Today‘s Morning Meeting

研报英文原文证据摘录

Today‘s Morning Meeting

CEEMEA Equity Research

CEEMEA First to Market 17 July 2026

Today’s Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings

Today’s Morning Meeting

Pepco Group (Elena Jouronova, CFA) (PCO PW, OW)

We remain constructive and raise PT to PLN 47

We see meaningful scope for Pepco to deliver strong shareholder returns over the medium term and lift our PT by 18% to

PLN47/share, raising our LFL sales growth and profitability forecasts. We expect the company to surpass its upgraded FY26

guidance with our EBITDA/ Net Profit forecasts 2-10% above consensus. FY27 outlook is also shaping up better than feared,

with margin normalisation likely to be more contained, notwithstanding the waning of FX tailwinds and some freight cost

pressure - partially offset by Asian sourcing dynamics, FX hedging support, and the completion of the Dealz divestment. All in,

we see 2-7% upside to consensus on FY27-28E underlying EBITDA and Net Profit. Pepco remains one of our top picks in the

CEEMEA consumer space given its strong earnings momentum, good execution and reasonable valuation. We expect further

support to the share price from the EUR 400m buyback to be executed through July.

Zabka and Seven & i (Elena Jouronova, CFA/Dairo Murata)

We see potential acquisition of an equity stake in Zabka by Seven & i as a win-win if confirmed.

According to Japanese Nikkei, Seven & i (N, covered by Dairo Murata) has reportedly entered the final phase of negotiations to

acquire an equity stake in Zabka (N, covered by Elena Jouronova). Press reports suggest the talks contemplate the purchase

of “several dozen percent” of the shares, with the investment potentially reaching “several hundred billion yen” in value. In the