Financials Instacart

Equities

CART

US5653941030

Internet Services

Market Closed - Nasdaq Other stock markets 01:30:00 01/06/2024 am IST			5-day change	1st Jan Change
30.48 ^USD	-0.07%		-5.84%	+29.87%

23/05	Instacart, Home Depot Collaborate Nationwide for Same-Day Delivery	MT
23/05	The Home Depot and Instacart Announce Nationwide Partnership to Offer Same-Day Delivery	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	6,577	8,068	-	-
Enterprise Value (EV) ¹	4,391	5,946	5,364	4,824
P/E ratio	-1.89 x	29.3 x	24 x	20.9 x
Yield	-	0.03%	-	-
Capitalization / Revenue	2.16 x	2.42 x	2.22 x	2.05 x
EV / Revenue	1.44 x	1.78 x	1.48 x	1.23 x
EV / EBITDA	6.85 x	7.2 x	5.66 x	4.51 x
EV / FCF	8.25 x	9.28 x	7.15 x	6.58 x
FCF Yield	12.1%	10.8%	14%	15.2%
Price to Book	1.75 x	2.32 x	1.92 x	1.74 x
Nbr of stocks (in thousands)	2,80,216	2,64,699	-	-
Reference price ²	23.47	30.48	30.48	30.48
Announcement Date	13/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	-	3,042	3,338	3,628	3,938
EBITDA ¹	-	641	825.5	947.8	1,069
EBIT ¹	-	-2,142	363.4	436.4	455.4
Operating Margin	-	-70.41%	10.89%	12.03%	11.57%
Earnings before Tax (EBT) ¹	-	-2,061	402	493.6	574.9
Net income ¹	428	-1,622	324.2	404.5	451.7
Net margin	-	-53.32%	9.71%	11.15%	11.47%
EPS ²	0.9600	-12.43	1.042	1.271	1.456
Free Cash Flow ¹	-	532	640.6	750.7	733.4
FCF margin	-	17.49%	19.19%	20.69%	18.63%
FCF Conversion (EBITDA)	-	83%	77.6%	79.2%	68.61%
FCF Conversion (Net income)	-	-	197.58%	185.59%	162.36%
Dividend per Share ²	-	-	0.008180	-	-
Announcement Date	25/08/23	13/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	764	803	820	802.3	831.6	881.2	894.8	865.5
EBITDA ¹	163	199	198	186.4	202.8	235.3	212.6	209.8
EBIT ¹	-2,457	46	144	42.14	64.13	103.6	102.8	80.83
Operating Margin	-321.6%	5.73%	17.56%	5.25%	7.71%	11.75%	11.49%	9.34%
Earnings before Tax (EBT) ¹	-2,439	72	165	52.32	73.82	114.7	104.5	98.35
Net income ¹	-1,999	135	130	38.34	57.49	92.71	88.34	83.85
Net margin	-261.65%	16.81%	15.85%	4.78%	6.91%	10.52%	9.87%	9.69%
EPS ²	-20.86	0.4400	0.4300	0.1162	0.1771	0.2793	0.2700	0.2600
Dividend per Share ²	-	-	-	0.004040	0.004120	0.004120	-	-
Announcement Date	08/11/23	13/02/24	08/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-
Net Cash position ¹	-	2,186	2,122	2,704	3,244
Leverage (Debt/EBITDA)	-	-	-	-	-
Free Cash Flow ¹	-	532	641	751	733
ROE (net income / shareholders' equity)	-	-88%	8.93%	9.72%	9.94%
ROA (Net income/ Total Assets)	-	26.9%	9.57%	12.1%	10.7%
Assets ¹	-	-6,031	3,389	3,332	4,229
Book Value Per Share ²	-	13.40	13.10	15.90	17.50
Cash Flow per Share ²	-	4.490	2.040	2.170	1.620
Capex ¹	-	54	57.5	66.3	73.1
Capex / Sales	-	1.78%	1.72%	1.83%	1.86%
Announcement Date	25/08/23	13/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Instacart

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

30.48 USD

Average target price

42.3 USD

Spread / Average Target

+38.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Internet Services

	1st Jan change	Capi.
INSTACART	+29.87%	806.8Cr
TENCENT HOLDINGS LIMITED	+22.55%	43TCr
NETFLIX, INC.	+31.87%	28TCr
AIRBNB, INC.	+6.46%	9.2TCr
PROSUS N.V.	+23.70%	8.92TCr
SPOTIFY TECHNOLOGY S.A.	+57.95%	5.89TCr
DOORDASH, INC.	+11.34%	4.5TCr
NASPERS LIMITED	+19.19%	3.48TCr
COSTAR GROUP, INC.	-10.48%	3.19TCr
PINTEREST, INC.	+12.01%	2.83TCr

Other Internet Services