Altimeter: The SPAC opportunity to Grab

  • The Altimeter Growth Corp (AGC US) SPAC will bring ASEAN digital economy giant Grab to market by July 2021

  • It will be the world's largest SPAC deal, and Grab has the potential to become ASEAN's super app

  • Our DCF valuation of Grab indicates a target price of US$15, suggesting 27% upside. We initiate coverage with a Buy
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

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