![]() From cloud storage to collaborationĭropbox's legacy activity consists of providing storage for users to host their files in the cloud and access them from anywhere. However, investors should remain prudent: The company is transitioning away from its legacy, now commoditized, core business and management's long-term goals exclude some important costs. In addition, its first-quarter results indicate the impact of the coronavirus pandemic seems limited, as full-year guidance stays valid (with minor currency and interest rate adjustments). ![]() With its enterprise value that represents less than nine times management's forecasted free cash flow of at least $1 billion in 2024, Dropbox ( DBX 2.15%) looks like a cheap software-as-a-service (SaaS) growth stock.
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