# Allegro.eu (ALE.WAR)

Canonical: https://gigainvestors.com/s/ALE.WAR

Analysis as of: 2026-10-16T07:35:18.920Z. Financial observations: FY2017–FY2025.

Listing currency: PLN. Reporting currency: PLN.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: PLN 54.04 per share; close as of 2026-10-15.

Estimated value: low PLN 17.51 per share, central PLN 19.41 per share, high PLN 21.90 per share. Buy at or below the central value PLN 19.41 per share. Valuation as of 2026-10-16T07:35:18.920Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.4%). required return 10.4% a year (PL 10-year bond 6.4% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 1

- Operating margin variation: 0.75×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.34×

- FY2019: 0.34×

- FY2020: 0.28×

- FY2021: 0.28×

- FY2022: -0.13×

- FY2023: 0.08×

- FY2024: 0.17×

- FY2025: 0.19×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 35.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.8%

- ROIC, second-lowest year: 3.7%

- Typical minus recent gross margin: 35.6 pp

- Typical gross margin (annual median): 92.1%

- Recent gross margin (lower of latest and 3-year median): 56.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.7%

- FY2018: 11.6%

- FY2019: 16.8%

- FY2020: 20.2%

- FY2021: 26.6%

- FY2022: -14.4%

- FY2023: 10.6%

- FY2024: 36.1%

- FY2025: 58.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: PLN 2.5B

- Net income, five-year total: PLN 2.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.6 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.06×

- FY2022: 0.99×

- FY2023: 2.34×

- FY2024: 1.20×

- FY2025: 0.92×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.6% vs 36.1%

- Per-share earnings: 0.38 to 0.97 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 0.5%

- Per-share value growth: 16.9%

- Per-share value change: PLN 0.59

- Per-share value, starting three-year median: PLN 0.38

- Per-share value, ending three-year median: PLN 0.97

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.3%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 11.6%

- ROIC, last three-year median: 36.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: PLN 0.01

- FY2018: PLN 0.38

- FY2019: PLN 0.55

- FY2020: PLN 0.41

- FY2021: PLN 1.06

- FY2022: PLN -1.87

- FY2023: PLN 0.27

- FY2024: PLN 0.97

- FY2025: PLN 1.45

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -7.9%

- Receivables to sales index (DSRI): 1.65×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.05×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.27×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.0%

- FY2018: -4.4%

- FY2019: -6.0%

- FY2020: -7.2%

- FY2021: -1.9%

- FY2022: -19.6%

- FY2023: -12.2%

- FY2024: -13.3%

- FY2025: -7.9%

## Holders

## Price story

Price needs cash profits to grow 15.4% a year for ten years · sales +5.9%

Story as of 2026-10-16T10:00:04.401Z; price observation 2026-10-15.

Price needs cash profits to grow 15.4% a year for ten years

### Sales · FY2024–2025

sales +5.9%; source https://filings.xbrl.org/222100VRLXV3FPMG4982/2024-12-31/ESEF/LU/0/Allegroeu-2024-12-31-en/reports/222100VRLXV3FPMG4982-2024-12-31-0-en.html; observed 2025-05-08.

- FY2017: PLN 1.7B 

- FY2018: PLN 2.0B 

- FY2019: PLN 2.6B 

- FY2020: PLN 4.0B 

- FY2021: PLN 5.4B 

- FY2022: PLN 9.0B 

- FY2023: PLN 10B 

- FY2024: PLN 11B 

- FY2025: PLN 11B 

### Gross margin · FY2025

gross margin 56.5%; source https://filings.xbrl.org/222100VRLXV3FPMG4982/2024-12-31/ESEF/LU/0/Allegroeu-2024-12-31-en/reports/222100VRLXV3FPMG4982-2024-12-31-0-en.html; observed 2025-05-08.

- FY2017: 92.1% 

- FY2018: 97.1% 

- FY2019: 95.4% 

- FY2020: 94.4% 

- FY2021: 93.6% 

- FY2022: 73.3% 

- FY2023: 29.5% 

- FY2024: 86.0% 

- FY2025: 56.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are PLN 11.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 11458100000; grossProfit 6473500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALE.WAR: Allegro.eu S.A. operates a commerce platform for consumers in Poland, Czech Republic, Slovakia, Hungary, and internationally. It operates through Allegro, Ceneo, Allegro International, and Other segments. The company engages in operating B2C, C2C, and B2B e-commerce platforms comprising online marketplace; and various services, such as consumer lending and logistics services. It also provides multi-category price comparison services allowing the customer to find prices among the different websites and marketplaces. In addition, it operates eBilet, an event ticket sales site. Further, the company operates Allegro. pl, an online marketplace; Ceneo.pl, a price comparison platform. Additionally, the company engages in online marketplace; retail sale via the Internet; advertising; logistic services; online price comparison services; consumer lending to marketplace buyers; online tickets distribution; software and solutions for delivery logistics; and provides payment services to partners. The company was formerly known as Adinan Super Topco S.a r.l. and changed its name to Allegro.eu S.A. in August 2020. The company was incorporated in 2017 and is based in Luxembourg, Luxembourg.

### Why customers stay

Margins ranged from 29.5% to 86% during 2023–25; it earns 16.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 29.5%.

