Allegro.EU SA Ordinary Shares

ALE: XWAR (POL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	PLN 55.90	Whk	Vnvtmtss

Allegro Earnings: Allegro Continues to Fire on All Cylinders Despite Challenging Macroenvironment

Sean Dunlop

Sep 28, 2023

While wide-moat Allegro narrowly missed our estimates during the second quarter, we find ourselves encouraged by the firm's resilience against a challenging macroeconomic backdrop and with ongoing progress in its Czechia launch, Allegro Pay expansion, delivery optimization, and its nascent ads platform. On balance, the earnings miss and time value offset, and we leave our PLN 37 fair value estimate unchanged.

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