If you are an investor who had doubts about the future of GoTo Gojek Tokopedia, maybe now is the time to take a closer look. In the midst of pressure from the technology industry and fierce competition, GOTO actually performed impressively with a full year 2024 (FY24) performance that skyrocketed and even exceeded analysts’ expectations. The Indonesian technology company that oversees the Gojek, Tokopedia, and GoPay ecosystems is starting to show a clearer direction towards profitability. Let’s dissect the performance one by one!
Top-Line and GTV Rise Sharply: What’s Behind GOTO’s Numbers?
In the fourth quarter of 2024 (4Q24), GOTO recorded Group GTV (Gross Transaction Value) of IDR 144.5 trillion, growing 5.2% quarterly (QoQ) and 32.4% year-on-year (YoY). The main contributor? Of course, On-Demand Services (ODS) services such as Gojek and Fintech units such as GoPay.
- GTV ODS: IDR 17.1 trillion, up 2.7% QoQ and 22.2% YoY
- Fintech GTV: IDR 137.7 trillion, up 5.4% QoQ and 33.4% YoY
- Core GTV (with some adjustments): IDR 79.2 trillion, up 65.7% YoY
GOTO’s gross revenue also increased to IDR 4.97 trillion in the quarter (+28.4% YoY), while net revenue reached IDR 4.2 trillion, up nearly 90% year-on-year. But the most interesting thing? Adjusted EBITDA jumped more than 3x year-on-year to IDR 399 billion! This is proof that GOTO is becoming more efficient operationally.
Fintech: GOTO’s New Growth Engine?
GOTO’s fintech unit, which is centered on GoPay and digital lending services, has undergone a tremendous transformation. In 4Q24, they managed to score their first positive EBITDA of IDR 14 billion! What’s the secret? Deeper loan penetration and expansion of GoPay users.
- Core GTV Fintech Growth: +71% YoY
- Total GTV Fintech: Rp137.7 trillion (+33% YoY)
- Loan revenue grew 203% YoY, with total outstanding loans reaching Rp5.2 trillion
With a target loan book exceeding IDR 8 trillion in 2025, this segment is projected to be the backbone of the group’s profitability in the future.
ODS: Delivery Services Are Getting More Sophisticated and Profitable
In the ODS segment, GOTO has successfully adapted a more cost-effective service model and improved promotion efficiency. In fact, the contribution of premium services such as GoFood Express accounts for 28% of GoFood’s total GTV! In addition, revenue from advertising was more solid, rising from 1.1% to 1.6% of GMV Food.
ODS also scored a positive EBITDA of IDR 267 billion, up 12% YoY. The income of driver partners is also kept competitive with an average of IDR 1.5 trillion per month, even GOTO continues to give Hari Raya bonuses even though it is not required by law.
E-Commerce: Tokopedia Still Contributes, But Not Dominant
Tokopedia’s e-Commerce contribution amounted to IDR 204 billion in 4Q24, or IDR 183 billion after deducting VAT. It should be noted that GOTO now emphasizes profitability more than just scale, and this is reflected in the direction of Tokopedia’s business going forward.
FY24 Performance: Positive EBITDA and Loss Drastically Reduced
On an annual basis, GOTO recorded GTV of IDR 519.8 trillion, up 29.3% YoY, with positive EBITDA of IDR 386 billion. Compare that to the previous year which still lost EBITDA of IDR 2.3 trillion—this is a very significant leap!
Losses were also drastically reduced from IDR 87.3 trillion to only IDR 3.1 trillion in FY24. This momentum brings GOTO closer to every tech investor’s dream: sustainable profitability.
Company Update: Share Buyback and Launch of AI Friends
Rp1.5 Trillion Buyback: A Signal of Confidence
GOTO announced a 12-month share buyback program worth USD200 million. Until February 2025, the company has bought back 23.6 billion shares worth around IDR 1.5 trillion. This step shows the management’s confidence in the valuation of its shares.
Friends of AI: Local Innovation, Global Technology
GOTO also introduced Sahabat AI, a large language model (LLM) developed specifically in Indonesian, Javanese, and Sundanese. In collaboration with NVIDIA, Indosat, and the University of Indonesia, Sahabat AI is GOTO’s strategic tool to cut operational costs and strengthen user experience, especially in voice-based services and chatbots.
FY25 Projection: EBITDA Target of Up to IDR 1.6 Trillion!
In the earnings call on March 12, 2025, management revealed an EBITDA target of IDR 1.4 to IDR 1.6 trillion. Strategy? Focus on efficiency, expansion of GoPay users, and the growth of Gojek Plus users which has increased by 70% in the last six months.
- ODS EBITDA Target: IDR 1.1 trillion
- Fintech EBITDA target: minimum IDR 300 billion
- GoPay loan book targeted to reach IDR 8 trillion in 2025
While the M&A rumors with Grab have not been confirmed, management remains focused on market leadership and strengthening their fintech ecosystem.
Valuation & Recommendation: Buy with a Target Price of IDR 100
We maintain the BUY recommendation for GOTO shares with a new target price of IDR 100 per share. The valuation was carried out using the SOTP (Sum-of-the-Parts) method, combining the valuation of ODS, Fintech, Tokopedia’s contribution, and the value of GOTO’s share ownership in Bank Jago (ARTO).
Risks remain—from aggressive competition to macroeconomic uncertainty—but with the current momentum, they seem manageable.
Conclusion: GOTO Is On The Right Track, Your Question Now—Want To Miss Again?
After a tough 2023, GOTO managed to turn things around with strong financial performance, technological innovations such as Sahabat AI, and a more focused growth strategy. With a relatively cheap valuation and huge growth potential in fintech and ODS, GOTO could become one of the most promising local technology stocks in 2025.
If you’re still hesitant to enter, it might be time to ask: What are you waiting for?
Reference: (GoTo Gojek Tokopedia))
