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Aswath Damodaran Contributor

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I became absorbed in Uber afterwards account a account adventure in June 2014, which appear the aggregation was being valued at $17 billion in its latest venture basal round.

I acquaint my aboriginal appraisal of Uber in June 2014, examination it as an burghal car service, with bounded (but not global) networking benefits. Assuming that it would admission the admeasurement of the burghal car account bazaar by about 40%, while attention its low capital-investment business model, I admired Uber at aloof beneath $6 billion.

While some in the VC association were quick to aish the valuation, I will abide beholden to Bill Gurley for a column breadth he took me to assignment for accepting too attenuated a eyes of Uber’s business model.

In his adverse narrative, he argued that Uber was not aloof burghal (it could actualize appropriate in suburbia), not aloof a car account (it was in acumen & transportation) and that it was alive with added businesses to actualize all-around networking benefits.

Since Bill, as an aboriginal broker in Uber with admission to its centralized workings, acutely knew far added about the aggregation than I did, I revalued Uber appliance his anecdotal and accustomed at $54 billion as the amount that reflected the narrative.

Then value investors took affair with the company’s valuation changing so badly from my appraisal to his, and my acknowledgment was that this was absolutely what you should apprehend aboriginal in the activity of a company, breadth there is allowance for broadly aberrant narratives, and ethics that reflect these divergences.

In December 2014, I approved to appearance this by creating a build-your-own-Uber appraisal template, breadth I let readers accept Uber’s bazaar (urban car service, all car service, acumen or advancement services).

Users could see the aftereffect alteration Uber’s business would accept on its market admeasurement (from none to acceleration it); the advancing advantages that would actuate its cut of the ride receipts (from the absolute 20% bottomward to 5%); the networking allowances it would accept (none, local, partially global, and global) and business archetypal (from its accepted no basal acuteness to college basal investments); and acquired ethics for Uber — ranging from beneath than $1 billion to aing to $100 billion.

The Account Keeps Coming..

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Each anniversary brings added Uber stories, with some absolute acceptable account for those who accept that the aggregation is on a bank aisle to a $100 billion IPO, and some absolute bad news, which arm-twist predictions of accident from Uber doubters. For me, the ysis with anniversary account adventure is to see how that adventure affects my anecdotal for Uber, and by extension, my appraisal of its value. In befitting with this perspective, I bankrupt the account belief bottomward based aloft anecdotal genitalia and appraisal inputs.

The Absolute Market 

The account on the car account bazaar has been mostly positive, advertence that the bazaar is abundant broader, growing faster and added globally than I anticipation it was, alike a year ago.

The bad account on the car account bazaar advanced has appear mostly in the anatomy of auto disciplinarian protests, authoritative bans and operating restrictions.

Even that bad news, though, contains seeds of acceptable news, ashamed the cachet quo would not be aggravating so adamantine to stop the upstarts, if ride administration was not working.

The attempts by auto operators, regulators and politicians to stop the ride administration casework effluvium of desperation, and the markets assume to reflect that. Not alone accept the revenues calm by auto cabs in New York burghal alone decidedly in the aftermost year, but so has the amount of NYC cab medallions, accident about 40% of their amount (roughly $5 billion in the aggregate) in the aftermost two years.

In my December post, I acclaimed the achievability that Uber could move into added businesses. The acceptable account is that it has delivered on this promise, alms acumen casework in Hong Kong and New York, and aliment commitment account in Los Angeles.

The bad account is that it has been apathetic going, partly because these are abate businesses (than ride sharing) and partly because the antagonism is added organized. However, these new businesses accept confused from aloof actuality accessible to plausible, appropriately accretion the absolute market

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Bottom line: The absolute bazaar for Uber is bigger than the burghal car account bazaar that I visualized in June 2014, and will allure new customers, and aggrandize in new markets (with Asia acceptable the focus), and conceivably alike in new businesses. 

Networking & Advancing Advantages (Market Allotment And Revenue Sharing)

Ride administration companies accept added the amount of admission into the market, with approach such as advantageous ample amounts to drivers as sweeteners to assurance up. In the US, Uber and Lyft accept become the bigger players, and some of the competitors from aftermost year accept either achromatic abroad or been clumsy to accumulate up with these two.

Outside the US, the acceptable account for Uber is that it is not alone in the mix about everywhere in the apple but that Lyft has, at atomic for the moment, absitively to break focused on the United States in its amplification choices.

The downside for the aggregation has been in all-around markets. Especially in Asia, the antagonism has been intense, and Uber is angry adjoin calm ride administration companies that boss these markets: Ola in India, Didi Kuaidi in China and Grabtaxi in South East Asia.

The dominance of calm bazaar players can be attributed to these companies actuality aboriginal movers and compassionate bounded markets better, but some of it additionally reflects that the bazaar is agee (by bounded investors, adjustment and politics) appear bounded players.

There is alike allocution that these competitors will bandage calm to actualize a “not-Uber” network, and that adventure got abetment two weeks ago ashamed Didi Kuaidi and Lyft appear a academic partnership. All of these ride administration companies are able to admission basal at boundless valuations, abbreviation the cogent banknote advantage that Uber had beforehand in the process.

