Our Long-Term Thesis Is Unaffected by Dropbox’s 1Q Results; Shares Significantly Overvalued
No-moat Dropbox reported its first quarter as a publicly traded company and we maintain our $14 per share fair value estimate, as we believe the reported numbers support our thesis that both growth and margin expansion are going to be fall short of longer-term market expectations. For the quarter, Dropbox posted revenue of $316 million, demonstrating 27.6% year-over-year topline growth. The firm reported a $465 million loss, largely due to one-time stock-based compensation expenses. Dropbox adde...
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