2/11/25 - $dash - I just like $uber more

2/11/25 :: VROCKSTAR :: DASH
I just like UBER more

- i love this franchise
- but i also like NVDA, mu... but rn i just own TSM
- but i also like ETH, sol... but rn i just own BTC
- but i also like FSLR, enph... but rn i just own NXT
...
- in this tape it's increasingly difficult to own the second best until the valuation gaps are wide enough to merit moving down the quality stack
- this is NOT to suggest dash doesn't have an awesome franchise, has built that route density to keep throwing off FCF... they do/ they will
- but while mgns are *yes* better than UBER, the growth is just modestly better, at the same time UBER continues to scale it's Eats offer (and mgns will reach parity with DASH)
- and so for 1/3 the FCF and arguably a more discretionary product (Eats vs. Rides), is it "worth" half the mcap?
- reality is, it's grey zone.
- put a water balloon to my head and i'd guess the result is +ve and stock rallies
- but TBH, we've seen the UBER result, the valuation is still attractive and i see no reason - per the original comments on second best - to leg out and complicate my PnL in a period where i think... we might see some rough tides. i'm shooting for simplicity, conviction and if/when valuation on the mgn is superior (as it is in the comparison of Uber vs. Dash)... a plus
- let's see. GL to the owners. i'll be rooting for u on this print from the sidelines.

V