DOCU F1Q27 - IAM Still Standing

研报英文原文证据摘录

DOCU F1Q27 - IAM Still Standing

June 4, 2026

Investment Conclusion

DOCU sharesdown 5% AH following the F1Q27 earnings print. Shares have returned -26% before the AH move,

compared to the IGV -5% and the S&P 500 +11%. After the AH move, DOCU currently trades at 2.3x CY27 Revenue

and ~6.6x CY27 FCF, below our Cash Cow Comp median.

DOCU reported solid results ahead of expectations, driven by continued execution and IAM momentum. DOCU

maintained the FY27 ARR growth of 8.5% at the midpoint, accelerating vs. 8% in FY26 and implying 15% NNARR,

while IAM on track to reach 10.8% of FY27 total ARR. Given the narrower beat and early in the enterprise IAM

adoption cycle, we remain on the sidelines until we see clearer evidence of accelerating IAM adoption and durable

NNARR acceleration. We see a fair value range for the stock between $33-$56, implying ~15-25x CY27 GAAP PE.

We reiterate PP.

Results vs. Consensus

Exhibit 1: Results vs Consensus and Guidance

Source: Company Reports, FactSet Research Systems, Inc., Wolfe Research Estimates

Callback Highlights

ARR Acceleration Path. Management reaffirmed the 8.5% ARR growth guide with acceleration expected throughout

the year. They described this as methodical and not all pushed to one quarter. On whether 1Q ARR came in as expected,

management would not guide to a quarterly ARR number but said they have confidence in the 8.5% growth, but

reminded us that they don't lay out guidance unless they have a decent shot with it.

Enterprise IAM Traction. The percentage of large accounts using IAM is growing, and management expects enterprise

to play a material part in its long-term growth aspirations. The majority are existing customers upgrading from eSign to