Report by Gordon Haskett Research Advisors
Freight spinoff? - Bobby Mollins was not surprised to hear that management is considering its options having published several bullish notes on UBER’s freight business over the past ~20 months. He thinks an IPO next year is the most likely outcome and it could be worth $5bn. Bobby uses CH Robinson and XPO as comps and runs a valuation estimate based off of revenue for 2022-24E. He remains bullish on UBER as a company that continues to further engrain itself in the everyday lives of consumers. His TP is $48 (45% upside).