ABCDEFGHIJKLMNOPQRSTUVWXYZAAABACADAEAFAGAHAIAJAKALAMANAOAPAQARASATAUAVAWAXAYAZBABBBCBDBEBFBGBHBIBJBKBL
1
2
Model Introduction
3
1
4
Key Inputs1
5
Units ($ in thousands)
6
Company nameDocuSign
7
TickerDOCU
8
Sector
Application Software
9
LBO date1/22/2023
10
Latest 10Q Shares Outstanding203,933,894
11
Latest 10K Share Outstanding198,868,867
12
Fiscal year end1/31/2024
13
Date of latest 10K filing1/31/2023
14
Date of latest 10Q filing10/31/2023
15
16
WACC Information (Not used in this analysis)
17
After tax cost of debt
18
Cost of equity
19
Weighted average cost of capital
20
21
Exit
22
Proposed entry EV/EBITDA29.3 X
23
Proposed exit EV/EBITDA30.0 X
24
IRR at exitNM
25
Cash on cash multipleNM
26
27
Other assumptions
28
Effective tax rate of DocuSign as of the latest filing
8.4%
29
Use growth or margins?
(Not utilized in this valuation)
Margins
30
Circuit BreakerOff
31
32
33
Background and operations of DocuSign:
34
DocuSign had its IPO on April 27, 2018. Stock was trading 30% higher on its first day, a good, or maybe the usual way,
35
for any initial offering. Shares opened at $38/ share, a day after its debut. Company sold 21.7 million shares of its stock
36
and raised $629.3 million from its public offering, which according to the CEO, the company intended to use for
37
"major investments" in infrastructure, security and in making the company the company " the best place to work."
38
Docusign is a leader in eSignature category and offers products and services that address broader agreement workflows
39
and digital transformation; the company offers world's leading electronic signature product. DocuSign leverages its core
40
strengths to deliver easier, smarter, and frictionless agreements. The company prides itselfs through its stringent security
41
standards, highly available products, simplicity in its useage, developer friendly, and the fact that its platform and products are
42
universally adopted and accepted.
43
44
45
46
47
Case Manager
48
49
Active CaseBase Case
50
Divident RecapPIK
51
52
Additional
53
Share price as of the LBO analysis
 $ 62.21
54
55
56
57
Additional notes:
58
The numbers are in thousands because that is how the company presents its numbers, and for the sake of understanding and
59
simplicity, I have stuck to their convention. Additionally, some rows or columns may be hidden.
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100