CompaniesGRAB

S1Overview

GRAB

Grab Holdings

TechnologySuper-AppMobilityFintechASEAN

$3.54+1.4%

Compare

Market Cap

$14.50B

SEC 6-K (Q1 2026)

P/E (TTM)

87.8×

via financials

Rev Growth YoY

24.0%

+24%SEC filing

Gross Margin

[awaiting: segment-level only]

SEC filing

FCF Yield

2.0%

calculated

Upside to FV

+72.9%

vs fair value

Conviction

4/5

$5B net-cash fortress on a $14.5B cap, revenue +24%, dominant ASEAN super-app — gated by the most extreme dual-class voting structure in tech.

Research Depth

ScreeningDeep DiveFull Model

Updated 17d ago

S2Thesis

Grab is the dominant consumer platform across Southeast Asia with $5.0B of net cash ($1.22/share) underpinning a $14.5B market cap. Revenue is accelerating (+24% in Q1 2026) and adjusted EBITDA turned solidly positive. The bear case is governance, not the business: a 90:1 super-voting structure hands the founder ~70% of votes on ~3.7% economics, leaving public holders no recourse. It is a value / 3–5× re-rate thesis, not a control story.

Bull Case

Balance Sheet$5.0B net cash = $1.22/share floor protection on a $3.54 stock.

GrowthRevenue $3.37B (+20% FY25), accelerating to $955M (+24%) in Q1 2026; adj. EBITDA +60%.

TAMASEAN digital economy $300B+, growing ~15% YoY; 112M new middle-class consumers by 2035.

Fintech50–77% unbanked/underbanked across markets = a $38–60B digital financial services TAM. Superbank turned profitable (FY25).

Sentiment100% analyst Buy, avg target $6.12 (+72%). Reverse DCF implies only 2.7% FCF growth priced in.

Bear Case

Governance90:1 super-vote — the most extreme among major listed companies (Google/Meta 10:1). Founder controls ~69–75% of votes on ~3.7% economics. Event-based sunset only.

RegulatoryIndonesia (21–23% of revenue) cut commission cap to 8% (was 20%); 3–10% of EBITDA at risk per Maybank.

Cash FlowOperating cash flow collapsed $852M → $79M as the lending book consumes cash; SBC-adjusted FCF ≈ $0.

OverhangTiger Global fully exited Q1 2026. SoftBank (10.1%) + Uber (13.5%) = 23.6% unlocked overhang.

MonetizationRevenue per user ~$71/yr vs Uber ~$280+ — a 4× monetization gap. Sea Money is well ahead on lending.

S3Key Metrics

Market Cap

$14.50B

SEC 6-K (Q1 2026)

Enterprise Value

$9.50B

calculated

Revenue (TTM)

$3.37B

SEC filing

P/E (TTM)

87.8×

via financials

Forward P/E

55.0×

consensus

P/S (TTM)

4.3×

via financials

P/B

2.4×

via financials

EV/EBITDA

19.0×

calculated

PEG

—

calculated

Revenue Growth

24.0%

SEC filing

Gross Margin

[awaiting: segment-level only]

SEC filing

Operating Margin

4.0%

SEC filing

Net Margin

5.9%

SEC filing

Free Cash Flow

$290M

SEC filing

FCF Yield

2.0%

calculated

Debt / Equity

0.2×

SEC filing

Current Ratio

3.2×

SEC filing

Short Interest

5.5%

exchange

Institutional Own.

58.0%

13F

Insider Own.

3.7%

proxy

Shares Out.

4.09B

SEC filing

Float

3.50B

exchange

S4Valuation

Price vs Fair Value

Bear$2.40

Base$5.60

Bull$7.35

Now $3.54

Bear Case

$2.40

Indonesia cap extends to delivery; multiple compresses

Base Case

$5.60

SOTP of mobility + deliveries + fintech + net cash

Bull Case

$7.35

SOTP upper band; fintech inflection

DCF Summary

Discount Rate

12%

Terminal Growth

Projection

Rev CAGR

16%

Intrinsic / Share

$5.90

Margin of Safety

37%

Reverse DCF implies only 2.7% FCF growth priced in.

Historical Multiples

Historical multiples
Year	P/E	P/S	EV/EBITDA
FY23	—	6.8×	—
FY24	763.0×	5.2×	47.0×
FY25	72.5×	4.6×	22.0×
TTM ·	87.8×	4.3×	19.0×

Current multiple highlighted vs trailing history.

Peer Comparison

Ticker	Mkt Cap	P/E	P/S	EV/EBITDA	Rev Growth	Gross Mgn	Net Mgn
GRAB	$14.5B	87.8×	4.3×	19.0×	+24.0%	—	5.9%
SE	$95B	42.0×	4.8×	24.0×	+28.0%	43.0%	9.0%
UBER	$160B	32.0×	3.6×	18.0×	+15.0%	40.0%	12.0%
GOTO	$7B	—	5.0×	—	+14.0%	38.0%	-8.0%

S5Financials

Income statement
Metric	FY2024	FY2025	Q1 2026	Trend
Revenue	$2.80B	$3.37B	$955M	+24%
Adj. EBITDA	$313M	$500M	$154M	+46%
Net Income (GAAP) *Q1'26 includes $118M fair-value gains	$19M	$200M	$120M*	—
SBC Expense	$279M	$250M	$78M	—

Balance sheet
Item	Q1 2026	Notes
Net Cash	$5.0B	Fortress — $1.22 / share
Gross Loan Portfolio	$1,438M	+130% YoY; cash-consuming
Accumulated Deficit	($17.3B)	FY2024
Convertible Notes (2030)	$1.5B	Future dilution risk
Shares Outstanding	4.09B	First net decline Q1'26

Operating cash flow collapsed 91% as the lending book consumes cash; SBC-adjusted FCF ≈ $0.

Cash flow
Component	FY2024	FY2025	Note
Operating Cash Flow	$852M	$79M	−91% as lending consumes cash
SBC Expense	$279M	$250M	Non-cash addback
Adj. Free Cash Flow	—	$290M	Excludes SBC
Net Income (GAAP)	$19M	$200M	Partly fair-value gains

Source: SEC 6-K filings (FY2024, FY2025, Q1 2026). Figures in USD.

S6Catalysts

Jun 1 '26

Regulatoryhigh relevance

Indonesia 8% commission cap effective

Presidential Reg 27/2026. 3–10% of EBITDA at risk; may extend to 4-wheel/delivery.

May '26

Product

Superbank consolidation into Grab

Profitable in FY25; consolidates as a Grab subsidiary.

Q1 2027

Product

Digital banking launch

Expands DFS monetization.

S7Risks

Risk matrix
Risk	Category	Severity	Probability	Impact on Thesis
90:1 super-voting structure	Key Person	Critical	High	Founder controls ~69–75% of votes on ~3.7% economics. CEO cannot be removed; activists have zero leverage.
Indonesia 8% commission cap	Regulatory	High	High	21–23% of revenue exposed; 3–10% of EBITDA at risk; potential extension to delivery.
SBC-adjusted FCF ≈ $0	Execution	High	Medium	GAAP profit is partly fair-value gains; operating cash flow collapsed as lending consumes cash.
Institutional overhang	Dilution/Capital	Medium	Medium	SoftBank + Uber 23.6% unlocked; $1.5B convertible notes (2030). Tiger Global already exited.
Commodity services, weak moat	Competition	High	Medium	Lost #1 Vietnam ride-hailing to Xanh SM; low switching costs.

S8Technical Snapshot

Price $3.54MA50 $3.57MA200 $3.866M -8.1%

52-Week Range

$3.06$3.54$5.62

RSI (14)

neutral

50-Day MA

$3.95

-10.4%below

200-Day MA

$4.40

-19.5%below

Avg Vol (30d)

62M

+12%vs average

Support Levels

$3.40$3.06$2.80

Resistance Levels

$3.95$4.40$5.00

Price path reconstructed from the 52-week range, current price, and 50/200-day moving averages — connect a live market-data feed for production.

S9Ownership & Insider Activity

Top Institutional Holders via 13F filings

Institutional holders
Institution	Shares	% Held	Chg QoQ	Filing
Uber Technologies	~490M	13.5%	flat	Q1 2026
SoftBank Vision Fund	~370M	10.1%	-0.2pp	Q1 2026
Morgan Stanley IM	~199M	5.4%	+0.3pp	Q1 2026
Tiger Global	0	0%	-100pp	Q1 2026

Insider Activity

Founder holds ~3.7% economics but ~69–75% of votes via Class B (90:1).

Insider transactions
Name	Title	Action	Shares	Price	Date	Value
Anthony Tan	CEO / Co-founder	Hold	~3.7% econ	—	—	69–75% votes

S10Peer Comparison

Ticker	Mkt Cap	P/E	P/S	EV/EBITDA	Rev Growth	Gross Mgn	Net Mgn
GRAB	$14.5B	87.8×	4.3×	19.0×	+24.0%	—	5.9%
SE	$95B	42.0×	4.8×	24.0×	+28.0%	43.0%	9.0%
UBER	$160B	32.0×	3.6×	18.0×	+15.0%	40.0%	12.0%
GOTO	$7B	—	5.0×	—	+14.0%	38.0%	-8.0%

S11Research Notes

2026-05-30Internal

88-claim validation audit

83 verified, 9 partial, 1 corrected, 2 unverifiable. Corrected: ATH $16.89→$17.06, GoTo merger probability 60–70%→30–50%, Sea Money $5B→$9.2B loan book.

2026-03-24Company IR

EGM doubles voting ratio to 90:1

85.9% FOR / 14.1% AGAINST. Justified by MAS requirement for GXS Bank Singaporean control. No time-based sunset.