Intrinsic value of Dropbox - DBX

Previous Close

$24.60

  Intrinsic Value

$266.83

stock screener

  Rating & Target

str. buy

+985%

Previous close

$24.60

 
Intrinsic value

$266.83

 
Up/down potential

+985%

 
Rating

str. buy

We calculate the intrinsic value of DBX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  31.00
  28.40
  26.06
  23.95
  22.06
  20.35
  18.82
  17.44
  16.19
  15.07
  14.07
  13.16
  12.34
  11.61
  10.95
  10.35
  9.82
  9.34
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
Revenue, $m
  1,450
  1,862
  2,347
  2,909
  3,551
  4,273
  5,077
  5,963
  6,928
  7,973
  9,094
  10,291
  11,561
  12,903
  14,316
  15,798
  17,349
  18,968
  20,657
  22,415
  24,245
  26,147
  28,123
  30,178
  32,312
  34,531
  36,838
  39,237
  41,732
  44,330
Variable operating expenses, $m
  1,004
  1,286
  1,618
  2,003
  2,442
  2,937
  3,487
  4,093
  4,754
  5,469
  6,225
  7,044
  7,914
  8,832
  9,799
  10,814
  11,876
  12,984
  14,140
  15,344
  16,596
  17,898
  19,251
  20,657
  22,119
  23,637
  25,216
  26,859
  28,567
  30,345
Fixed operating expenses, $m
  471
  482
  492
  503
  514
  525
  537
  549
  561
  573
  586
  599
  612
  625
  639
  653
  667
  682
  697
  712
  728
  744
  760
  777
  794
  812
  830
  848
  867
  886
Total operating expenses, $m
  1,475
  1,768
  2,110
  2,506
  2,956
  3,462
  4,024
  4,642
  5,315
  6,042
  6,811
  7,643
  8,526
  9,457
  10,438
  11,467
  12,543
  13,666
  14,837
  16,056
  17,324
  18,642
  20,011
  21,434
  22,913
  24,449
  26,046
  27,707
  29,434
  31,231
Operating income, $m
  -25
  94
  237
  403
  595
  811
  1,053
  1,321
  1,613
  1,930
  2,283
  2,648
  3,035
  3,445
  3,877
  4,331
  4,806
  5,302
  5,820
  6,359
  6,920
  7,504
  8,112
  8,743
  9,399
  10,082
  10,792
  11,530
  12,299
  13,099
EBITDA, $m
  105
  258
  440
  652
  896
  1,172
  1,479
  1,819
  2,190
  2,593
  3,025
  3,488
  3,979
  4,498
  5,045
  5,620
  6,221
  6,850
  7,505
  8,188
  8,899
  9,638
  10,407
  11,205
  12,036
  12,900
  13,798
  14,732
  15,704
  16,717
Interest expense (income), $m
  0
  9
  25
  43
  65
  90
  119
  151
  187
  227
  270
  317
  367
  420
  477
  537
  600
  667
  736
  809
  884
  963
  1,045
  1,130
  1,218
  1,310
  1,406
  1,505
  1,608
  1,715
  1,827
Earnings before tax, $m
  -35
  69
  193
  338
  505
  692
  902
  1,134
  1,387
  1,661
  1,967
  2,281
  2,615
  2,968
  3,340
  3,730
  4,139
  4,566
  5,011
  5,475
  5,958
  6,460
  6,982
  7,525
  8,089
  8,676
  9,287
  9,922
  10,583
  11,272
Tax expense, $m
  0
  19
  52
  91
  136
  187
  244
  306
  374
  448
  531
  616
  706
  801
  902
  1,007
  1,118
  1,233
  1,353
  1,478
  1,609
  1,744
  1,885
  2,032
  2,184
  2,343
  2,507
  2,679
  2,858
  3,043
Net income, $m
  -35
  51
  141
  247
  368
  506
  659
  828
  1,012
  1,212
  1,436
  1,665
  1,909
  2,167
  2,438
  2,723
  3,021
  3,333
  3,658
  3,997
  4,349
  4,716
  5,097
  5,493
  5,905
  6,334
  6,779
  7,243
  7,726
  8,229

