A Cross-Platform Superhero; Our Take on the Long-awaited DHER Acquisition

研报英文原文证据摘录

A Cross-Platform Superhero; Our Take on the Long-awaited DHER Acquisition

three. UBER's outlook embeds

$1.2B of run-rate synergies exiting '27E, primarily resulting from a common tech platform and

localized headcount reductions outside of Berlin. Importantly, UBER is assuming limited revenue

synergies despite benefits to the cross-platform strategy and potential algorithm/scale benefits. In

addition, UBER expects a relatively seamless tech integration process rather than a more expensive

multi-year re-platforming, as existing Uber Eats tech is deployed across the business.

...While expanding cross-platform initiatives: The transaction is expected to meaningfully expand

the addressable opportunity for UBER's cross-platform strategy. The number of markets offering

both mobility and delivery service will nearly double from 34 to 58, which causes UBER's

total markets to increase from 79 to 88. Upon closing, the transaction will add 35M+ Delivery

Hero users and 15M+ Uber mobility users located in cross-platform markets. Cross-platform

engagement represents an efficient customer acquisition channel (~50% lower) while also

increasing engagement, with cross users generating 3x more Bookings and profits compared to

single-product users.

Uber remains committed to existing capital allocation strategy: UBER's capital allocation strategy John Colantuoni * | Equity Analyst

will continue to center on investing in the core & AV build-out, while funding share repurchases & 1 (212) 778-8634 | jcolantuoni@jefferies.com

selective bolt-on M&A through a combo of $10B+ in annual FCF & divestitures of minority equity Vincent Kardos * | Equity Associate

stakes. UBER is also not planning other large-scale acquisitions for the next few years as the team +1 (212) 778-8569 | vkardos@jefferies.com