Down 31%, Not Out: 5 Reasons to Stay Bullish on $GRAB
$Grab Holdings(GRAB)$ is down 31% in 2026!
Yet, I am still bullish!
Here are 5️⃣ simple reasons why:🧵
1/ ADJ EBITDA is exploding.
Q3 hit $237M, the highest yet, +73% Y/Y, the 19th straight quarter of growth. Margin jumped to 21.3% from 15.6%.
2026 guidance went up for the second time this year, to $790-800M.
Grab quarterly ADJ EBITDA from -$305M in Q4 2021 to $237M in Q3 2026
2/ All 3 segments make money for the first time.
Mobility $207M, Deliveries $123M, Financial Services $12M.
Financial Services lost $28M a year ago.
Grab segment ADJ EBITDA by quarter for Deliveries, Mobility and Financial Services
3/ More people use Grab than ever.
57M monthly users, +20% Y/Y. Over 1 in 5 delivery users subscribes to GrabUnlimited, and they order almost 3x as often.
Groceries are growing 1.8x faster than food.
Grab monthly transacting users by quarter, rising to 57.2M in Q3 2026
4/ Fintech could be huge.
The loan book grew 200% to $2.7B, or 115% without Superbank. NPLs sit at 2.6%.
Management targets $500M of ADJ EBITDA here in 2028. It just made $12M in a quarter.
Grab gross loan portfolio rising to $2.7B in Q3 2026, target above $6B by end of 2028
5/ The stock is cheap and Grab is buying it.
$400M bought in 2 months, $500M left to go, all to be cancelled.
Grab is worth $14B with $5B of net cash, at about 6x 2028 ADJ EBITDA.
Grab net cash liquidity of $5,044M at September 30, 2026
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