This week I don’t really have a real update, but a reflection.
Any thoughts on Grab? 14-15x current year EBITDA and 7x 2028 EBITDA based on management's guidance.
no, not yet! first glance: on price to sales, it is not very cheap. competition from shopeefood is increasing.
Margins will be higher than SE, MELI etc, so a premium on EV/S over those two make sense imo. (They're guiding for roughly 25% EBITDA margins by 2028).
You make a very compelling pitch. Does Coupang fall into the same basket?
yes totally, as it is under 1x sales. recent profitability is not great, so I have to check the real drivers of the business.
Also Korea is a declining society which is a risk
It will be interesting to see if they can outrun declining population with higher GDP per capita.
Any thoughts on Grab? 14-15x current year EBITDA and 7x 2028 EBITDA based on management's guidance.
no, not yet! first glance: on price to sales, it is not very cheap. competition from shopeefood is increasing.
Margins will be higher than SE, MELI etc, so a premium on EV/S over those two make sense imo. (They're guiding for roughly 25% EBITDA margins by 2028).
You make a very compelling pitch. Does Coupang fall into the same basket?
yes totally, as it is under 1x sales. recent profitability is not great, so I have to check the real drivers of the business.
Also Korea is a declining society which is a risk
It will be interesting to see if they can outrun declining population with higher GDP per capita.