Intrinsic Valuation of DOCU
	DOCU Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$477,925,000	102.23%		EPS (FY)	(0.36)		Market Cap	13B
	2020		$236,332,000	305.55%		P/E Ratio	-		Total Asset	3B
	2019		$58,274,000	27.59%		Net Income	0B		Total Debt	1B
	2018		$45,673,000	26.69%		EBITDA	0B		Total Liab	2B
	2017		$36,050,000	174.92%		Opr Margin	-0.0310		Debt/Equity	2.50
	2016		($48,120,000)			PreTax Margin	-0.0387		BV/Share	1.39
	5Y Average FCF		$170,850,800	127.40%
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.00
	Perpetual Growth Rate (g):	2.50%				Historical US Bond Yield:			4.40%
	Discount Rete (WACC):	16.07%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$1,086,781,513			MBG Intrinsic Value			($7.57)
	2023		$2,471,295,827
	2024		$5,619,623,620
	2025		$12,778,789,692
	2026		$29,058,434,694
	2027		$66,077,668,329
	Terminal Value		$498,957,308,498			Net Worth/Share			$1.57
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$229,968,561,339				Growth Rate
	(+) Cash & Cash Equivalents	$803,102,000			1168.88	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$882,231,000		WACC	15.97%	1111.9	1146.0	1182.7	1222.3	1265.0
	Equity Value	$229,889,432,339			16.02%	1105.9	1139.7	1176.1	1215.2	1257.4
	Shares Outstanding	196675000			16.07%	1099.9	1133.5	1169.4	1208.2	1250.0
					16.57%	1043.0	1073.5	1106.2	1141.2	1179.0
	DCF Intrinsic Value	$1,168.88			17.07%	990.3	1018.1	1047.8	1079.7	1113.8
Swarnadeep Seth (2022)