Uber positioned as the ultimate autonomous aggregator
The bull case presented for Uber is that the company will benefit from the rise of autonomous vehicles by acting as the central platform aggregator for multiple robo-taxi fleets.
The argument
The guest argued that fears of robo-taxis killing Uber's business model are unfounded because consumers will not want to use multiple individual apps. Instead, Uber's dominant platform is positioned to aggregate these fleets, while the company continues to grow EBITDA at 30% annually and return 50% of cash flow via buybacks.
The thesis, stress-tested
✓ What validates it
- ✓Partnership announcements between Uber and major autonomous vehicle operators
- ✓EBITDA growth continuing at or above the 30% historical run rate
▸ Risks discussed
- ▸Potential technological breakthroughs by single-source autonomous operators like Tesla or Waymo that bypass aggregators
Hear it yourself
"I think they're growing EBITDA 30% per year for the past three years or so. I mean, it's been really impressive. I mean, it's, you know, high fixed cost, low variable cost."
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