According to Gerrit Smit, head of equity management at UK-based investment firm Stonehage Fleming, Uber is an outstanding company that is definitely the future. It is also currently uninvestable, particularly from the perspective of traditional investment metrics, but even from the perspective of tech investors who typically don’t focus too much on immediate profitability.
This perspective contradicts both the Uber bulls, who tend to see the company as a classic technology disruptor of established businesses which uses its technology innovations to gain a foothold in a market segment. It also contradicts the Uber bears who consider the company massively over-valued and chronically unprofitable.
But Uber’s growth has been phenomenal over the past five years and has become a global phenomenon. The growth is what investors are focusing on — well… would be focusing on, if the markets weren’t in such turmoil because of the US-China trade war. One of the problems is precisely what the company claims as a major advantage: That the drivers of the cars are not employees. That protects Uber from risks normally associated with taxi services.
One thing could change the whole dynamic very quickly, and that is driverless cars, he says. Driverless cars could reduce some regulatory risks and improve profitability. But driverless cars are some while away, and even then, you wouldn’t solve the problem of low barriers to entry.
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