| Intrinsic Valuation of: DOCU | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2021 | - | - | EPS (FY) | 1 | Market Cap | $9B | |||||
| 2022 | - | - (-) | P/E Ratio | 32 | Total Asset | $4B | |||||
| 2023 | $429M | - (-) | Net Income | $309M | Total Debt | $0 | |||||
| 2024 | $887M | 106.7% (88.3%) | EBITDA | $466M | Total Liab | $2B | |||||
| 2025 | $920M | 3.7% (-3.8%) | Opr Margin | 9.27 | Debt/Equity | - | |||||
| 2026 | $1B | 15.0% (6.4%) | PreTax Margin | 9.19 | BV/Share | 7 | |||||
| 5Y Average FCF | $824M | 15.0% (30.3%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 8.34% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2027 | $1B | MBG Intrinsic Value | $13 | ||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| 2032 | $2B | ||||||||||
| Terminal Value | $28B | Net Worth/Share | $10 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $24B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $602M | $127 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 6.5% | 154 | 168 | 184 | 206 | 235 | |||
| Equity Value | $25B | 7.5% | 129 | 138 | 149 | 162 | 178 | ||||
| Shares Outstanding | 194,291,386 | 8.4% | 111 | 118 | 125 | 134 | 144 | ||||
| 9.4% | 98 | 102 | 108 | 114 | 121 | ||||||
| DCF Intrinsic Value | $127 | 10.3% | 87 | 91 | 95 | 99 | 104 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||