Autodesk: Growth remain solid under the hood; MaintainX rounds out PLM opportunity

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Autodesk: Growth remain solid under the hood; MaintainX rounds out PLM opportunity

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Autodesk

Growth remain solid under the hood;

MaintainX rounds out PLM opportunity

Reiterate Rating: BUY | PO: 300.00 USD | Price: 240.95 USD

Solid 1Q27 results; we favor MaintainX acquisition 29 May 2026

Autodesk reported a solid quarter, with 1Q27 revenue and EPS results and 2Q27 Equity

guidance beating BofA/Street expectations (See Page 3 for details). The focal point of

the quarter was the Company’s $3.6bn acquisition of MaintainX, marking the Company’s

Key Changeslargest acquisition to date. While some investors may question the underlying intent of

the acquisition, we view it favorably and believe that MaintainX would round out (US$) Previous Current

Autodesk’s position across the project lifecycle and drive a deeper context and data layer 2027E Rev (m) 8,154.4 8,185.4

to support the Company’s long-term AI initiatives. We fine-tune our estimates to reflect 2028E Rev (m) 8,977.5 9,009.7

the better growth outlook against the remaining impact of the Company’s business 2029E Rev (m) 9,946.1 9,982.6

transitions to 1Q results. Reiterate Buy rating and $300 PO. 2027E EPS 12.43 12.53

2028E EPS 14.03 14.07

2029E EPS 16.11 16.16Reported results skews trends; underlying growth healthy

On one hand, 1Q reported billings and FCF came in ~$150mn and $180mn above Street

expectations, respectively, while the Company only raised full-year billings and FCF Tomer Zilberman

Research Analyst

guidance by $12.5mn each. On the other hand, management flagged that Street BofAS

expectations did not fully account for remaining impact of the new transaction model +1 646 855 3203 tomer.zilberman@bofa.com

and annual billing transition, and on a normalized basis, underlying billings trends remain