[BidClub_]

Investment pitches

sort:
2 loaded
  1. 84

    GRAB: Cheap valuation, but Atome and capital allocation reset the thesis

    1,752 wordsEquityX ↗
    • GRAB’s $11.8B market cap and $5.4B net cash imply $6.4B EV, or ~3.7x management’s 2028 $1.7B adjusted EBITDA target if execution holds.
    • Core operations are strengthening: Q2 revenue rose 22%, adjusted EBITDA 54%, and margin expanded from 13.3% to 16.9%; FinServices profitability by H2 2026 could steepen earnings.
    • Atome is the pivotal bet: only ~1% of Grab’s 138M annual transacting users currently borrow, but successful integration could turn its data, distribution and deposit base into a major lending franchise.
    • The author remains bullish but cautious as incentives, competition, regulation and ~$2.5B of planned 2026 acquisitions raise execution risk; $900M of planned buybacks supports the valuation.
  2. 73

    Atome turns Grab into a larger lending bet

    634 wordsEquityX ↗
    • Grab is paying $1.49B for 60% of Atome after 2025 revenue rose 80% to $470M; undisclosed margins, credit losses, and cash generation prevent a valuation judgment.
    • Atome supplies underwriting history, a $1B loan portfolio, and 30,000 merchant relationships; Grab contributes distribution and data, while only 1% of 138M annual transacting users borrow today.
    • Financial Services, including Atome, targets $500M of 2028 adjusted EBITDA, about 29% of group; however, the disclosed $300M Atome/Superbank contribution is combined, not an Atome acquisition yield.
    • The author calls GRAB below $3 a huge buying opportunity for long-term believers, but flags execution, weak organic growth, competition, and Indonesian regulatory risks.