Inpost the parcel locker leader in Poland reported Q4 today. They beat on top and bottom line. Revenue up +26% in Q4 and +25% for the year. 2025 Guidance for revenue growth in the high teens low twenties and continued margin expansion as international ramps up. Only disappointment was maybe stable margin guidance in Poland. Capex is increasing a bit to support the new APM both in Poland and international, but FCF should still be above PLN 1bn (c. 3.4% FCF yield).
I personally like it here and although a soft consumer environment could be a headwind, they would benefit from merchants/consumers switching to cheaper delivery options.
It's a pretty differentiated play on logistics in Europe with quite a lot of growth potential in my view. Stock is down -15% this year as Allegro is doing some posturing on their own network so valuation is not so demanding.
Anyone else invested or curious about this one?