Uber Technologies, Inc. is a technology platform, which engages in the development and operation of technology applications, network, and product to power movement from point A to point B. The firm offers ride services and merchants delivery service providers for meal preparation, grocery and other delivery services. It operates through the following segments: Mobility, Delivery, and Freight. The Mobility segment refers to products that connect consumers with Mobility Drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. The Delivery segment offers consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered and, in certain markets, Delivery also includes offerings for grocery, alcohol and convenience store delivery and other goods. The Freight segment leverages proprietary technology, brand awareness, and experience revolutionizing industries to connect carriers with shippers on Uber’s platform, and gives carriers upfront, transparent pricing and the ability to book a shipment. The company was founded by Oscar Salazar Gaitan, Travis Kalanick and Garrett Camp in 2009 and is headquartered in San Francisco, CA. 

We have a 2025 price target for Uber at $90/share. This implies ~22X 2025 estimated EBITDA of $4.03/share (FactSet), or 25x 2025 estimated Free Cash Flow of $3.64/share. Given a 2024-2025 FCF growth of 37%, our PT reflects a 0.67x price-to-FCF-to-growth multiple (25x price-to-FCF / 37% FCF growth). This is in comparison to competitor Doordash (DASH), which is currently trading at 20x 2025 estimated FCF, but only for a FCF growth of 22.7% (so a 0.88x price-to-FCF-to-growth multiple). As a result, our PT for Uber is justified given it's leading scale, market position and ability to drive growth and FCF much better than Doordash.