DiDi Global: Short-Term Noise, Long-Term Upside Intact

The China Mobility segment delivers robust cash flow and 35% adj. EBITA growth, funding aggressive international expansion. The international segment is in investment mode, prioritizing market share in key regions like Brazil and Mexico over near-term profitability. Valuation disconnect persists, with cash (~$6bn) and autonomous optionality already accounting for a significant portion of market value, while underlying earnings growth remains obscured by one-off litigation-related accounting noise.