InPost is down -8% today following Allegro's Q4 report. As a reminder, Allegro is InPost's largest customer, representing approximately 18% of group revenue. In their presentation, Allegro revealed their vision for their end to end delivery platform by utilizing the infrastructure of other logistics providers, such as DHL, which would combine around 16,000 lockers compared to InPost's 25,000.
While InPost maintains advantages in density, retailer agnosticism, and a loyal customer base through its own app, Allegro's move could pose challenges for InPost in its core market Poland (c.60% of revenue). It could also be an attempt by Allegro to put pressure on Inpost ahead of the fee sharing agreement for 2027.
Are you buying more at 20x P/E?