Maplebear, Inc. (CART)


February 14, 2024

CART: More Than Delivering to Expectations

By Steven Fox

We bump up 2024/2025E adjusted EBITDA for Maplebear, doing business as Instacart (CART: $25.40; O/P) from $680mm (2.1% of GTV) and $770mm (2.3% of GTV) to $700mm (2.1% of GTV) and $790mm (2.3% of GTV)…

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February 7, 2024

CART: More Support for Its Grocery Advantages

By Steven Fox

This morning, Maplebear, doing business as Instacart (CART; $24.46; O/P) announced a new partnership with Amazon’s (AMZN; $170.53; NR) Whole Foods Market Canada to offer on-demand grocery delivery to consumers in Canada. Our checks suggest…

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February 5, 2024

CART: Still De-Risked into Q4 Print

By Steven Fox

We assume Maplebear, doing business as Instacart (CART; $23.94; O/P), can post Q4 results and guidance that are at least in line with Street expectations when the company reports next Tuesday (2/13 after market) given…

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January 8, 2024

CART: Piloting More In-Store Tech

By Steven Fox

This morning, Maplebear, doing business as Instacart (CART; $23.20; O/P), announced it is expanding its advertising solutions to Caper Carts, which are AI-powered smart carts equipped with scales, sensors, touchscreens, and computer vision for proprietary…

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January 2, 2024

CART: Ahead of the Grocery Game; Establish Outperform Rating

By Steven Fox

We establish an Outperform rating and $30 target on the shares of Maplebear (CART; $23.47) d/b/a Instacart. We think the 22% decline in CART shares since its $750mm+ IPO on 9/18/23 at $30 per share,…

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November 27, 2023

CART: Doing More to Move the EBITDA Needle

By Steven Fox

Earlier this month, Maplebear (CART; $25.10), doing business as Instacart, made a series of announcements that we think highlight how the company can continue to “control its own destiny” by expanding its product category reach,…

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November 10, 2023

CART: A Solid First Post-IPO Print

By Steven Fox

We think the first post-IPO set of quarterly results from Maplebear, doing business as Instacart (CART; $24.48), further highlighted the viability for online grocery delivery platforms in general, and more specifically, the company’s competitive advantages…

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September 15, 2023

CART: Raises IPO Range

By Steven Fox

This morning, Maplebear, which is doing business as Instacart, raised its proposed IPO price range from $26-28 to $28-30. The company still plans to issue 22.0mm shares (14.1mm in a primary offering and 7.9mm in…

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September 13, 2023

Insta Analysis of CART

By Steven Fox

We reviewed S-1 filings of Maplebear, which is doing business as Instacart, and assembled a financial model, including a “first stab” at forecasts ahead of a proposed IPO under the ticker CART. Instacart, the largest…

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