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,336
  1,716
  2,163
  2,681
  3,273
  3,939
  4,680
  5,496
  6,386
  7,348
  8,382
  9,484
  10,655
  11,892
  13,194
  14,560
  15,990
  17,482
  19,039
  20,659
  22,345
  24,098
  25,920
  27,813
  29,781
  31,826
  33,952
  36,163
  38,463
  40,857
Adjusted assets (=assets-cash), $m
  1,336
  1,716
  2,163
  2,681
  3,273
  3,939
  4,680
  5,496
  6,386
  7,348
  8,382
  9,484
  10,655
  11,892
  13,194
  14,560
  15,990
  17,482
  19,039
  20,659
  22,345
  24,098
  25,920
  27,813
  29,781
  31,826
  33,952
  36,163
  38,463
  40,857
Revenue / Adjusted assets
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
Average production assets, $m
  592
  760
  958
  1,187
  1,449
  1,744
  2,072
  2,433
  2,827
  3,253
  3,710
  4,199
  4,717
  5,264
  5,841
  6,445
  7,078
  7,739
  8,428
  9,145
  9,892
  10,668
  11,474
  12,312
  13,183
  14,089
  15,030
  16,009
  17,027
  18,087
Working capital, $m
  -718
  -922
  -1,162
  -1,440
  -1,758
  -2,115
  -2,513
  -2,952
  -3,429
  -3,946
  -4,502
  -5,094
  -5,723
  -6,387
  -7,086
  -7,820
  -8,588
  -9,389
  -10,225
  -11,096
  -12,001
  -12,943
  -13,921
  -14,938
  -15,995
  -17,093
  -18,235
  -19,422
  -20,657
  -21,943
Total debt, $m
  459
  800
  1,202
  1,668
  2,199
  2,798
  3,464
  4,198
  4,998
  5,863
  6,792
  7,784
  8,836
  9,948
  11,119
  12,347
  13,632
  14,974
  16,373
  17,830
  19,346
  20,922
  22,560
  24,262
  26,030
  27,869
  29,780
  31,768
  33,835
  35,988
Total liabilities, $m
  1,201
  1,543
  1,945
  2,410
  2,942
  3,541
  4,207
  4,941
  5,741
  6,606
  7,535
  8,527
  9,579
  10,691
  11,861
  13,089
  14,375
  15,717
  17,116
  18,573
  20,088
  21,664
  23,302
  25,004
  26,773
  28,611
  30,523
  32,510
  34,578
  36,731
Total equity, $m
  135
  173
  218
  271
  331
  398
  473
  555
  645
  742
  847
  958
  1,076
  1,201
  1,333
  1,471
  1,615
  1,766
  1,923
  2,087
  2,257
  2,434
  2,618
  2,809
  3,008
  3,214
  3,429
  3,652
  3,885
  4,127
Total liabilities and equity, $m
  1,336
  1,716
  2,163
  2,681
  3,273
  3,939
  4,680
  5,496
  6,386
  7,348
  8,382
  9,485
  10,655
  11,892
  13,194
  14,560
  15,990
  17,483
  19,039
  20,660
  22,345
  24,098
  25,920
  27,813
  29,781
  31,825
  33,952
  36,162
  38,463
  40,858
Debt-to-equity ratio
  3.400
  4.620
  5.500
  6.160
  6.650
  7.030
  7.330
  7.560
  7.750
  7.900
  8.020
  8.130
  8.210
  8.280
  8.340
  8.400
  8.440
  8.480
  8.510
  8.550
  8.570
  8.600
  8.620
  8.640
  8.650
  8.670
  8.680
  8.700
  8.710
  8.720
Adjusted equity ratio
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -35
  51
  141
  247
  368
  506
  659
  828
  1,012
  1,212
  1,436
  1,665
  1,909
  2,167
  2,438
  2,723
  3,021
  3,333
  3,658
  3,997
  4,349
  4,716
  5,097
  5,493
  5,905
  6,334
  6,779
  7,243
  7,726
  8,229
Depreciation, amort., depletion, $m
  130
  164
  203
  249
  301
  360
  426
  498
  577
  662
  742
  840
  943
  1,053
  1,168
  1,289
  1,416
  1,548
  1,686
  1,829
  1,978
  2,134
  2,295
  2,462
  2,637
  2,818
  3,006
  3,202
  3,405
  3,617
Funds from operations, $m
  95
  214
  344
  496
  670
  866
  1,085
  1,326
  1,589
  1,874
  2,178
  2,505
  2,852
  3,220
  3,606
  4,012
  4,437
  4,881
  5,344
  5,826
