expect it to work through back into the low-mid 30% free cash margin range. Management upped its revenue guidance for the year. The stock trades right in the vicinity of our $263 fair value price.

Watch List

WDAY -14.66%
VEEV 10.18%
INTU 12.14%
PSTG -9.24%
CMG 30.19%
RDDT -3.84%
NTNX 14.13%
CRWD 71.52%
SE 19.77%
SNOW 2.45%
APPF 3.69%
PINS -38.39%

Buy List

ASML -27.09%
SEMR -42.13%
TSM -45.61%
ZETA -36.33%
GOOG -52.81%
NYAX -34.93%
MSFT -33.01%
ODD -33.41%
ASR -30.64%
FLYW -42.71%
HRMY -61.01%
GLBE -29.48%
YOU -34.88%
ABNB -36.69%
MELI -27.66%
ADBE -45.75%

Hold List

VTEX -20.00%
CELH 48.96%
TOST 14.30%
CPNG -19.28%
HIMS -22.20%
PAYC -21.97%
MNDY 6.61%
ZS 23.37%
V -8.70%
ADSK -3.90%
NOW -6.74%
FTNT -5.75%
TEAM -11.07%