GOTO 4Q22 Updates: Positive Adjusted EBITDA By 4Q23
What’s new: GoTo provided an updated outlook last month where the company expects adjusted EBITDA to turn positive within 4Q23, while group contribution margin to turn positive within 1Q23 which would be four quarters ahead of the previous guidance. Despite the accelerated profitability guidance, we remain cautious as execution could be an opportunity or a concern whether the group would be able to maintain market share without having to remain aggressive in promotions/subsidies in a price sensitive environment. We lower our PT from IDR190 to IDR130 and maintain our NEUTRAL rating. Our revised PT of IDR130 implies a 9.0x FY23 EV/Rev.Analysts:
Jin Yoon
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