DoorDash Inc Ordinary Shares - Class A

DASH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$173.00	Ylsbzvp	Rrdtprpf

DoorDash Earnings: Your Strong Quarter Has Been Delivered

Malik Ahmed Khan

Aug 2, 2024

We maintain our $135 fair value estimate for narrow-moat DoorDash following the firm’s solid second-quarter earnings. While growth in gross order value, or GOV, has decelerated in the first half of fiscal 2024, we expect a moderate recovery in the back half of the year as the firm benefits from increased growth in its grocery business. In the long term, we expect international opportunities, increased penetration in new verticals such as grocery, and an uptick in advertising sales to support top-line growth. With shares trading up sharply after the earnings report, we now view DoorDash as fairly valued.

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