1 deck published between 2020-02-06 and 2020-02-06 — 60 pages, 60 analysed slides total.
Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.
Dropbox is a decelerating, commoditized storage business whose reported FCF is overstated ~2x; fair value is $6.60-$13, implying 25-60% downside from $17.60.