JP Morgan Analyst Affirms Confidence In Uber: Mobility Expansion And Efficient Delivery Drive Optimistic Outlook
JP Morgan Analyst Affirms Confidence In Uber: Mobility Expansion And Efficient Delivery Drive Optimistic Outlook
JP Morgan analyst Doug Anmuth maintained an Overweight rating on Uber Technologies, Inc (NYSE:UBER).
JP摩根分析師道格·安姆斯特（Doug Anmuth）維持了對Uber Technologies，Inc（紐交所：UBER）的超配評級。
Uber reported second-quarter Gross Bookings of ~$40 billion, +21% foreign exchange neutral year-on-year, slightly above JP Morgan's estimate of $39.8 billion, and ~1% above the mid-point of the $38.75 billion-$40.25 billion guide, driven by Monthly Active Platform Consumers (MAPCs) up +14% Y/Y to 156 million. The frequency accelerated ~75bps Q/Q, up +6.4% Y/Y to 5.9x.
Uber報告了第二季度的總交易額約爲400億美元，年同比按匯率期貨中立計算增長21％，略高於JP Morgan的估計398億美元，也比387.5億美元至402.5億美元的指導範圍中點高約1％，推動的因素是月活躍平台使用者（MAPC）年同比增長14％至1.56億。頻率季環比加速了約75個點子，同比增長了6.4％至5.9倍。
Mobility Gross Bookings of ~$20.6 billion (+27% foreign exchange neutral Y/Y) was 2% above JP Morgan's estimate of $20.2 billion (+26% foreign exchange neutral Y/Y) due to continued penetration into new geographies, use cases, and continued frequency growth.
移動總交易額約爲206億美元（年同比按匯率期貨中立計算增長27％），比JP Morgan的估計202億美元（年同比按匯率期貨中立計算增長26％）高2％，這是由於持續滲透到新地理位置，使用案例和持續的頻率增長所致。
Uber also highlighted growing autonomous vehicle (AV) trips on the platform by 6x Y/Y and reiterated that it would be a crucial partner for the commercialization of AVs.
Uber還強調了平台上自動駕駛（AV）車的數量同比增長了6倍，並重申它將成爲AV商業化的關鍵合作伙伴。
Delivery Gross Bookings of $18.1 billion (+17% foreign exchange neutral Y/Y) were slightly below JP Morgan's estimate of $18.2 billion (+17.5% foreign exchange neutral Y/Y). This was driven by unit volume growth, and based on 3P data, it gained CP in all top markets.
送貨猛增的總交易額爲181億美元（年同比按匯率期貨中立計算增長17％），略低於JP Morgan的估計182億美元（年同比按匯率期貨中立計算增長17.5％）。這是由於單位成交量增長，而且據第三方數據，它在所有主要市場中都獲得了CP。
Anmuth noted Uber could continue to grow the Delivery category profitably as it looks to improve network efficiencies, scale advertising, and strengthen marketing and incentive optimization.
安姆斯特指出，隨着Uber尋求提高網絡效率，擴大廣告規模並加強營銷和激勵優化，Uber在送貨領域可以繼續實現盈利增長。
Uber again beat the high end of the EBITDA guide, with second-quarter EBITDA of $1.57 billion ~3% ahead of the top end of the $1.45 billion-$1.53 billion guide on Delivery margins of 3.24% vs. JP Morgan estimate of 3.05%, offset by Mobility margins of 7.62% versus JP Morgan estimate of 7.82%.
Uber再次打破了EBITDA指導範圍的高端，第二季度的EBITDA爲15.7億美元，比14.5億美元至15.3億美元的指導範圍的最高水平高出約3％，交付業務毛利率爲3.24％，而JP Morgan估計爲3.05％，此外，移動業務毛利率爲7.62％，而JP Morgan估計爲7.82％。
Overall, Anmuth is encouraged by solid foreign exchange neutral growth, Mobility acceleration, Delivery profitability, and continued focus on profits and free cash flow, which are evident in the numbers. The analyst noted the stock should trade up, particularly given the recent weakness.
總體而言，安姆斯特對強勁的按匯率期貨中立增長，移動業務加速，送貨業務盈利能力以及繼續專注於利潤和自由現金流感到鼓舞，這些都體現在數字上。分析師指出，考慮到最近的疲軟，該股票應該會上漲。
Uber guided to third-quarter Gross Bookings of $40.25 billion—$41.75 billion (18%- 23% foreign exchange neutral Y/Y), compared to JP Morgan's estimate of $41.4 billion. Uber's third-quarter EBITDA guide of $1.58 billion—$1.68 billion came in slightly above JP Morgan's estimated $1.62 billion.
Uber指導第三季度總交易額爲402.5億至417.5億美元（年同比按匯率期貨中立計算增長18％到23％），而JP Morgan的估計爲414億美元。 Uber第三季度的EBITDA指導範圍爲15.8億至16.8億美元，略高於JP Morgan的估計16.2億美元。
Price Action: UBER shares traded higher by 11.1% at $64.98 at the last check on Tuesday.
價格行動：週二最後一次檢查時，Uber的股價上漲11.1％至64.98美元。
Photo via Shutterstock
圖片來自shutterstock。