Added to YB: 2026-08-25
Pitch date: 2026-08-20
DNP.WA [neutral]
Dino Polska S.A.
+7.48%
current return
Author Info
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Company Info
Dino Polska S.A., together with its subsidiaries, operates a network of medium-sized grocery supermarkets under the Dino brand in Poland.
Market Cap
PLN 34.1B
Pitch Price
PLN 32.61
Price Target
N/A
Dividend
N/A
EV/EBITDA
13.11
P/E
21.74
EV/Sales
0.96
Sector
Consumer Staples Distribution and Retail
Category
growth
Dino Polska Can Build Stores. But Are the New Ones Still Creating Value?
DNP.WA (overview): Polish grocery roll-up, 3,033 stores (2025), rev +7.4x since 2017. Stock PLN32.49 (~18.5x fwd P/E), down from PLN40.60 thesis. Bull flywheel questioned: RF-adjusted group ROIC 17% but 2023-25 incremental return only ~4.4%. EBITDA/sqm -9%, PLN2.16bn reverse factoring flatters self-funded story. Margin squeeze from wages/price war. Key test: young estate (29% opened 2023-25) maturing vs structural decay. H1 report Aug 20 catalyst.
Read full article (19 min)