Grab Holdings rated Buy on strong EBITDA growth and financial catalysts despite risks.

Grab Holdings is rated Buy due to its strong EBITDA growth, solid balance sheet, and promising catalysts in financial services and delivery sectors. The company trades at 13.2x forward EV/EBITDA with a projected 42% EBITDA growth by 2026 and a target of $1.5 billion EBITDA by 2028, excluding future acquisitions. Key growth drivers include GrabFin reaching breakeven in the second half of 2026, accelerated growth of GrabMart, and contributions from acquisitions in Taiwan and Stash. Risks involve regulatory changes in Indonesia, competitive delivery incentives, and energy price fluctuations, but a net cash position of $5.4 billion offers downside protection.