| Intrinsic Valuation of: DOCU | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 5 | Market Cap | $16B | |||||
| 2021 | - | - (-) | P/E Ratio | 15 | Total Asset | $4B | |||||
| 2022 | $445M | - (-) | Net Income | $1B | Total Debt | $0 | |||||
| 2023 | $429M | -3.6% (-19.2%) | EBITDA | $357M | Total Liab | $2B | |||||
| 2024 | $887M | 106.7% (88.3%) | Opr Margin | 0.08 | Debt/Equity | - | |||||
| 2025 | $920M | 3.7% (-3.8%) | PreTax Margin | 7.66 | BV/Share | 7 | |||||
| 5Y Average FCF | $670M | 35.6% (21.8%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $1B | MBG Intrinsic Value | $47 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $3B | ||||||||||
| 2031 | $4B | ||||||||||
| Terminal Value | $73B | Net Worth/Share | $10 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $57B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $649M | $286 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $0 | WACC | 7.3% | 249 | 269 | 293 | 322 | 359 | |||
| Equity Value | $58B | 7.4% | 247 | 266 | 289 | 318 | 354 | ||||
| Shares Outstanding | 202,063,008 | 7.4% | 245 | 264 | 286 | 314 | 349 | ||||
| 7.9% | 224 | 239 | 258 | 280 | 307 | ||||||
| DCF Intrinsic Value | $286 | 8.4% | 206 | 219 | 234 | 252 | 274 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||