Investment Thesis
Dropbox (DBX) is trading at a 50% discount to peers due to increasing pressure in the file storage space and investor overreaction to a lack of fundamentals. The business is growing at ~15% on revenue and management is committed to showing profitability. Combined with a new vision for the software platform, increases in average revenue per user which have been successful, and a 600m existing user base to monetize, Dropbox is well positioned to see multiple expansion and upside of at least 50% from here. We believe the downside is already