After an extremely tough week Altium (ALU) bounced over +4% yesterday to claim the spot as the ASX’s top performer. Autodesk previously walked away from its June takeover bid which was rumored to be pushed up towards $40 but management had no interest. We expected the company to deliver a strong result this week to justify the rebuff but alas we were wrong and the stock fell over 25% below the failed bid.
The companies result was disappointing providing lower margins & guidance, let’s hope the boards optimistic rhetoric is well founded. However around the $31 level we are more likely to average our position than walk away, a frustrating journey so far but we do see value at current levels.
MM is bullish ALU around $30
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