Autodesk Shareholders Wanted More (ADSK)

AutoDesk (NASDAQ:ADSK) has posted non-GAAP EPS of $0.49 on revenues of $538 million, while First Call estimates were $0.47 EPS and $536.14 million in revenues. Here is guidance:

• Q4-2008 (Jan-2008 end): Non-GAAP earnings per diluted share are expected to be in the range of $0.52 and $0.54, and Net revenues are expected to be between $575 million and $585 million; Estimates are $0.53 EPS and $581.14 million in revenues.
• Full Year Fiscal 2008: Non-GAAP earnings per diluted share are expected to be in the range of $1.89 and $1.91, net revenues are expected to be between $2.148 billion and $2.158 billion; Estimates are $1.89 EPS on revenues of $2.15 Billion.
• Q1 for Fiscal 2009: Non-GAAP earnings per diluted share are expected to be in the range of $0.50 and $0.52, net revenues are expected to be in the range of $575 million and $585 million.
• Full Year Fiscal 2009: Non-GAAP earnings per diluted share are expected to be in the range of $2.20 and $2.26, net revenues are expected to be between $2.425 billion and $2.475 billion. Estimates are $2.24 EPS on $2.46 Billion in revenues.

Simultaneously the digital design software maker announced its intent to acquire Robobat.  Robobat is a privately held company based in Grenoble, France that specializes in analysis, design, and steel and concrete detailing software for the structural engineering industry.  The purchase price is approximately $42.5 million in cash subject to a working capital adjustment.

The numbers looked ok on the surface, but it looks like holders wanted to see more to justify valuations for a somewhat steady business whose major growth days are behind it.  Shares closed down marginally at $47.46 in regulartrading, but are trading down 5% at $45.00 in after-hours trading.  Its 52-week trading range is $36.21 to $51.32, and before teh drop its market cap was $10.9 Billion.

These calculations are based upon today’s closing price.  Its current year P/E ratio is now about 25.0, despite a trailing P/E ratio being noted as 34.  Based on the forward guidance one-year out, its Jan-2009 multiple is 21.3 at the mid-point of guidance.

Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers.