Pleaserefertopage25forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.1October2019UnitedStatesEQUITIESUBERUSOutperformPrice(at20:50,01Oct2019GMT)US$30.47ValuationUS$51.00-SumofParts12-monthtargetUS$51.0012-monthTSR%+67.4GICSsectorTransportationMarketcapUS$m51,79930-dayavgturnoverUS$m250.0Numbersharesonissuem1,700InvestmentfundamentalsYearend31Dec2018A2019E2020E2021ERevenuem11,27014,10419,01123,830EBITm-2176-3745-3476-1987EBITgrowth%nmf-72.17.242.8Reportedprofitm997-9334-5957-4378Adjustedprofitm1,854-3697-4077-2498EPSrepUS$2.08-7.48-3.44-2.50EPSrepgrowth%nmfnmf53.927.4EPSadjUS$3.87-3.95-2.36-1.43EPSadjgrowth%nmfnmf40.439.4ROA%11.8-11.2-11.6-6.8ROE%-25.1-123.7-35.9-30.8LYFTUSOutperformPrice(at20:50,01Oct2019GMT)US$40.84ValuationUS$78.00-EV/Sales12-monthtargetUS$78.0012-monthTSR%+91.0GICSsectorTransportationMarketcapUS$m11,95930-dayavgturnoverUS$m330.0Numbersharesonissuem292.8InvestmentfundamentalsYearend31Dec2019E2020E2021E2022ERevenuem3,498.24,261.45,148.86,009.3EBITm-993.7-890.6-872.3-535.3EBITgrowth%nmf10.42.138.6Reportedprofitm-2816.3-1827.6-1818.5-1481.5Adjustedprofitm-898.8-796.4-787.3-450.3EPSrepUS$-12.48-6.00-5.72-4.50EPSrepgrowth%nmf51.94.621.3EPSadjUS$-11.36-2.62-2.48-1.37EPSadjgrowth%nmf76.95.444.6ROA%-17.7-16.8-15.8-9.0ROE%-29.0-30.2-31.9-18.3Source:FactSet,MacquarieResearch,October2019(allfiguresinUSDunlessnoted)AnalystsMacquarieCapital(USA)Inc.MaynardUm+12122318098maynard.um@macquarie.comTimLiu+12122311341tim.liu@macquarie.comCoreyGrady,CFA+12122310376corey.grady@macquarie.comRideHailingSurveySeries–Issue#3U.S.RideHailtoContinuetoGrow;DiggingDeeperIntoConsumerPriceSensitivityKeypointsU.S.ridehailsectortocontinuetogrowviariderpenetrationandridefrequency,asconsumersincreasinglyadoptridehailforpersonalusecases.Largestcompetitortoridehailiscarownership,thoughroughlyhalfofrespondentscouldconsiderridehail/carshareinlieuofcarownership.Respondentsmoresensitivetopricehikes,suggestinggreaterrisktoridehails...
