Dadelo, a Polish bike e-commerce company listed on the Warsaw Stock Exchange, has been valued at over one billion zlotys. Analysts at Trigon DM have raised the target price for its shares to 105 PLN, issuing a „buy” recommendation and pointing to the company’s strong growth trajectory and expanding market share.
The upgraded valuation comes as Dadelo’s stock has already surged 40% since the start of 2026 and over 60% in the past twelve months. At the current price of around 80 PLN per share, the market capitalization stands at approximately 950 million PLN, but analysts believe there is still room for further gains.
According to the brokerage’s report published on July 21, the main growth drivers include an expanding product range, the rising popularity of its Centrumrowerowe.pl brand, and openings of physical stores in cities such as Rzeszów, Zabrze, and Bydgoszcz.
Strong financial momentum and ambitious targets
Dadelo reported second-quarter 2026 revenue of 263 million PLN, a 65% increase year-on-year. For the first half of the year, cumulative revenue reached 406.5 million PLN (+67% year-on-year). Net profit for H1 2026 amounted to 32 million PLN (+91%), while estimated EBITDA reached 53 million PLN (+98%).
Analysts project that this momentum will continue. – In the third quarter of 2026, sales growth should remain high at around 50% year-on-year. We assume that in Q2 2026 the company improved its gross margin by over 100 basis points, and in Q3 the upward trend in margin should continue – analysts at Trigon DM wrote. They expect net profit growth in Q3 to be similar to Q2, ranging from 60-70% year-on-year, which could lead to a doubling of annual net profit.
Strategic expansion and margin outlook
Dadelo aims to achieve 850 million PLN in revenue by 2027 and 1 billion PLN by 2028. The company is also planning an international expansion, with online sales targeting markets such as the Czech Republic, Slovakia, and Germany.
Analysts note that one-off purchasing deals are currently supporting results. – Given the extended inventory turnover at Dadelo and expected price increases from suppliers, the company should maintain some competitive advantage in procurement costs also next year – the report stated. In the baseline scenario, the long-term operating margin is set at 8%, supported by a growing share of physical store sales and an increasing proportion of own-brand products.
Źródło: WNP.PL, Fot. Shutterstock
