Maplebear Inc

CART: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$34.40	Kbdh	Nmwcsrzcv

Maplebear Earnings: Home Delivery Demand Remains Solid as Gains in Transaction Volume Continue

Noah Rohr

Aug 7, 2024

We anticipate raising our $34 fair value estimate for no-moat Maplebear (Instacart) by around a mid-single-digit percentage after the firm posted second-quarter results that modestly outpaced our expectations. We plan to make slight upward adjustments to our near-term forecasts concerning growth in gross transaction value and transaction take rates but leave our long-term outlook (mid-single-digit percentage gains in GTV and 6%-7% take rate) intact. The stock rallied by a high-single-digit percentage in light of the solid report, with shares now trading in a range we’d consider fairly valued.

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