Waterworld Capital
Public Markets Commentary
Autodesk trades at a huge premium to Adobe and is likely to go through the same narrative cycle, so it is not as cheap as it looks. x.com
Procore Technologies looks cheap at 18x adjusted earnings and 3.5x revenue for what is probably a top-five private equity software target. Data center construction builds a mechanical case for revenue acceleration that starts flowing through in the next 12 months. x.com x.com