GOTO 3Q23 Results: Profitability Target Could be At Risk
What’s New: GoTo reiterated its positive group adjusted EBITDA target within 4Q23. However, FY23 group adjusted EBITDA could be at the lower end of the guided range as GoTo may invest to preserve its market share across its key business segments. We lower our PT from IDR100 to IDR60 amid lower top and bottom-line expectations in the 4Q and into 2024. Our revised PT of IDR60 implies a 2.7x FY24E EV/Revs (net). We maintain our NEUTRAL rating.Analysts:
Jin Yoon
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