UBER – Market expectations for Uniform ROA to inflect positively, but management may have concerns about growth, business offerings, and pandemic impacts

February 28, 2022

  • Uber Technologies (UBER) currently trades at a premium to Uniform assets, with a 6.2x Uniform P/B (V/A′).

  • At these levels, markets are pricing in expectations for Uniform ROA to inflect positively to 20%, accompanied by 12% Uniform asset growth going forward.

  • Similarly, analysts expect Uniform ROA to improve to 7% by 2022, albeit with much stronger 20% Uniform asset growth.

  • If sustained going forward, these levels would suggest 46% equity downside. That said, as an early-stage growth name, it is not uncommon to see expectations for a material positive inflection.

  • Moreover, the firm’s most recent earnings call suggests management may have concerns about growth, business offerings, and pandemic impacts.

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