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GRAB · Forward model · Others · Bear case

What has to happen in Others

Model as of

This page changes Others inside the complete GRAB model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

GRAB forward model
Horizon
Consolidated fair value $2.41 all other verticals held in this portfolio case
Final-quarter revenue $739136 0% of company revenue
Explicit segment contribution −$533810 EBITDA less segment capex, before corporate items

Mobility is repricing itself downward and the cash conversion is not there. Volume growth runs 1.5 points a quarter slower everywhere and 2 points slower again in Mobility, segment margins sit 4 points below June's, Financial Services stays loss-making rather than crossing over in H2 2026, and the exit de-rates to 1.8x. Strip the one-time Superbank gain and the tax credit and the record quarter was $19m of operating profit on $997m of revenue; this is what that quarter looks like if it is the trend rather than the trough. Fair value $2.41, below the current price.

Others

Basis quarter$1M
Final quarter$739136
Implied CAGR−6%
Final revenue mix0%

Everything Grab does not put in the three named segments. $1m of revenue in each of the last six quarters and Segment Adjusted EBITDA reported as less than $1m in absolute terms. It exists in this model only so that the four verticals sum to reported consolidated revenue with no residual in any quarter.

Last four quarters
2025 Q3 $1M Reported
2025 Q4 $1M Reported
2026 Q1 $1M Reported
2026 Q2 $1M Reported
Unallocated other services
Sequential growth 0.0%/qtr decaying toward 0.0% $1m for six straight quarters. Any growth rate on a $1m base is noise, so the line is held flat.
Others

Latest: $739,136.43 (2031Q2E)

Period Value
2025Q1 $1M
2025Q2 $1M
2025Q3 $1M
2025Q4 $1M
2026Q1 $1M
2026Q2 $1M
2026Q3E $985,000.00
2026Q4E $970,225.00
2027Q1E $955,671.62
2027Q2E $941,336.55
2027Q3E $927,216.50
2027Q4E $913,308.25
2028Q1E $899,608.63
2028Q2E $886,114.50
2028Q3E $872,822.78
2028Q4E $859,730.44
2029Q1E $846,834.49
2029Q2E $834,131.97
2029Q3E $821,619.99
2029Q4E $809,295.69
2030Q1E $797,156.25
2030Q2E $785,198.91
2030Q3E $773,420.93
2030Q4E $761,819.61
2031Q1E $750,392.32
2031Q2E $739,136.43

Assumptions & reasoning

  • FY2025 Others revenue was $4m against FY2024's $4m, and Grab has never described what sits inside it. Zero margin and zero capex are the honest readings of a segment whose Adjusted EBITDA is disclosed only as an amount smaller than $1m.
  • Assigning the group capex rate to a $1m line would put more capex through it than it earns, so this vertical carries none. Every dollar of group capex is charged to the three real segments instead.
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