Grab (AGC US)

The next South-east Asian giant to list in the US

Updated 13 April 2021

• Grab runs one of the largest ride sharing and food delivery services, focusing on the ASEAN region, with a potential digital banking business in Singapore partnered with Singtel.
• Grab has now officially confirmed the reverse merger with Altimeter Growth Corp (AGC US) at a pro-forma equity value of US$39.6 billion. AGC now trades around US$15, indicating US$60bn market valuation by the market.
• Grab’s reported gross billings of US$1.8bn, adjusted net revenue of US$1.6bn, and a final net revenue of US$1.2bn in 2020. The SPAC deal thus values Grab around 24.9x Price/Adjusted Revenue, more than double of other publicly listed transport and food delivery disruptors. For AGC at US$15, this translates to 37.3x Price/Adj Revenue.
• News of Grab’s listing has brought up valuations of its peers, with Doordash and Grubhub seeing outsized gains this week. We maintain US$12.5 – 17 as the short-term trading range for AGC.

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Grab (AGC US)：下一个在美国上市的东南亚巨头

• Grab是东盟地区最大的叫车和送餐服务运营商之一，并与新加坡电信(Singtel) 合作在新加坡开展潜在的数字银行业务。
• Grab目前已正式确认反向并购Altimeter Growth Corp (AGC US)，预估公司市值为396亿美元。AGC目前的股价约为15美元，这表明市场对Grab估值为600亿美元。
• Grab报告的总营收为18亿美元，调整后净收入为16亿美元，2020年最终净营收为12亿美元。因此，反向并购交易的调整后市销率为24.9倍，是其他公开上市的运输和食品配送颠覆者的两倍以上。15美元的AGC对应37.3倍的调整后市销率。
• Grab上市的消息提振了其同行的估值，Doordash和Grubhub本周大涨。我们维持AGC短期推荐交易区间在12.5至17美元。