Digging Deeper

Research evidence excerpt

Digging Deeper

June 16, 2026 | 04:00 ET~

Autodesk, Inc.

ADSK-NSDQ Rating Price: Jun-15 Target Total Rtn Software

Market Perform $198.60 $262.00 32%

Daniel Jester Analyst

daniel.jester@bmo.com (646) 276-6546

Will S. Hancock Associate

Digging Deeper will.hancock@bmo.com (929) 837-9151

Kyle Aberasturi Senior Associate

kyle.aberasturi@bmo.com (917) 715-0142

Bottom Line: Legal Entity: BMO Capital Markets Corp.

Around a mostly steady core business, the announced MaintainX acquisition lays the

2YR Price Volume Chart

foundation for unlocking the large TAM for asset operations and more holistically 350

addressing the entirety of the asset lifecycle. We dove deeper into the potential 300

opportunity in a recent conversation with Simon Mays-Smith, VP of IR, as well as

Autodesk's AI strategy and progress on the revamped sales organizational changes. 250

The pace and scope of advancement in physical AI has been more topical recently, and 200Autodesk is making notable improvements at a significant scale. 987654321

150 0

Dec Jun Dec Jun

Key Points LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Company Data in $

MaintainX: The Foundation for a Large New Opportunity... Autodesk's pending $3.6B

Dividend $0.00 Shares O/S (mm) 211.0acquisition of MaintainX, a category leader in computer maintenance management

software, represents a strategic entry into the operations phase of the asset lifecycle, Yield 0.0% Market Cap (mm) $41,905

including asset management, preventative maintenance, and adjacent workflows. This EV (mm) $51,941 AD Vol. (mm) 3.28

category constitutes the largest portion of the ~$40B operations TAM, or around 4x BMO Estimates in $

larger than the construction opportunity where Autodesk executed a similar strategy (FY-Jan.) 2026A 2027E 2028E

in recent years.