Allegro.eu (ALE PW): Insiders Dump $1.3bn Ahead of Lockup Expiration and After Amazon Entry

European Event-Driven Analyst

Patryk Basiewicz

PGB Research

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/grupa-allegro-sp" target="_blank" data-smartkarma-citation="entities:29685:1" rel="noopener">Allegro (0919412D PW)</a> (Allegro) is listing on the Warsaw Stock Exchange with trading confirmed to begin on October 12. The offer price is PLN43 per share. At listing, Allegro's free-float will be PLN9.1 or EUR2.05bn, which is sizable.
Below I show three scenarios for long-term value for Allegro with respect to Amazon's entry, with a DCF valuation. I also include what would Allegro's "Market Prices" be if (1) the actual price is 25% below the fundamental value and (2) if the actual price is 15% below the fundamental value.
I see the table of valuation below a grid with which to guide, from a long-only perspective, for entry into the stock or for selling your allocation.

Allegro (0919412D PW) (Allegro) is listing on the Warsaw Stock Exchange with trading confirmed to begin on October 12. The offer price is PLN43 per share. At listing, Allegro's free-float will be PLN9.1 or EUR2.05bn, which is sizable.
Below I show three scenarios for long-term value for Allegro with respect to Amazon's entry, with a DCF valuation. I also include what would Allegro's "Market Prices" be if (1) the actual price is 25% below the fundamental value and (2) if the actual price is 15% below the fundamental value.
I see the table of valuation below a grid with which to guide, from a long-only perspective, for entry into the stock or for selling your allocation. 

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