Bukalapak

Bukalapak: Still Overvalued & Former CEO’s Ownership Is an Overhang

Equity Bottom-Up
238 Views, 13 Jan 2022 18:51
EXECUTIVE SUMMARY
  • With the penetration rate as high as 42%, Mitra could be fast running out of room for growth.
  • Consensus seems to be overestimating Bukalapak (BUKA IJ)’s 2021 and 2022 revenue by 22% and 40% respectively.
  • At 6.0x consensus FY+2 revenue, Bukalapak is still expensive compared to the peer average of 4.3x.
detail (3-minute read)
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Oshadhi Kumarasiri
Equity Analyst
LightStream Research
JapanEquity Bottom-UpEquity Capital Markets

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's... 

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