| Intrinsic Valuation of: GRAB | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 0 | Market Cap | $15B | |||||
| 2021 | - | - (-) | P/E Ratio | 89 | Total Asset | $12B | |||||
| 2022 | $-872M | - (-) | Net Income | $268M | Total Debt | $188M | |||||
| 2023 | $-6M | 99.3% (99.6%) | EBITDA | $517M | Total Liab | $5B | |||||
| 2024 | $739M | 12416.7% (10487.9%) | Opr Margin | 6.59 | Debt/Equity | 0.03 | |||||
| 2025 | $-44M | -106.0% (-104.9%) | PreTax Margin | 4.48 | BV/Share | 1 | |||||
| 5Y Average FCF | $-46M | 15.0% (3494.2%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 8.63% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $850M | MBG Intrinsic Value | $0 | ||||||||
| 2027 | $956M | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $20B | Net Worth/Share | $2 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $17B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $3B | $5 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $188M | WACC | 6.6% | 6 | 7 | 7 | 8 | 9 | |||
| Equity Value | $20B | 7.6% | 5 | 6 | 6 | 6 | 7 | ||||
| Shares Outstanding | 3,964,000,000 | 8.6% | 5 | 5 | 5 | 5 | 6 | ||||
| 9.6% | 4 | 4 | 5 | 5 | 5 | ||||||
| DCF Intrinsic Value | $5 | 10.6% | 4 | 4 | 4 | 4 | 4 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||