Cadence Design Systems Inc.

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SKU: CDNS Category:

Description

Cadence exceeded the revenue and earnings expectations of Wall Street for the second quarter of 2023, resulting in year-over-year 14% revenue growth and 19% non-GAAP EPS growth. In terms of Generative AI, the customers of Cadence are adopting its chip, Generative AI portfolio, system, board, and package as they are achieving exceptional productivity benefits and quality results with these solutions. Cadence has successfully partnered with Tesla to advance the game-changing Dojo AI supercomputer. From a product perspective, Cadence has been providing AI-driven solutions for the core ED applications. Cadence also deepened its long-standing partnership with one marquee electronic system organization through a broad-ranging expansion of its core EDA, IP, hardware, and systems portfolio. Protinum X2 and Palladium Z2 hardware platforms delivered an excellent quarter. Demand for hardware solutions was broad-based, with specific strengths in automotive segments, hyper-scale computing, and AI. Versium, the AI-driven Cadence verification platform built upon the ZI database and natively integrated with its verification engines, has been gaining traction in the market, shaping customers. The company also unveiled the Cadence Joules RTL Design Studio. It expanded its collaboration with Samsung Foundry by delivering package design kits and reference flows based on its exclusively differentiated integrity 3D IC platform. We give Cadence Design Systems a ‘Hold’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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