PT Goto Gojek Tokopedia Tbk

GOTO: XIDX (IDN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	IDR 33.00	Bcv	Wmptbdbpm

GoTo: Lowering Valuation by 16% Due to Market Share Decline and Lack of Visibility on Profitability

Kai Wang

Oct 31, 2023

We are lowering our fair value estimate for GoTo by 16% to IDR 63 from IDR 75 after the company reported a third-quarter 2023 revenue of IDR 3.6 trillion, which was 20%-25% below our and Refinitiv's consensus estimates. Our lowered fair value estimate reflects revised on-demand and e-commerce gross transactional value growth forecasts to a 7%-8% decline from a 2% decline in 2023 and to 1% growth from 3% in 2024, given that GTV has fallen for the past three quarters and there is a lack of visibility on how the company can reaccelerate growth while progressing toward profitability.

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