GRAB Has ~2x Potential From Here to FY29/FY30

MMMTWealth
09-23 14:34

I think $Grab Holdings(GRAB)$ has ~2x potential from here to FY29/FY30 but not much higher.

Relative to the upside potential for other names...it's good but slightly less exciting.

I forecast ~$8B in revenue in FY29 which at 19% net margins gives us $1.52B in net income and $0.37 in EPS (4.1B outstanding shares).

~20x EPS estimate which I think is fair given $Uber(UBER)$

~18x, but with the potential of the financial services platform (combined with the SEA risk)

20x EPS on $0.37 gives you $7.40 (130% gain).

Fwiw, I think a recovery play like $Snap Inc(SNAP)$ actually has more upside (but with more risk).

Solid but potentially not as exciting as other names.

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