Dropbox Inc Class A

DBX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$16.00	Vdp	Ftskzsvkf

We Continue to Have a Positive Outlook on Dropbox’s Pivot Away From Cloud Storage; Maintain $26 FVE

Malik Ahmed Khan

Aug 10, 2022

We are resuming coverage of no-moat Dropbox with a $26 fair value estimate. Shares appear slightly undervalued to us. Our long-term forecasts are unchanged, as we hold our view that the firm’s offerings as a content collaboration platform stands to benefit from secular tailwinds in an increasingly digitized world.

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