GoTo: Initiation – Running out of cash

  • We initiate coverage on GoTo with a target price of IDR221 and a Sell recommendation

  • GoTo has been priced 37% and 1.27 times higher than Grab's valuation in terms of EV/GMV and EV/Sales

  • It has followed the precedent set by Bukalapak of an extravagant IPO valuation – that didn't turn out well
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