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GRAB · Forward model · Others · Oey 2028 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 $5.22 all other verticals held in this portfolio case
Final-quarter revenue $1M 0% of company revenue
Explicit segment contribution $940810 EBITDA less segment capex, before corporate items

Management's own published destination: $1.5bn of Adjusted EBITDA in 2028 on a 20% 2025-2028 revenue CAGR. From FY2025's $3,370m that implies about $5.82bn of FY2028 revenue and a roughly 25.8% Adjusted EBITDA margin against 16.9% in the basis quarter. These deltas reach $5.89bn and $1.51bn, so the case is honest arithmetic rather than a headline. Two things it does not achieve. The target was set on 11 February 2026 and was not repeated on the Q2 2026 call in either of two independent transcripts. And the 80% conversion attached to it is conversion of a company-defined Adjusted Free Cash Flow that adds back loan-book growth, not of free cash flow as this model computes it. Fair value $5.22.

Others

Basis quarter$1M
Final quarter$1M
Implied CAGR+1%
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: $1M (2031Q2E)

Period Value
2025Q1 $1M
2025Q2 $1M
2025Q3 $1M
2025Q4 $1M
2026Q1 $1M
2026Q2 $1M
2026Q3E $1M
2026Q4E $1M
2027Q1E $1M
2027Q2E $1M
2027Q3E $1M
2027Q4E $1M
2028Q1E $1M
2028Q2E $1M
2028Q3E $1M
2028Q4E $1M
2029Q1E $1M
2029Q2E $1M
2029Q3E $1M
2029Q4E $1M
2030Q1E $1M
2030Q2E $1M
2030Q3E $1M
2030Q4E $1M
2031Q1E $1M
2031Q2E $1M

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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