Autodesk (ADSK): a powerful franchise priced for mediocrity
From The Gemini Brief - Investment Deep Dives · 00:44:38
Show by Lukasz Tomicki and LRT Capital Management LLC
Slide Deck Autodesk is a rare business that genuinely earns its moat. Its dominance in AEC design software, anchored by Revit’s proprietary file format lock-in and 40 years of workflow entrenchment, produces 91% gross margins, 97% recurring revenue, and $2.4 billion in free cash flow — financial characteristics consistent with a business possessing durable competitive […]
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