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.