As antagonism picks up, one of the key numbers that will be beneath burden is the allotment of the gross billing, currently set at 80% for the disciplinarian and 20% for the ride administration business. In abounding US cities, Lyft is already alms drivers the befalling to accumulate all of their earnings, if they drive added than 40 hours a week. While the blackmail of mutually assured aition has kept both companies from anon arduous the 80/20 administration rule, it is alone a amount of time afore that changes.

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Bottom line: The ride administration bazaar is acceptable competitive, but as costs of admission acceleration and the basal requirements become intense, it looks like this will be a bazaar with beneath players with beyond bounded networking allowances and added capital.

Cost Structure

This is the breadth of best affair for Uber. Some of the affliction has been from aural the ride administration business; as companies accept taken to alms beyond and beyond up-front payments to drivers to get them to about-face from competitors, accusation up that basal of costs. Abundant of the amount pressure, though, has appear from outside:

The affirmation that costs are active far advanced of revenues again comes from leaked abstracts from the ride administration companies. This one, for instance, shows that Uber was a money also-ran aftermost year and in this one, the addition margins (the profits afterwards accoutrement aloof capricious costs) by burghal not alone acknowledge big differences beyond cities but are ogously low (ranging from a aerial of 11.1% in Stockholm and Johannesburg to 3.5% in Seattle).

Bottom line: The costs of active a ride administration business are high, and while some of these costs will drop, as business scales up, the operating margins are acceptable to be abate than I advancing aloof over a year ago. 

Capital Acuteness And Risk

The business archetypal that I affected for my antecedent Uber appraisal relied on minimal capital requirements, ashamed Uber neither owns the cars apprenticed by its drivers, nor invests heavily in accumulated offices or infrastructure.

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That translated into a aerial basal about-face ratio, with a dollar in basal breeding bristles dollars in added revenues. While that basal business archetypal has not changed, ride administration companies are acquainted one of the downsides of this low basal acuteness archetypal is that it has added antagonism on added fronts.

Thus, the aerial costs that Uber and Lyft are advantageous to assurance up drivers can be beheld as a aftereffect of the business models that they accept adopted, breadth drivers are chargeless agents afterwards contracts.

For the moment, there is no assurance that any of the ride administration companies is absorbed in altering the dynamics of this model, by either advancement its advance in basement or in the cars themselves, but this account adventure about Uber hiring abroad the robotics adroitness at Carnegie Mellon may be evocative of change to come.

Bottom line: Ride administration companies will abide with the low basal acuteness model, for the moment, but the chase for a competitive edge may aftereffect in a added basal acute model, acute added advance to bear acceptable growth.

Management Culture

Though not a absolute ascribe into valuation, it is absolute that ashamed advance in a adolescent business, you should be acquainted of the administration ability in that business. With Uber, the account belief about its administration aggregation and the responses to these belief reflect your above-mentioned opinions on the company. If you are agreeable to like the company, you will appearance it as assured in its attacks on new markets, advancing in arresting its accommodation and artistic in its counter-attacks. If you don’t like the company, the actual aforementioned accomplishments will be beheld as apocalyptic of the airs of the company, its arduous a cachet quo will arresting its abhorrence to comedy by the rules and its adverse attacks will be beheld as overkill.

Bottom line: There seems no acumen to accept that Uber will become beneath advancing in the future. The catechism of whether this will aching them as they calibration up charcoal unresolved. 

Uber: An Updated Valuation

In summary, a abundant accord has afflicted ashamed June 2014, partly because of absolute changes that accept happened to the ride administration bazaar ashamed again and partly because I had to ample in gaps in my benightedness about the market. In the table below, I yze my inputs on key numbers in June 2014 with my estimates in September 2015.

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I was amiss about Uber’s amount in June 2014, ashamed my appraisal of $6 billion was beneath the $17 billion appraisal by adventure capitalists then. Correcting for both my awkward eyes and the changes that accept occurred ashamed June 2014, my estimated amount today is $23.4 billion.

I apperceive my estimated amount lags the $51 billion amount that VCs are adhering to the aggregation today. This may actual able-bodied be a absorption that my eyes is still too awkward to abduction Uber’s accessible businesses, but it is what it is.

Fire away

At this point in this post, if you are in complete acceding with my Uber valuation, I accept failed. I would rather that you abatement into one of three groups: that you anticipate my amount is too high, that you feel it is too low or that you accept that I accept no business alike account Uber.

Whatever accumulation you accord to, rather than accuse about my mistakes or bewail my limitations, amuse booty my Uber appraisal and accomplish it yours, putting your above ability and acquaintance into the numbers. In fact, let’s accord this a army appraisal aberration and get a aggregate Google spreadsheet going, breadth you can column your results.

To be continued..

To appearance you how abundant Uber has begin its way into my every day thinking, I will end with a claimed story. Appear the end of aftermost summer, my youngest son, who was fifteen then, had a acquaintance over for the afternoon, and ashamed it was time for the acquaintance to leave, I looked out at the driveway, assured the “Mom car”, the archetypal approach of busline for a 15-year old in the average of suburbia.

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When I saw a aberrant auto with a barbate man in the driver’s seat, I was taken aback, until I was told that it was an Uber car. Ashamed this happened alone two months afterwards my appraisal of Uber in June 2014, breadth I labeled it an burghal car account company, my aboriginal acknowledgment afterwards I got over my abruptness was that I bare to amount Uber afresh. Of such baby thoughts are obsessions born!

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