Uber growth-security PEG and owner-earnings valuation
Values Uber as a growth security using a Lynch-style PEG framework for the operating business, informed by Fisher's emphasis on durable platform quality and reinvestment runway, and cross-checked with a Graham-style normalized owner-earnings yield. Unrealized investment gains are excluded from earnings. Cash and unrestricted investments are added separately after a valuation haircut, debt is deducted, and restricted insurance assets are excluded because they support insurance reserves. The model is standalone and pre-Delivery Hero close: it credits Uber's already-owned stake at carrying value after the haircut but gives no value to unclosed synergies and does not subtract future acquisition financing without also consolidating the acquired earning power.