AGC valued Grab at a pro forma implied equity value of $39.55 billion. Meanwhile, at AGC’s current stock price, Grab is valued at around $60.63 billion. Based on this equity value and Grab’s projected sales, its valuation multiples are 26.4x (2021 sales), 18.4x (2022 sales), and 13.5x (2023 sales), respectively.
Grab’s competitors Uber Technologies and Lyft have market capitalizations of $113.2 billion and $20.5 billion, respectively. Meanwhile, Uber and Lyft are trading at NTM price-to-sales multiples of 7.0x and 6.7x, respectively.
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