DoorDash, Inc. (DASH)


February 16, 2024

DASH: Growth Story Remains Healthy

By Steven Fox

We raise our 2024E EBITDA for DoorDash (DASH; $126.27; E/W) from $1.525B (2.0% of GOV) to $1.7B (2.2% of GOV) after the company provided initial 2024E guidance that encompassed our and Street thinking on the…

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February 15, 2024

DASH: First Look at Q4 Results and Outlook

By Steven Fox

DoorDash (DASH; $126.27; E/W) reported Q4 sales of $2,303mm (+27% YoY), which was ahead of our $2,243mm and the Street’s $2,250mm on gross order value (GOV) of $17.64B (+22% YoY) in Q4 that was also…

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January 16, 2024

DASH: Adds More Non-Restaurant Brand Partnerships

By Steven Fox

Last Thursday (1/11), DoorDash (DASH; $104.13; E/W) announced several new retail on-demand delivery partnerships to its Marketplace platform, including well-known retail brands such as Camping World, Golf Galaxy, JD Sports, and The Vitamin Shoppe. As…

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November 27, 2023

DASH: Adding More to Grocery Reach

By Steven Fox

Last Thursday (11/16), DoorDash (DASH; $94.19; E/W) announced a new partnership with The Save Mart Companies to offer on-demand grocery delivery in under an hour from nearly 200 stores that operate under the banners Save…

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November 2, 2023

DASH: Demonstrates Platform Power

By Steven Fox

We raise 2023E and 2024E adjusted EBITDA for DoorDash (DASH; $75.90; E/W) from $950mm/$1,100mm to $1,175mm/$1,525mm after its big “beat and raise” with Q3 results and outlook. Q3 EBITDA of $344mm (15.9% of sales) compared…

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November 1, 2023

DASH: First Look at Q3 Results and Outlook

By Steven Fox

DoorDash (DASH; $75.90; E/W) reported Q3 sales of $2,164mm (+2% QoQ and +27% YoY), ahead of our $2,100mm and the Street’s $2,095mm, which was generated off of gross order value (GOV) of $16,751mm (+24% YoY)….

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October 25, 2023

DASH: Detail Dependent Into Q3 Print

By Steven Fox

We assume DoorDash’s (DASH; $73.12; E/W) Q3 results, and outlook, at least live up to expectations next Wednesday (11/1 after market), even with more questions about consumer spending on its “core” restaurant delivery. We model…

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September 18, 2023

DASH: Some More Grocery Announcements

By Steven Fox

This morning, DoorDash (DASH; $83.00; E/W) announced a series of new grocery and alcohol delivery partnerships, ironically just as Maplebear, doing business as Instacart, plans its IPO for tonight under the ticker CART. We note…

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August 3, 2023

DASH: Raising EBITDA Estimates Again

By Steven Fox

We raise our 2023E EBITDA for DoorDash (DASH; $85.98; E/W) for a fifth consecutive quarter, from $775mm to $950mm, while increasing 2024E EBITDA from $850mm to $1,100mm after some better than expected Q2 results and…

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August 2, 2023

DASH: First Look at Q2 Results and Outlook

By Steven Fox

DoorDash (DASH; $85.98; E/W) reported Q2 sales of $2,133mm (+5% QoQ and +33% YoY), which was ahead of our $2,075mm and the Street’s $2,061mm. At the same time, adjusted EBITDA of $279mm (13.1% of sales)…

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July 24, 2023

DASH: Seems Reasonable to Assume Solid Q2 Print

By Steven Fox

We assume DoorDash (DASH; $84.31; E/W) produces Q2 results and outlook on August 2nd (after market) that at least live up to expectations even with ongoing consumer spending risks tied to “core” restaurant delivery growth….

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June 28, 2023

DASH: Announces Major New App Features

By Steven Fox

This morning, DoorDash (DASH; $74.76; E/W) announced a large set of updates to its marketplace app, which we think furthers its scale and technical advantages against many on-line delivery network peers, as per recent share…

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May 8, 2023

DASH: Managing EBITDA Up Further

By Steven Fox

DoorDash (DASH; $62.90; E/W) produced some better than expected Gross Order Value (GOV), sales and EBITDA in Q1 while raising 2023E targets across these metrics as it maintains healthy investment rates. Q1 GOV was $15.9B…

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April 28, 2023

DASH: Looking for a Solid Q1

By Steven Fox

We stick with our Gross Order Value (GOV) and EBITDA forecasts for DoorDash (DASH; $58.42; E/W) ahead of Q1 results and outlook, scheduled for next Thursday (5/4 after market). We expect Q1E EBITDA to land…

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February 27, 2023

DASH: A Range of Implications to the Aldi Partnership

By Steven Fox

Last Thursday (2/23), DoorDash (DASH; $55.09; E/W) announced a new partnership with ALDI to offer on-demand same-day grocery delivery from 2,100+ ALDI stores across 38 U.S. states, which we think has a number of ongoing…

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