Launching Coverage of Lyft with Narrow Economic Moat, Stable Moat Trend and a $72 FVE
We are initiating coverage of Lyft with a narrow moat rating and a fair value estimate of $72 per share, or a $24 billion market capitalization based on our estimated share count. Lyft is becoming a public company as it will sell 30.8 million shares at an IPO price of $72 per share (which is at the high-end of the range that the firm was seeking) on March 29, 2019. The IPO price is in line with our fair value estimate and we would recommend a wider margin of safety before investing in this very ...Lyft operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders. The company also offers a network of shared bikes and scooters in various cities to address the needs of riders for shorter routes; Express Drive program, a flexible car rentals program which connects drivers who need access to a car with third-party rental car companies; and concierge for organizations to manage the transportation needs of their customers and employees.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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