Goto anticipates its adjusted ebitda to become positive within 4QFY2023. Macquarie believes this could be achieved with about 10% gross transaction volume (GTV) growth for FY2023; 60-70 basis points blended take rate uptick; 30%-35% cut on promotion to customers; as well as 25%-30% opex reduction.
Macquarie Research analyst Ari Jahja has slashed his sum-of-the parts target price for GoTo by 50% to IDR162 (1.4 cents) from IDR324 previously on the back of lower multiple assumptions across all segments.
The new target price implies 2023 EV/net sales of 6.7x or a slight expansion from consensus multiple of about 6x, notes Ari. “Valuation appears more reasonable after correction post its Nov 30 lockup period expiration, while public free float had risen to about 68% of shares,” he adds.