  6,327
  6,849
  7,392
  7,956
  8,542
  9,151
  9,785
  10,445
  11,131
  11,846
Change in working capital, $m
  -170
  -204
  -240
  -278
  -318
  -358
  -398
  -438
  -478
  -517
  -555
  -592
  -629
  -664
  -699
  -734
  -768
  -802
  -836
  -870
  -906
  -941
  -979
  -1,017
  -1,057
  -1,098
  -1,142
  -1,187
  -1,235
  -1,286
Cash from operations, $m
  265
  418
  584
  774
  987
  1,224
  1,483
  1,764
  2,067
  2,391
  2,733
  3,097
  3,481
  3,884
  4,306
  4,746
  5,205
  5,683
  6,180
  6,696
  7,233
  7,791
  8,370
  8,972
  9,599
  10,250
  10,927
  11,632
  12,367
  13,132
Maintenance CAPEX, $m
  -90
  -118
  -152
  -192
  -237
  -290
  -349
  -414
  -487
  -565
  -651
  -742
  -840
  -943
  -1,053
  -1,168
  -1,289
  -1,416
  -1,548
  -1,686
  -1,829
  -1,978
  -2,134
  -2,295
  -2,462
  -2,637
  -2,818
  -3,006
  -3,202
  -3,405
New CAPEX, $m
  -140
  -168
  -198
  -229
  -262
  -295
  -328
  -361
  -394
  -426
  -458
  -488
  -518
  -548
  -576
  -605
  -633
  -661
  -689
  -717
  -746
  -776
  -807
  -838
  -871
  -905
  -941
  -979
  -1,018
  -1,060
Cash from investing activities, $m
  -230
  -286
  -350
  -421
  -499
  -585
  -677
  -775
  -881
  -991
  -1,109
  -1,230
  -1,358
  -1,491
  -1,629
  -1,773
  -1,922
  -2,077
  -2,237
  -2,403
  -2,575
  -2,754
  -2,941
  -3,133
  -3,333
  -3,542
  -3,759
  -3,985
  -4,220
  -4,465
Free cash flow, $m
  35
  132
  235
  353
  488
  639
  806
  988
  1,187
  1,400
  1,625
  1,867
  2,123
  2,393
  2,676
  2,973
  3,283
  3,606
  3,943
  4,293
  4,657
  5,036
  5,430
  5,839
  6,265
  6,708
  7,168
  7,648
  8,147
  8,667
Issuance/(repayment) of debt, $m
  284
  341
  402
  466
  532
  599
  666
  734
  800
  865
  929
  992
  1,052
  1,112
  1,170
  1,228
  1,285
  1,342
  1,399
  1,457
  1,516
  1,576
  1,638
  1,702
  1,769
  1,838
  1,911
  1,988
  2,068
  2,152
Issuance/(repurchase) of shares, $m
  67
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  351
  341
  402
  466
  532
  599
  666
  734
  800
  865
  929
  992
  1,052
  1,112
  1,170
  1,228
  1,285
  1,342
  1,399
  1,457
  1,516
  1,576
  1,638
  1,702
  1,769
  1,838
  1,911
  1,988
  2,068
  2,152
Total cash flow (excl. dividends), $m
  386
  473
  637
  819
  1,020
  1,238
  1,472
  1,722
  1,987
  2,265
  2,554
  2,858
  3,176
  3,505
  3,847
  4,201
  4,568
  4,948
  5,342
  5,750
  6,173
  6,612
  7,068
  7,542
  8,034
  8,546
  9,079
  9,635
  10,215
  10,819
Retained Cash Flow (-), $m
  -67
  -38
  -45
  -52
  -60
  -67
  -75
  -82
  -90
  -97
  -104
  -111
  -118
  -125
  -131
  -138
  -144
  -151
  -157
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -223
  -232
  -242
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  319
  435
  591
  767
  960
  1,170
  1,397
  1,640
  1,897
  2,168
  2,449
  2,747
  3,057
  3,380
  3,715
  4,063
  4,424
  4,797
  5,185
  5,586
  6,003
  6,435
  6,884
  7,350
  7,835
  8,340
  8,865
  9,412
  9,982
  10,577
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  306
  398
  515
  631
  744
  849
  944
  1,025
  1,090
  1,137
  1,163
  1,172
  1,162
  1,135
  1,091
  1,033
  963
  883
  798
  710
  621
  534
  451
  374
  305
  243
  190
  146
  109
  80
Current shareholders' claim on cash, %
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9
  93.9

