Market Overview

Guggenheim: Uber's Pre-IPO Numbers Give Insight On Lyft's Business

Guggenheim: Uber's Pre-IPO Numbers Give Insight On Lyft's Business

What does the ride-hailing landscape look like for newly public Lyft Inc (NASDAQ: LYFT)? Investors have a better idea now that its main competitor Uber is about to IPO, according to Guggenheim. 

The Analyst

Jake Fuller remains Neutral on Lyft

The Thesis

Uber filed an S-1 last week with the Securities and Exchange Commission ahead of its planned NYSE listing.

That document provides several pieces of information that help flesh out a picture of Lyft, Fuller said in a Tuesday note. (See his track record here.) 

Uber’s filing suggests Lyft's domestic market share may be lower than the 39 percent Lyft claims, the analyst said. It’s not clear who is right or wrong, but the numbers Uber claims don’t match up with Lyft's figures, he said. 

The numbers Uber reports work out to Uber notching 136 percent of Lyft's bookings; 119 percent of Lyft's trips number; and revenue that's 185 percent of Lyft's, Fuller said.

Lyft's 39-percent market-share claim would imply that Uber is only 55-percent larger, the analyst said. Even when backing out some of Uber’s numbers to account for its Uber Eats food delivery service, the numbers still don’t mesh, he said. 


Lyft continues to trade below its IPO price. " .. Our analysis suggests that it is still discounting a fairly aggressive 10-year revenue and EBITDA scenario," Fuller said. 

Guggenheim would become more constructive on the stock at a share price of about $45, the analyst said. 

Price Action

Lyft shares were trading up by 1.85 percent to $57.15 at the time of publication Tuesday. 

Related Links:

Uber Files For IPO On NYSE, Says Personal Mobility A 'Vast' Market Opportunity

Analyst: Uber Roadshow A 'Dark Shadow' Over Lyft

Photo courtesy of Lyft. 

Latest Ratings for LYFT

Apr 2019Initiates Coverage OnMarket Outperform
Apr 2019Initiates Coverage OnBuy
Apr 2019Initiates Coverage OnOutperform

View More Analyst Ratings for LYFT
View the Latest Analyst Ratings

Posted-In: Guggenheim Jake Fuller ride hailingAnalyst Color Reiteration Analyst Ratings Best of Benzinga


Related Articles (UBER + LYFT)

View Comments and Join the Discussion!

Latest Ratings

View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You
for registering for Benzinga’s newsletters and alerts.
• The Daily Analysts Ratings email will be received daily between 7am and 10am.
• The Market in 5 Minutes email will be received daily between 7am and 8am.
• The Fintech Focus email will be received every Friday between 2pm and 5pm.

Why Wave Life Sciences's Valuation Is Falling By 25%

FreightTech Investment Surges In 2019