Inpost (AO) | Buy | Q1 results - first take: solid beat

Research evidence excerpt

Inpost (AO) | Buy | Q1 results - first take: solid beat

Inpost Buy | Target Price: EUR19.00

Company description Management

InPost is a leading European logistics company specialising in out-of-home Rafal Brzoska, CEO

(OOH) e-commerce delivery solutions. As of 2025, InPost operates over 47,000 Javier van Engelen, CFO

APMs and nearly 33,000 pick-up/drop-off points across nine European countries, Michael Rouse, CEO International

including Poland, the UK, France, Italy, Spain, and the Benelux region. The Key shareholders

company also offers to-door courier services and fulfilment solutions for e- Free float 47.77%

commerce merchants, supporting both business-to-consumer (B2C) and PPF Group 28.75%

consumer-to-consumer (C2C) deliveries. A&R Investment 12.49% Advent international 10.98%

Investment case Valuation methodology

The equity story relies on the successful expansion into France We value Inpost using a blend of a two-year forward EV/EBITDA

and the UK. We believe that Inpost has successfully established peer group multiple and a DCF valuation.

a profitable base flow in these countries from which it will Risks to our rating

essentially triple its international revenues by the end of the Positive: higher-than-expected e-commerce parcel growth in

decade. Europe, as well as a swift integration of Yodel in the UK.

We expect the Polish business to continue to thrive and Negative: economic recession and intensifying competitive

maintain its mid-forties adjusted EBITDA margins. pressure from both old and new entrants in the APM market.

At below 8x two-year forward EV/EBITDA, we find the company

attractively valued.

Catalysts

We expect continuing market share gains in France and the UK

and a successful integration of Yodel in 2025.

Key data charts