FINANCIAL RATIOS  of  Dropbox (DBX)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

DBX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DBX stock intrinsic value calculation we used $1106.8 million for the last fiscal year's total revenue generated by Dropbox. The default revenue input number comes from 0001 income statement of Dropbox. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DBX stock valuation model: a) initial revenue growth rate of 31% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for DBX is calculated based on our internal credit rating of Dropbox, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Dropbox.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DBX stock the variable cost ratio is equal to 69.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $461 million in the base year in the intrinsic value calculation for DBX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Dropbox.

Corporate tax rate of 27% is the nominal tax rate for Dropbox. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DBX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DBX are equal to 40.8%.

Life of production assets of 2.8 years is the average useful life of capital assets used in Dropbox operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DBX is equal to -49.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $102.9 million for Dropbox - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 73.796 million for Dropbox is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Dropbox at the current share price and the inputted number of shares is $1.8 billion.

COMPANY NEWS

▶ Jim Cramer Weighs In On Dropbox, Teva And More   [Nov-14-18 07:46AM  Benzinga]
▶ 5 Top Stock Trades for Monday: Netflix Is in a Bear Market   [Nov-11-18 05:00PM  InvestorPlace]
▶ Dropbox Inc (NASDAQ:DBX): When Will It Breakeven?   [Nov-09-18 01:23PM  Simply Wall St.]
▶ Dropbox Stock Soared After Hours on Q3 Earnings Beat   [Nov-08-18 04:53PM  InvestorPlace]
▶ Dropbox: 3Q Earnings Snapshot   [04:42PM  Associated Press]
▶ Dropbox Stock Jumps As Quarterly Earnings Stomp Estimates   [04:14PM  Investor's Business Daily]
▶ Workflow, Uninterrupted: Introducing Dropbox Extensions   [Nov-06-18 12:00PM  Business Wire]
▶ 5 Biggest IPOs Hedge Funds Are Betting On   [Oct-31-18 03:20PM  Insider Monkey]
▶ Here are 10 Bay Area accelerators ranked as best in the U.S.   [Oct-26-18 03:05PM  American City Business Journals]
▶ SurveyMonkey plunges more than 15% after key rival unveils strong IPO financials   [Oct-23-18 10:20AM  American City Business Journals]
▶ Dropbox to Announce Third Quarter 2018 Earnings Results   [Oct-18-18 04:05PM  Business Wire]
▶ The Hottest Tech IPOs Slated for 2019   [Oct-17-18 12:02PM  Investopedia]
▶ Unicorn births outpace IPOs in Bay Area: Here are the 24 new ones so far this year   [Oct-15-18 02:02PM  American City Business Journals]
▶ Facebook billionaires dominate list of 12 youngest people on Forbes 400   [Oct-12-18 09:07AM  American City Business Journals]
▶ 4 of Chase Coleman's Tech Stocks Near 52-Week Lows   [Oct-11-18 06:13PM  GuruFocus.com]
▶ Bay Area tech stocks hammered as market plunges   [Oct-10-18 05:57PM  American City Business Journals]
▶ Tech stocks hammered as market plunges   [05:45PM  American City Business Journals]
▶ Goldman Sachs takes $75M stake in Mountain View rival of Dropbox, Box   [09:20AM  American City Business Journals]
▶ Moovly integrates with Dropbox   [03:10AM  GlobeNewswire]
▶ Why Dropbox Stock (DBX) Is Dropping Today   [Oct-05-18 04:42PM  InvestorPlace]
▶ Benchmark is a big winner in both of this week's surging Bay Area IPOs   [03:27PM  American City Business Journals]
▶ 10 Youngest Billionaires On The Forbes 400 List   [Oct-03-18 03:41PM  Benzinga]
▶ Report: Slack eyeing early 2019 IPO   [Sep-28-18 05:27PM  American City Business Journals]
▶ Mountain View search company could soar to $2B in upcoming IPO   [Sep-24-18 09:55AM  American City Business Journals]
▶ Remember 'IPO as a down round' fears? Eventbrite is latest to dispel them   [Sep-21-18 01:39PM  American City Business Journals]
▶ The Story of Box: A Unicorns Journey to Public Success   [Sep-07-18 06:12PM  Barrons.com]
▶ Dropbox stock on track to close at new all-time low   [Sep-06-18 01:15PM  MarketWatch]
▶ Tesla rival and 5 others from Bay Area are lined up to go public in coming weeks   [Sep-05-18 02:06PM  American City Business Journals]
▶ 3 Upcoming IPOs to Watch   [Sep-04-18 11:22AM  InvestorPlace]
▶ 7 Steady Eddie Stocks to Buy   [Aug-31-18 10:15AM  InvestorPlace]
▶ Take a Risk With Box Stocks Earnings Plunge   [Aug-29-18 11:40AM  InvestorPlace]
▶ "Magic Pocket" Will Boost Dropbox's Profits   [04:53PM  TheStreet.com]
▶ 5 Top Stock Trades for Monday Morning   [03:59PM  InvestorPlace]
▶ Dropbox Shares Tank on COO Departure   [12:13PM  Investopedia]
▶ How Much Is Dropbox Worth?(DBX)   [12:07PM  Investopedia]
▶ [$$] Dropbox Shares Fall on Operating Officer's Planned Exit   [Aug-09-18 08:15PM  The Wall Street Journal]
▶ Dropbox's Top Competitors   [04:25PM  Investopedia]

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