At current prices, that would give the stock a single-digit P/FCF of 9. Longer-term, Dropbox thinks it can hit $1 billion in annual free cash flow by 2024. Management is guiding for $715 million in free cash flow this year, which would give the stock a price-to-free cash flow (P/FCF) ratio of 12.5, significantly below the market average. Now whatĭropbox has a market cap of $9 billion. Either way, Dropbox stock is down significantly from the beginning of last month, even though its quarterly report beat expectations. There also could have been some profit-taking from traders with a shorter-term time horizon, as Dropbox stock was up approximately 30% year to date when it released its Q3 results. We can probably chalk this up to broad market selling pressure in technology and high-growth stocks, which Dropbox tends to get grouped into. With all these positive indicators, it's a bit surprising what Dropbox tanked almost 20% last month.
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