Allegro.eu (1K) | Hold (vs Buy) | Execution accelerates, valuation catches up

研报英文原文证据摘录

Allegro.eu (1K) | Hold (vs Buy) | Execution accelerates, valuation catches up

Allegro.eu Hold | Target Price: PLN47.00

Company description Management

Allegro is an e-commerce platform for European consumers and merchants. Marcin Kuśmierz, CEO

Headquartered in Luxembourg and listed on the Warsaw Stock Exchange, Allegro Jonathan Eastick, CFO

operates the leading online marketplace in Central and Eastern Europe. Its Polish

domain Allegro.pl is among the 25 most visited e-commerce websites in the Key shareholders

world, attracting over 20m visitors per month. Allegro operates as a horizontal Free float 87.07% Nationale-Nederlanden 7.19%

B2C marketplace with more than 21m active buyers. BlackRock 5.72%

Allegro treasury shares 0.02%

Investment case Valuation methodology

Allegro is a highly defensible and deeply integrated player We value the stock with a DCF.

within the Polish retail ecosystem, benefiting from a strong Terminal EBIT margin: 24%. Terminal growth: 2%. WACC: 10.5%.

competitive position. Its well-established marketplace network Risks to our rating

demonstrates key attributes of durable competitive advantage Delaying the 2029 breakeven objective in International.

in ecommerce - high market penetration, sustainable take rates, Polish growth normalises.

and strong unit economics. AI-led changes in product discovery and Asian cross-border

Advertising, fintech and service partnerships provide higher- competition weaken traffic, advertising demand or marketplace

margin monetisation opportunities beyond the core pricing.

marketplace take rate.

While its international expansion presents a promising growth

avenue, it will take time before the expansion establishes a

structural competitve advantage. Following the Q2-driven re-

rating, valuation now caps the upside.