- Source: https://filings.xbrl.org/222100VRLXV3FPMG4982/2024-12-31/ESEF/LU/0/Allegroeu-2024-12-31-en/reports/222100VRLXV3FPMG4982-2024-12-31-0-en.html (filed 2025-05-08); FY2024: grossProfit / revenue = 86%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 56.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 9-year return on capital observations [[2017,0.03663878121795939],[2018,0.11581035628127827],[2019,0.16751505502319902],[2020,0.20209409904151424],[2021,0.2662787471496856],[2022,-0.14379773996127743],[2023,0.10575069020842977],[2024,0.36139559905787627],[2025,0.5798280288154055]]; median 0.16751505502319902. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 9 years; bought back PLN 1.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 0; upkeep 67335000; owner earnings 321139000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 0; upkeep 116451000; owner earnings 577150000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 143026000; owner earnings 670561400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 230541000; owner earnings 637754800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 0; upkeep 407071000; owner earnings 1153113600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 470465000; owner earnings 664190600. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/222100VRLXV3FPMG4982/2024-12-31/ESEF/LU/0/Allegroeu-2024-12-31-en/reports/222100VRLXV3FPMG4982-2024-12-31-0-en.html (filed 2025-05-08); FY2024: growth capex 0; upkeep 643725000; owner earnings 1238488200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 0; upkeep 942400000; owner earnings 1389980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2017,4550036000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 1548600000 PLN.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ALE.WAR SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.20966421504514654. Price 54.04; FX 1; discount 0.10372; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (PLN per share)

- 2020-10: PLN 80.45 per share

- 2020-11: PLN 77.07 per share

- 2020-12: PLN 84.70 per share

- 2021-01: PLN 73.50 per share

- 2021-02: PLN 64.32 per share

- 2021-03: PLN 55.57 per share

- 2021-04: PLN 58.14 per share

- 2021-05: PLN 57.66 per share

- 2021-06: PLN 65.62 per share

- 2021-07: PLN 66.10 per share

- 2021-08: PLN 71.01 per share

- 2021-09: PLN 57.85 per share

- 2021-10: PLN 45.12 per share

- 2021-11: PLN 39.37 per share

- 2021-12: PLN 38.86 per share

- 2022-01: PLN 37.60 per share

- 2022-02: PLN 31.37 per share

- 2022-03: PLN 35.57 per share

- 2022-04: PLN 23.04 per share

- 2022-05: PLN 25.11 per share

- 2022-06: PLN 23.85 per share

- 2022-07: PLN 25.04 per share

- 2022-08: PLN 24.80 per share

- 2022-09: PLN 21.55 per share

- 2022-10: PLN 23.20 per share

- 2022-11: PLN 22.35 per share

- 2022-12: PLN 25.13 per share

- 2023-01: PLN 29.96 per share

- 2023-02: PLN 29.06 per share

- 2023-03: PLN 29.31 per share

- 2023-04: PLN 32.72 per share

- 2023-05: PLN 35.52 per share

- 2023-06: PLN 32.00 per share

- 2023-07: PLN 35.32 per share

- 2023-08: PLN 33.02 per share

- 2023-09: PLN 32.24 per share

- 2023-10: PLN 30.15 per share

- 2023-11: PLN 28.94 per share

- 2023-12: PLN 33.33 per share

- 2024-01: PLN 30.39 per share

- 2024-02: PLN 32.25 per share

- 2024-03: PLN 33.09 per share

- 2024-04: PLN 34.02 per share

- 2024-05: PLN 37.78 per share

- 2024-06: PLN 37.70 per share

- 2024-07: PLN 36.40 per share

- 2024-08: PLN 38.07 per share

- 2024-09: PLN 34.81 per share

- 2024-10: PLN 35.12 per share

- 2024-11: PLN 28.77 per share

- 2024-12: PLN 27.08 per share

- 2025-01: PLN 30.01 per share

- 2025-02: PLN 27.99 per share

- 2025-03: PLN 31.26 per share

- 2025-04: PLN 32.97 per share

- 2025-05: PLN 34.45 per share

- 2025-06: PLN 34.59 per share

- 2025-07: PLN 37.02 per share

- 2025-08: PLN 36.52 per share

- 2025-09: PLN 35.60 per share

- 2025-10: PLN 34.50 per share

- 2025-11: PLN 32.06 per share

- 2025-12: PLN 31.02 per share

- 2026-01: PLN 29.22 per share

- 2026-02: PLN 27.76 per share

- 2026-03: PLN 26.36 per share

- 2026-04: PLN 29.75 per share

- 2026-05: PLN 34.77 per share

- 2026-06: PLN 37.82 per share

- 2026-07: PLN 44.99 per share

- 2026-08: PLN 45.61 per share

- 2026-09: PLN 50.63 per share

- 2026-10: PLN 54.04 per share

## Annual estimated value (PLN per share)

- FY2021: low PLN 13.60 per share, central PLN 15.14 per share, high PLN 17.16 per share

- FY2022: low PLN 20.53 per share, central PLN 23.12 per share, high PLN 26.52 per share

- FY2023: low PLN 17.87 per share, central PLN 19.98 per share, high PLN 22.75 per share

- FY2024: low PLN 15.84 per share, central PLN 17.44 per share, high PLN 19.53 per share

- FY2025: low PLN 16.26 per share, central PLN 17.98 per share, high PLN 20.22 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:03.599Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/222100VRLXV3FPMG4982/2024-12-31/ESEF/LU/0/Allegroeu-2024-12-31-en/reports/222100VRLXV3FPMG4982-2024-12-31-0-en.html); period 2024-12-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations