DOCS
Doximity, Inc.
$19.94
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 6.6% below fair value
You pay
$19.94
Bear
$17.08
Fair
$21.35
Bull
$25.63
Bear
$17.08
-14.3%
$0.99 × 15x P/E
Fair
$21.35
+7.1%
$0.99 × 19x P/E
Bull
$25.63
+28.5%
$0.99 × 22x P/E
Key Value Driver
Normalized P/E multiple (19x base case)
Implied Market Multiple
20.0x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $29.47 from 23 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $21.35 per share.
Warnings
Wall Street's average price target is $29.47 (from 23 analysts). Our estimate is 37% below the consensus -- consider that gap carefully.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples