Summary

• Uber's Q1 headline told one story — a revenue miss. The actual print told a completely different one, and knowing the difference matters more than the stock move.
• Beneath the surface, three structural forces are compounding simultaneously in ways that most investors following the top-line narrative will miss entirely.
• The DCF math is now cleaner than it was three months ago, and the bear case has a floor that makes the risk/reward unusually one-sided at today's price.
• Looking for a helping hand in the market? Members of iREIT®+HOYA Capital get exclusive ideas and guidance to navigate any climate. Learn More »

Introduction

Uber (UBER) shareholders are probably happy today, as the stock is rallying 7% after it reported a gross bookings beat in its earnings report. I am among them, as Uber is one of the 19 positions in my growth

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of UBER either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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