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CONTENIDO INFORMATIVO · EDUCATIVO · PARA GENERAR DISCUSIÓN

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IniciaciónVisión SectorialGeneración de IdeasAnálisis Comparables&Modelo DCFModelo 3 EstadosInforme de IniciaciónContinuoSeguimiento de TesisCalendario CatalizadoresRecurrenteResultadosNotas Matutinas

UBER Uber Technologies, Inc.

Idea Generation

Universe screening from 50+ companies down to a target recommendation via systematic filters.

⚠️Este informe fue publicado el 2026-02-04 con PT $109. Para estimaciones vigentes ver el Model Update más reciente (2026-03-25, PT $85).

Long List

13

Short List

5

Target

Factor

IDEA GENERATION

Ride-Hailing & On-Demand Delivery Platforms

2026-02-28

1. Long List — Ride-Hailing & Delivery Universe

We screened the global ride-hailing and on-demand delivery universe for companies with meaningful public market presence, liquidity, and institutional relevance.

Company

Ticker

Exchange

Mkt Cap ($B)

Rev ($B)

Segment

Geography

Adj. EBITDA Mgn

Uber Technologies

UBER

NYSE

$152B

$52.0

Mob+Del+Freight

Global (70 ctry)

16.7%

DoorDash

DASH

NASDAQ

$74B

$13.7

Delivery

U.S., Canada, EU

~9%

Lyft

LYFT

NASDAQ

$5.3

$6.3

Mobility

U.S. only

~8%

Grab Holdings

GRAB

NASDAQ

$16.6

$3.2

Mob+Del+Fin

SE Asia

~15%

DiDi Global

DIDIY

OTC

$21.7

~$30

Mobility

China, LatAm

~5%

Deliveroo

ROO.L

LSE

$3.5

$2.6

Delivery

UK, EU, ME

~5%

Just Eat Takeaway

TKWY

Euronext

$4.8

$3.7

Delivery

EU

~8%

Instacart

CART

NASDAQ

$10

$3.4

Grocery Del.

U.S., Canada

~25%

Waymo (Alphabet)

GOOGL

NASDAQ

(congl.)

N/A

AV Robotaxi

U.S. cities

Pre-rev

Tesla Robotaxi

TSLA

NASDAQ

(congl.)

N/A

AV Robotaxi

Austin

Pre-rev

Bolt

Private

N/A

~$8

~$2

Mob+Del

Europe, Africa

~b/e

InDrive

Private

N/A

~$5

~$1

Mobility

EM

~profitable

Rappi

Private

N/A

~$5

~$1

Del+Mob

LatAm

Pre-profit

2. Screening Filters Applied

Filter

Criteria

Rationale

Public listing

Listed on major exchange (NYSE, NASDAQ, LSE, Euronext)

Institutional investability; ADR/OTC excluded

Market cap

>$3B market capitalization

Minimum size for institutional coverage

Liquidity

>$10M average daily volume

Tradeable for institutional investors

Profitability path

Positive Adj. EBITDA or clear path within 12 months

Focus on operationally sustainable businesses

Pure-play

Ride-hailing/delivery as core business

Exclude conglomerate subsidiaries (GOOGL, TSLA)

Companies Eliminated

Company

Filter Failed

Reason

DiDi (DIDIY)

Exchange (OTC only)

Delisted from NYSE; OTC ADR with regulatory risk

Waymo (Alphabet)

Pure-play

Subsidiary; not independently investable

Tesla Robotaxi

Pure-play

AV is small part of Tesla's business

Bolt

Public listing

Private company

InDrive

Public listing

Private company

Rappi

Public listing

Private company

3. Short List — Top 5 Candidates

3.1 Uber Technologies (UBER)

  • Thesis: Global scale + AV optionality + high-margin ads/subscriptions underappreciated at 2.9x EV/Revenue.
  • Bull: AV platform orchestrator + 20% revenue CAGR + EBITDA margin expansion to 22%+
  • Bear: Regulatory risk (EU gig worker reclassification) + AV disruption by vertically integrated competitors
  • Valuation: 2.9x EV/Rev, 17-24x EV/EBITDA, ~15x P/E

3.2 DoorDash (DASH)

  • Thesis: U.S. delivery leader expanding internationally through Wolt; high growth but premium valuation.
  • Bull: 60%+ U.S. share + grocery expansion + Wolt EU integration
  • Bear: Premium valuation at 5.5x EV/Rev + limited international profitability + Uber Eats competition
  • Valuation: 5.5x EV/Rev, ~54x EV/EBITDA, N/M P/E

3.3 Lyft (LYFT)

  • Thesis: Pure-play U.S. ride-hailing at deep discount; limited growth optionality.
  • Bull: Cheapest name at 0.8x EV/Rev + Waymo partnership + margin improvement
  • Bear: U.S.-only exposure + losing share to Uber + no delivery/ads diversification
  • Valuation: 0.8x EV/Rev, 9-11x EV/EBITDA, N/M P/E

3.4 Grab Holdings (GRAB)

  • Thesis: SE Asian super-app with fintech optionality; high growth but path to profitability uncertain.
  • Bull: SE Asia TAM growth + fintech monetization + super-app flywheel
  • Bear: Competitive market (GoTo, Shopee) + regulatory risk + currency exposure
  • Valuation: 3.6x EV/Rev, 24-52x EV/EBITDA

3.5 Deliveroo (ROO.L)

  • Thesis: UK/EU delivery player with improving unit economics; potential M&A target.
  • Bull: Improving margins + UK market leader + potential acquiree premium
  • Bear: Competitive pressure from Just Eat + regulatory risk + limited scale
  • Valuation: 1.2x EV/Rev, 27-48x EV/EBITDA

4. Target Recommendation: UBER

RECOMMENDATION

Initiate coverage on Uber Technologies (UBER) — the best risk-reward in the ride-hailing & delivery sector. Global scale, AV optionality, advertising growth, and expanding profitability make UBER the most compelling investment.

Why UBER vs. Alternatives

Factor

UBER

DASH

LYFT

GRAB

Global Scale

70 ctry, 202M MAPCs

Growing via Wolt

U.S. only

SE Asia only

Multi-Product

Mob+Del+Frt+Ads

Del+Grocery

Rides only

Super-app

AV Optionality

Multi-partner platform

Limited

Moderate (Waymo)

None

Profitability

$9.8B FCF

~9% EBITDA margin

~8% EBITDA margin

~15% EBITDA margin

Valuation

2.9x EV/Rev

5.5x EV/Rev

0.8x EV/Rev

3.6x EV/Rev

Disclaimer

This document is for informational purposes only and does not constitute investment advice. All data from publicly available sources as of February 2026.

Datos Estructurados

Fuente: Yahoo Finance, SEC EDGAR, Damodaran, Company Filings