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 21 July 2026

Today’s Morning Meeting | Key Strategy & Macro Publications | Also Published Today | Key Changes | JPM

Events | Upcoming Earnings

Today’s Morning Meeting

Allegro (Elena Jouronova, CFA) (ALE PW, OW)

Raising forecasts and PT to PLN50/sh on better GMV momentum and likely delivery cost savings

We reiterate our OW rating on Allegro and raise our end-27 PT by 25% to PLN50/sh. With trading performance continuing to

accelerate across all geographies, we upgrade our 2026 GMV growth outlook. In addition, we factor in likely cost savings from

the ongoing renegotiation of the delivery contract with InPost (Not Rated), which together with the development of high margin

categories and well-controlled marketing spend should help Allegro sustain EBITDA/GMV in Poland at a c6% level for longer.

We increase our 2026-28 Adj. EBITDA forecasts by 1-6% and sit 2% above the Bloomberg median consensus on Adj. EBITDA

and Net Profit. Upcoming catalysts for the stock are: (1) results release on Sept 17 – we see a high likelihood of the company

raising guidance; (2) finalisation of negotiations with Inpost; (3) the buyback programme provides technical support for the

stock; (4) new partnerships in services, FMCG and other categories, and the Fintech offering.

Mr Price (Shaun Chauke) (MRP SJ, N)

Near-term outlook pressured by ongoing headwinds and NKD dilution

Mr Price is expected to report its 1Q27 trading update around 23 July 2026. We forecast sales growth of +4.5% excluding NKD,

with LFLs of +2.8% (against a base of +6.3% and LFLs of +3.0%). We see two structural headwinds weighing on the sector:

wallet displacement from online gambling and the impact of Chinese e-commerce players on price perception and industry