Investment Thesis
Dropbox (DBX) is a SaaS player that has fallen from grace and fallen off the radar of many investors. And even though its revenues continue to rapidly decelerate its 2024 long-term targets are compelling.
For now, I'm skeptical of its targets, but believe that it may be worthwhile following from the sidelines:
Consistently Declining Growth Rates
The table below notes the trend in Dropbox's revenue growth rate:
Source: author's calculations, *currency-adjusted, non-GAAP; *** high-end company guidance
We can see that as the years go by, Dropbox's ability to grow its revenues