Dino Polska To Double Number Of Stores By 2023, Broker Says

By Steve Wynne-Jones
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Dino Polska To Double Number Of Stores By 2023, Broker Says

A leading Polish broker has said that it expects the Dino Polska proximity chain to 'double the number of stores in its network' between 2019 and 2023.

DM BOŚ made the assessment as it raised the target price of Dino Polska to PLN 227.1, while maintaining its 'hold' recommendation on the stock.

'Fastest Growing'

'Dino is the fastest-growing retail chain of proximity supermarkets in Poland, both in terms of the number of stores opened and the dynamics of revenue growth,' DM BOŚ said in its report.

'The company's business model combines the strengths of the proximity format with the ability to quickly launch new stores and an attractive range of products, mainly branded and fresh, at competitive prices.'

According to DM BOŚ analysts, Dino has been performing 'very well' over the past ten years, expanding its store count every year.


'Over the last five years, the company has been gradually improving its profitability – the gross profit margin on sales increased from 22% in 2014 to 24.3% in 2019,' DM BOŚ added.

Increased Profitability

According to the broker's analysts, this trend is likely to continue over the coming years, mainly driven by increased cooperation terms with suppliers, growth in its operational structure, and a more efficient sales operation.

DM BOŚ said that its financial forecasts for the business have 'changed significantly', and that it now expects EBITDA growth at the business to come in at around 31% this year, and 30% next year, equating to a CAGR of 28% between 2019 and 2021.

Dino Polska opened 84 new stores in the first half of its financial year, compared to 81 in the same period the previous year.


It operated a total of 1,302 stores as of the end of June 2020, compared to 1,056 at the same time a year ago.

© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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