TIP844: Uber (UBER): The Autonomy Referendum — Is Mr. Market Completely Wrong? w/ Daniel Mahncke & Shawn O’Malley

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Shawn O’Malley and Daniel Mahncke revisit Uber (NYSE: UBER), one of the largest holdings in The Intrinsic Value Portfolio, fifteen months after they first pitched it. In that time, Uber’s operating profits have roughly doubled, free cash flow has climbed to about $10 billion a year, gross bookings are compounding around 20% annually, and the board authorized a new $20 billion buyback. And yet the stock is flat, with its multiple of operating profits cut from 55 times down to roughly 22 times. Shawn and Daniel discuss why the market is pricing Uber as though autonomy ends the story — Waymo raising $16 billion at a $126 billion valuation, roughly the same market cap as all of Uber, and…