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DocuSign Inc DOCU

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Morningstar’s Analysis

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DocuSign’s Inaugural Investor Day Underscores Investor Excitement; FVE Steady at $191

Dan Romanoff, CPA Equity Analyst

Analyst Note

| Dan Romanoff, CPA |

Narrow-moat DocuSign hosted its first analyst day today featuring customer panels, showcasing the company’s e-signature lead, and highlighting the TAM, and outlining key growth drivers. DocuSign also formally introduced DocuSign Notary, a remote online notary solution based on its Liveoak acquisition that enables users to virtually notarize documents. We think Notary along with the recent acquisitions of Seal for AI make the Agreement Cloud a more attractive platform and the TAM more tangible rather than aspirational. We maintain our $191 fair value estimate and think after selling off by 25% in the last month that shares are approximately fairly valued.

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Company Profile

Business Description

DocuSign offers the Agreement Cloud, a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device. The company was founded in 2003 and completed its IPO in May 2018.

221 Main Street, Suite 1550
San Francisco, CA, 94105
T +1 415 489-4940
Sector Technology
Industry Software - Application
Most Recent Earnings Jan 31, 2021
Fiscal Year End Jan 31, 2022
Stock Type Speculative Growth
Employees 5,630