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1. Company Snapshot

1.a. Company Description

Allegro.eu SA operates a go-to commerce platform for consumers in Poland.It operates allegro.pl, an e-commerce marketplace that sell products in various categories, including automotive; home and garden; books, media, collectibles, and art; fashion and shoes; electronics; kids; health and beauty; sports and leisure; and supermarket.The company also operates ceneo.pl, a multi-category price comparison site; and eBilet, an event ticket sales site facilitating the sale of a range of entertainment, cultural, family, and sports events.


In addition, it is involved in the data processing, hosting, and related activities; other information technology and computer service activities; computer facilities management activities; and software-related and computer consultancy activities.The company was formerly known as Adinan Super Topco S.a r.l. and changed its name to Allegro.eu SA in August 2020.Allegro.eu SA was incorporated in 2017 and is based in Luxembourg, Luxembourg.

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1.b. Last Insights on ALE

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1.c. Company Highlights

2. Allegro's Q2 2025 Earnings: Strong Growth Across the Board

Allegro Group reported impressive Q2 2025 financial results, with revenue growth of over 10% driven by a 9% increase in GMV group-wide. The company's Polish marketplace saw a 18.1% year-on-year revenue increase to PLN 2.8 billion, fueled by GMV growth and higher take rates, which reached 13.01%. Earnings per share (EPS) came in at 0.26, beating estimates of 0.25. The strong financial performance was accompanied by significant growth in active buyers, with Poland surpassing 15.2 million, a 9% growth rate.

Publication Date: Sep -20

📋 Highlights
  • Strong Polish GMV Growth:: Poland GMV reached PLN 16.5 billion (9.8% YoY), driven by 8% higher spend per active buyer to PLN 4,178.
  • Revenue Surge in Poland:: Polish revenue rose 18.1% YoY to PLN 2.8 billion, with take rates hitting 13.01% (up 0.5% YoY).
  • International Market Expansion:: Allegro International achieved 61% GMV growth, with Smart! app users exceeding 1 million and 100% GMV growth.
  • Logistics Infrastructure Expansion:: Plans to increase parcel lockers to over 8,000 by year-end, supported by PLN 3.3 billion in Allegro Pay loan origination.
  • Allegro Pay Performance:: 15.3% of total GMV funded via Allegro Pay, reflecting its role in driving transaction volume and financial services growth.

Operational Highlights

The company's operational metrics also showed significant improvement, with Allegro International achieving a 61% GMV growth in the quarter. Allegro Pay continued its strong performance, with 15.3% of GMV funded through its payment methods and PLN 3.3 billion in loan origination. As the company highlighted, "We are seeing increased Smart! user growth and strong demand from merchants on our marketplaces."

Logistics and Cost Management

Allegro's logistics costs, while higher due to increased volume, were partially offset by the growth of Allegro managed deliveries, which are more cost-effective. The company is investing heavily in its logistics network, with plans to increase the number of its own parcel lockers to over 8,000 by year-end. The net cost of running the Smart! program decreased as a percentage of GMV, indicating effective cost management.

Valuation and Outlook

With a P/E Ratio of 33.48 and an EV/EBITDA of 11.67, Allegro's valuation suggests that the market is pricing in significant growth expectations. The company's updated outlook for the full year raises revenue and adjusted EBITDA growth expectations, with Polish GMV growth expected to remain around 10% and international marketplaces projected to exceed initial expectations. Analysts estimate next year's revenue growth at 10.8%, indicating a continued upward trajectory.

Strategic Initiatives

Allegro is focusing on several strategic initiatives, including accelerating marketplace functionality development, expanding into new categories and market segments, and leveraging AI technology. The company is also exploring opportunities to expand its logistics infrastructure, including offering Allegro Delivery services to non-Allegro parcels, which could further drive growth.

3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.46%)

6. Segments

Allegro

Expected Growth: 12%

Allegro's 12% growth is driven by increasing e-commerce adoption in Poland, strategic investments in logistics and technology, and a growing customer base. The company's focus on improving user experience, expanding product offerings, and strengthening its position in the C2C market also contribute to its growth momentum.

Mall

Expected Growth: 10%

Mall from Allegro.eu SA's 10% growth driven by increasing e-commerce adoption in Poland, expanding product offerings, and strategic partnerships. Growing demand for online shopping, particularly among younger demographics, contributes to rising sales. Additionally, Allegro's strong brand recognition, efficient logistics, and competitive pricing strategy support its market share growth.

Ceneo

Expected Growth: 9%

Ceneo's 9% growth is driven by increasing e-commerce adoption in Poland, Allegro's dominant market position, and Ceneo's unique price comparison model. Additionally, investments in mobile optimization, user experience, and AI-powered product recommendations contribute to the growth. Furthermore, the rise of online shopping during the pandemic and Ceneo's strong brand recognition also support its growth momentum.

Other

Expected Growth: 8%

Allegro.eu SA's 'Other' segment growth is driven by increasing demand for e-commerce services, expansion into new markets, and strategic partnerships. Additionally, investments in digital marketing and improving customer experience contribute to the 8% growth rate.

Allegro International

Expected Growth: 13%

Allegro International's 13% growth is driven by increasing e-commerce adoption in Poland, strategic expansion into new markets, and investments in digital marketing. Additionally, the company's focus on improving user experience, expanding product offerings, and strengthening logistics capabilities have contributed to its growth momentum.

7. Detailed Products

Marketplace

Allegro's online marketplace allows individuals and businesses to buy and sell new and used goods, including electronics, fashion, home goods, and more.

Auctions

Allegro's auction platform enables sellers to list their products at a starting price, allowing buyers to bid on items until the auction closes.

Classifieds

Allegro's classifieds section allows users to post ads for services, real estate, and jobs, connecting buyers and sellers for non-physical goods.

Allegro Pay

Allegro's payment system enables secure and convenient transactions between buyers and sellers, with features like escrow protection and payment tracking.

Allegro Ads

Allegro's advertising platform allows businesses to create targeted ads, increasing their visibility and reach to potential customers.

Allegro Fulfillment

Allegro's fulfillment services enable sellers to outsource logistics and shipping, streamlining their operations and improving customer satisfaction.

8. Allegro.eu SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Allegro.eu SA operates in the e-commerce industry, where substitutes are readily available. However, the company's strong brand recognition and loyalty programs help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Allegro.eu SA's customers have a high bargaining power due to the availability of alternative e-commerce platforms. The company needs to focus on providing competitive prices and excellent customer service to retain customers.

Bargaining Power Of Suppliers

Allegro.eu SA's suppliers have a low bargaining power due to the company's large scale of operations and diversified supplier base. The company can negotiate favorable prices and terms with its suppliers.

Threat Of New Entrants

The threat of new entrants in the e-commerce industry is medium, as it requires significant investment in technology, logistics, and marketing. However, new entrants can still pose a threat to Allegro.eu SA's market share if they can offer innovative services or competitive prices.

Intensity Of Rivalry

The intensity of rivalry in the e-commerce industry is high, with many established players competing for market share. Allegro.eu SA needs to focus on differentiating itself through its services, prices, and customer experience to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 40.77%
Debt Cost 7.69%
Equity Weight 59.23%
Equity Cost 7.69%
WACC 7.69%
Leverage 68.83%

11. Quality Control: Allegro.eu SA passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Allegro.eu

A-Score: 4.7/10

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Growth: 8.6

Quality: 4.5

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A-Score: 2.7/10

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

28.26$

Current Price

28.26$

Potential

-0.00%

Expected Cash-Flows