DoorDash Inc Ordinary Shares - Class A

DASH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Dash: Increasing our FVE by 26% to $170 Amid Increasing Efficiency and Technological Prowess

Mark Giarelli

Jan 8, 2025

We are transferring coverage of DoorDash, maintaining a narrow moat rating, and increasing our fair value estimate by 26% to $170 due to improving profitability and international and technological growth opportunities. While we view the stock as priced fairly by the market, Dash’s self-maintaining network effects and incremental data collection drive efficiency and engagement, reinforcing supply-demand dynamics and warranting the approximately 300% price/sales premium it trades at versus its peers.

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DoorDash Inc Ordinary Shares - Class A

Dash: Increasing our FVE by 26% to $170 Amid Increasing Efficiency and Technological Prowess

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