Dadelo, a Polish bicycle e-commerce company listed on the Warsaw Stock Exchange, has seen its market valuation surpass one billion zlotys. Shares in the firm rose nearly 5% on Tuesday morning, driven by a bullish analyst report from Trigon DM, which set a new target price of 105 zlotys per share, implying a total market cap of approximately 1.15 billion zlotys.
According to the report published on July 21, Trigon DM upgraded its recommendation to 'buy’ from 'hold’ and raised its price target by more than 30% from the previous level. The analysts cited strong sales momentum, improving margins, and the company’s growing market share as key drivers. At current trading levels, Dadelo’s market capitalisation stood at roughly 950 million zlotys before Tuesday’s rally.
The company’s stock has already gained over 40% since the start of 2026 and more than 60% over the past twelve months. The report notes that Dadelo is benefiting from a expanding online product range, the popularity of its Centrumrowerowe.pl brand, and the opening of new physical stores in cities such as Rzeszów, Zabrze, and Bydgoszcz.
Strong financial performance and margin outlook
Trigon’s analysts project that Dadelo’s third-quarter sales growth will remain at a high level of around 50% year-on-year. They also estimate that the company improved its gross margin by more than 100 basis points in the second quarter of 2026, with the positive trend expected to continue into the third quarter.
– The pace of net profit growth could be similar to that recorded in the second quarter, at around 60-70% year-on-year – the analysts wrote. Maintaining this growth trajectory would allow Dadelo to roughly double its net profit on an annual basis. One-off purchase transactions are also supporting this year’s results, according to the report.
In the second quarter alone, Dadelo reported revenue of 263 million zlotys, a 65% increase year-on-year. For the first half of 2026, cumulative revenue reached 406.5 million zlotys, up 67% from the same period last year. Net profit for the first half came in at 32 million zlotys, a 91% jump, while estimated EBITDA rose 98% to 53 million zlotys.
Expansion and future prospects
The analysts highlight that Dadelo’s longer inventory turnover and expected price increases from suppliers should help the company maintain part of its cost advantage in the coming year. Additionally, the growing share of sales from brick-and-mortar stores and the continued expansion of private-label products are expected to support profitability in the longer term.
– In our base scenario, we currently assume a long-term operating margin of 8% – the report states. Dadelo has set ambitious targets: 850 million zlotys in revenue by 2027 and 1 billion zlotys by 2028. The company also plans to launch online sales in foreign markets, including the Czech Republic, Slovakia, and Germany.
The positive sentiment around Dadelo reflects broader investor confidence in Polish e-commerce and specialty retail. The company’s ability to combine strong online growth with a physical retail presence appears to be paying off, while its focus on higher-margin private brands further bolsters its financial outlook.
Źródło: WNP.PL, Fot. Shutterstock
