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1、 ?002127? ? Uber ? ? ? ? Uber ? ? ? ? ? ? 2015-17 ? EPS ? 0.38/0.60/0.86 ? ? A ? ? 200 ? 45 ? 2016 ? 75 ? PE? ? ? ? ? ? ? ? ? Uber ?Uber ? ? ? ? ? ? ? ? ? ?1? ?2? ? ? ? ? 3)? ? ?4? ? ? ? ? 2013A 2014A 2015E 2016E 2017E ? 4,135 1,573 407 555 743 (+/-)% 21% -62% -74% 36% 34% ?EBIT? -224 -113 191 283 3
2、98 (+/-)% -71% 50% 269% 49% 41% ? -521 10 171 269 385 (+/-)% -191% 102% 1544% 57% 43% ? -1.17 0.02 0.38 0.60 0.86 ? ? 0.00 0.00 0.10 0.10 0.20 ? 2013A 2014A 2015E 2016E 2017E ?(%) -5.4% -7.2% 46.8% 51.0% 53.6% ?(%) -118.0% 2.4% 5.7% 8.4% 11.3% ?(%) -14.4% -32.8% 66.1% 82.7% 149.7% EV/EBITDA -328.0 2
3、34.5 57.4 39.2 27.4 ? ? -13.4 669.8 40.7 26.0 18.1 ? (%) 0.0% 0.0% 0.6% 0.6% 1.3% ?2016.01.17 ? ? ?002127? ? ?45.00?15.63 2016.01.17? ? ? ? ? 2015 ? ? ? ? ? ? ? ?%?-15%5%25%45%65%85%1m3m12m52 ?8.03-21.78 ?6,978? ?2013A2014A2015E2016E2017E ?4,1351,573407555743 ?4,1031,502141172211 ?11122 ?10942506891
4、 ?146141243141 EBIT-224-113191283398 ?00000 ?073233 ?7890-2-10-14 ?-541-165190294415 ?02233034 ?-162111 ?-52110171269385 ? ? ?422370414552848 ?046100100100 ?002,3442,3442,344 ?1,64879495254 ?13895868788 ?2,8459233,1713,3823,713 ?1,852455160177276 ?5251000 ?4414432,9883,1793,410 ?(IC)1,55529525430824
5、5 ? NOPLAT-224-97168255366 ?20014212910 ?697-253-23-53-11 ?-53-4432-8-8 ?620-252188204357 ?609-79109220378 ?-50235-2,309-5-5 ?-404-2222,244-77-77 ?154-6744138296 ? ? ?21.2%-61.9%-74.1%36.4%33.9% EBIT ?-70.5%49.6%268.6%48.7%40.6% ?-191.2%102.0%1544.2%56.8%43.3% ? ?0.8%4.5%65.4%69.0%71.6% EBIT ?-5.4%-
6、7.2%46.8%51.0%53.6% ?-12.6%0.7%42.1%48.4%51.8% ? ?(ROE)-118.0%2.4%5.7%8.4%11.3% ?(ROA)-18.3%1.1%5.4%7.9%10.4% ?(ROIC)-14.4%-32.8%66.1%82.7%149.7% ? ?3751200140135 ?6321408075 ?305437183621551743 ?-1.17-7.610.640.820.98 ?/?1%3%-8%1%1% ? ?83.6%49.5%5.0%5.3%7.4% ?246.5%-38.7%-13.9%-17.4%-24.9% ? PE-13.
7、4669.840.726.018.1 PB15.815.84.03.83.5 EV/EBITDA-328.0234.557.439.227.4 P/S1.74.429.521.716.2 ?0.0%0.0%0.6%0.6%1.3%?0%30%60%90%120%151%2015/1 2015/4 2015/7 2015/10-16%14%44%74%104%134%? ?-74%-49%-23%3%28%54%13A14A15E16E17E? ?-118%-64%-11%43%96%150%13A14A15E16E17E? ?-849-462-75313700108713A14A15E16E17E-39%18%75%132%189%247%? ? ?1. ?. 5 2. ?. 6 2.1. ?. 6 2.2. ?. 7 3. ?. 7 3.1. ?. 7 3.2. ?. 8 3.3. ? B2B ?. 8 4. ?”? Uber ?. 9 4.1. Uber ?. 9 4.2. ?.11 4.2.1. ?.11 4.2.2. ? Uber ?12 5. “? Uber ?. 14 5.1. ?. 14 5.2. ? Uber ?. 15 6. ?&?. 16 6.1. ?
