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Allegro.EU SA Ordinary Shares ALE

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Allegro's Prospects Look Brighter as Uncertainty Regarding International Profitability Eases

Sean Dunlop

Allegro is the largest online marketplace in Central and Eastern Europe, or CEE, providing high-quality, affordable products to a growing regional consumer class. With 45%-50% share of the Polish e-commerce market, by our estimates, Allegro's key priorities tie to defending its commanding position in Poland, institutionalizing internal processes to drive capital-efficient growth, and expanding its third-party marketplace footprint into adjacent CEE countries.

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Price vs Fair Value

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ALE is trading at a 7% discount.
Price
PLN 33.32
Fair Value
PLN 85.00
Uncertainty
High
1-Star Price
PLN 96.70
5-Star Price
PLN 66.80
Economic Moat
Slcd
Capital Allocation
Yqcbmpx

Bulls Say, Bears Say

Bulls

Higher costs of borrowing should deter irrational competitors like Sea Limited from targeting the Polish market over the near to medium term.

Bears

Allegro could be forced to invest more heavily behind its Smart! program over time, adding incentives like video streaming and music to compete with Amazon and Alza (Czech Republic) on more level footing.

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Trading Information

Previous Close Price
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Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
40.44
Price/Sales
3.46
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
0.25%

Company Profile

Allegro is a large Polish holding company with a suite of complementary online retail properties including Ceneo (price comparisons), EBilet (live events tickets), We|Do (courier services), and the Mall Group (online and offline retail in adjacent Central European markets). The firm is best known for its eponymous e-commerce marketplace, which generates predominantly third-party product sales across the home and garden, electronics, health and beauty, automotive, and supermarket categories. The operator boasts nearly 50% share of the Polish e-commerce market by GMV, per our calculations and PWC data, and has built out a suite of ecosystem functionality that includes financial, logistics, and advertising services.
Sector
Consumer Cyclical
Industry
Internet Retail
Stock Style Box
Mid Growth
Total Number of Employees
6,624
Website
https://www.allegro.eu

Competitors

Valuation

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Metric
ALE
SE
EBAY
Price/Earnings (Normalized)
 40.44170.2612.27
Price/Book Value
 3.885.464.20
Price/Sales
 3.462.862.74
Price/Cash Flow
 21.7418.4610.98
Price/Earnings
ALE
SE
EBAY

Financial Strength

Metric
ALE
SE
EBAY
Quick Ratio
 1.561.182.26
Current Ratio
 1.771.702.44
Interest Coverage
 1.7813.9414.32
Quick Ratio
ALE
SE
EBAY

Profitability

Metric
ALE
SE
EBAY
Return on Assets (Normalized)
 0.02%6.02%10.91%
Return on Equity (Normalized)
 0.04%17.02%40.21%
Return on Invested Capital (Normalized)
 0.05%7.13%16.36%
Return on Assets
ALE
SE
EBAY
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