Grab: The Market Got This One Wrong

Grab Holdings is rated Buy, driven by robust EBITDA growth, a strong balance sheet, and underappreciated catalysts in financial services and deliveries. GRAB trades at 13.2x forward EV/EBITDA, with 42% EBITDA growth guided for 2026 and $1.5 billion EBITDA targeted for 2028, excluding upcoming acquisitions. Key catalysts include GrabFin breakeven in H2 2026, GrabMart's accelerated growth, and additive contributions from Taiwan and Stash acquisitions.