Allegro: Speeds higher on earnings beat, guidance hike

Ipopema Securities SA

13/05/2021 08:29

** Shares in Allegro.eu  ALEP.WA  rise over 4.5% after the
Polish e-commerce company beats Q1 earnings forecasts and raises
2021 guidance
    ** The move is the biggest contributor to Poland's blue chip
WIG20 Index  .WIG20 
    ** Allegro posts Q1 core earnings (EBITDA) of 527.5 million
zloty ($140 million), beating analysts' average forecast of 466
million zloty in a Reuters poll by over 13%  urn:newsml:reuters.com:*:nS8N2MJ02K 
    ** Allegro now sees full-year percentage growth in gross
merchandise value (GMV) in the "high teens-low 20s" (versus
"high teens" previously); revenue growth in the "low 30s" (up
from "high 20s"); and adjusted EBITDA growth in the "high
teens-low 20s" (versus "mid-teens" previously)  urn:newsml:reuters.com:*:nL8N2N01CQ
    ** JP Morgan calls the Q1 beat strong and the increase in
GMV guidance encouraging    
    ** Ipopema Securities says the company's guidance is above
its current forecasts 
    ** The extent of disruption from Amazon's  AMZN.O  entry
into Poland remains to be seen, JPM says, but notes that Allegro
has a very competitive offering for sellers and buyers
    ** Both JPM and Ipopema Securities see positive read-across
for Polish automated parcel machine operator InPost  INPST.AS ,
which secured 48% of its 2020 revenue from Allegro  
    ($1 = 3.7653 zlotys)

 ((michal.aleksandrowicz@tr.com ;
karl.badohal@thomsonreuters.com))