GRAB: Moving Towards Steady State
"Grab's 4Q2022 numbers late last week made encouraging reading with revenues exceeding expectations significantly despite slow GMV growth in the quarter, as it maintained regional category leadership." - Angus Mackintosh
Key Points:
* Grab Holdings (GRAB US) 4Q2022 numbers late last week made encouraging reading with revenues exceeding expectations significantly despite slow GMV growth in the quarter, as it maintained regional category leadership.
* The company saw continued improvement in segment-adjusted EBITDA margins in 4Q2022 versus 3Q2022 for both mobility and deliveries, with the latter making significant progress towards steady-state margins.
* Grab's relatively high regional cost remains a drag but should stabilise here and outside this, it looks to be firmly on track to accelerate profitably.
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