Allegro "Catalysts falling into place" (Buy) Potyra

研报英文原文证据摘录

Allegro "Catalysts falling into place" (Buy) Potyra

Global Research

7 July 2026ab

Allegro Equities

PolandCatalysts falling into place

Diversified Technology Services

12-month rating Buy

Investment case strengthens; more room for re-rating. PT up to PLN 45

We remain positive on Allegro and see further upside for the stock. We see the renewed 12m price target PLN45.00

InPost agreement as a potentially meaningful positive catalyst for Allegro, creating Prior : PLN42.00

additional financial flexibility while reinforcing the company's long-term competitive

Price (06 Jul 2026) PLN38.51

position. We also see an improving competitive backdrop as new EU import charges on

low-value cross-border parcels are likely to reduce the attractiveness of platforms such as RIC: ALEP.WA BBG: ALE PW

Temu, which is already experiencing declining user engagement (MAU) after the

Trading data and key metrics

introduction of additional fees at the checkout. We increase our PT to PLN45 (from

52-wk range PLN39.43-25.73

PLN42) and reiterate our Buy rating with 1.6:1 upside-to-downside ratio.

Market cap. PLN40.7b/US$10.8b

New InPost contract allows for more financial flexibility and/or margins uplift Shares o/s 1,057m (ORD)

Free float 100%

We view the renewed InPost agreement as a potentially meaningful margin tailwind for

Allegro. While Allegro Delivery continues to scale, InPost still handles an estimated 50- Avg. daily volume ('000) 7,518

55% of marketplace volumes. Our simplified analysis suggests a 10% reduction in Avg. daily value (m) PLN256.5

InPost unit pricing could generate c.PLN180-200m of annual savings, equivalent to Common s/h equity (12/26E) PLN10.2b

roughly 5% of consolidated adj. EBITDA and c.26bps of adj. EBITDA margin on GMV. P/BV (12/26E) 3.8x