Optics weren’t improved by an audit delay and a potential tax liability. Market confidence was dashed by a lack of near-term visibility after company guidance was missed, having been reiterated as recently as mid-June. Having rejected a takeover offer by US technology giant Autodesk in June, valued at $5bn, Altium (( ALU)) produced FY21 results which saw its market capitalisation fall below $4bn. Forecast margin estimates have been lowered Discounted term-based licence offer to drag on ARPU Potential to monetise the non-paying user base While brokers reduce margin estimates, FY22 appears to have started well Altium released weaker than expected FY21 earnings While Altium’s strategic importance was underlined by the recent Autodesk bid, earnings visibility has been questioned after FY21 results missed recent guidance.
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