Dino Polska S.A. DNOPY

Consumer StaplesFood & Drug RetailingPoland

Last close 9.50 USD on Nov 1, 2026, −18.2% year to date

Quant rating

Quant rating A Rank 7 of 174 in Consumer Staples

Growth A 6 of 174
Valuation C 84 of 174
Quality A 7 of 174
Revisions B 48 of 174
Momentum C 79 of 174

Wall Street consensus Hold (2.71)Average target 8.91 USD −6.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.5B
Enterprise value: 9.5B
52-week range: 7.16 – 12.42
3-year range: 7.16 – 15.16
Dividend yield: –
Beta (5 years): 0.72
Shares outstanding: 980M
Next earnings: Nov 5, 2026

About the company

Dino Polska SA is a Poland-based company primarily engaged in the food retail. The Company focuses on operating a supermarkets chain under the Dino brand name. Its offer includes dairy and bakery products, chocolate and non-chocolate confectionary, fruits and vegetables, alcoholic and non-alcoholic beverages, as well as pet food, among others. In addition, the Company provides meat stalls under the Agro-Rydzyna brand name, as well as sells non-food goods, such as cosmetics, household products, kitchen appliances and toys. It also offers mobile phone recharge, cash back service and vouchers. The Company's supermarkets are located in a number of Polish voivodeships, including wielkopolskie, dolnoslaskie, lodzkie, mazowieckie and pomorskie, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	9,384	7,091	6,526	4,524	3,314	–
Revenue growth	32.3%	8.7%	44.3%	36.5%	22.0%	28.1%
EPS (basic, normalized)	0.43	0.38	0.36	0.27	0.19	–
EPS growth	11.4%	6.2%	35.3%	41.7%	–	–
Gross margin	23.5%	23.3%	23.1%	24.1%	24.9%	23.8%
Net margin	4.6%	5.1%	5.5%	5.7%	6.0%	5.4%
ROE	19.8%	23.7%	28.7%	31.1%	30.2%	26.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	205
Current ratio	0.80x
Long-term debt (mil)	119
Net debt (mil)	28.9
Total equity (mil)	2,491
Net debt / equity	0.01x
Net debt / EBITDA	0.04x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	9,384	+32.3%	1.0x	685	+19.5%	13.9x	0.43	+11.4%	22.2x
2026	9,692	+3.3%	1.0x	700	+2.3%	13.6x	0.43	+0.2%	22.2x
2027	11,148	+15.0%	0.9x	823	+17.5%	11.6x	0.50	+17.5%	18.9x
2028	12,688	+13.8%	0.7x	949	+15.3%	10.0x	0.59	+16.2%	16.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	9,692	−0.2%	−0.8%	−2.8%	0.43	+0.6%	−1.4%	−7.4%
2027	11,148	−0.3%	−1.1%	−2.6%	0.50	+0.5%	−1.4%	−9.4%
2028	12,688	−0.3%	−0.9%	−2.1%	0.59	+1.3%	−0.3%	−5.0%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,671	7,243	7,607	7,752	7,354	8,623	8,761	8,896	8,439	9,531
Sales mean (mil)	6,233	7,206	7,766	7,705	7,531	8,687	8,916	8,890	8,404	9,504
Surprise	+7.0%	+0.5%	−2.0%	+0.6%	−2.3%	−0.7%	−1.7%	+0.1%	+0.4%	+0.3%
EPS reported	0.30	0.35	0.45	0.43	0.32	0.41	0.49	0.38	0.32	0.41
EPS mean	0.31	0.36	0.44	0.38	0.30	0.43	0.55	0.44	0.31	0.40
Surprise	−1.5%	−1.6%	+0.9%	+13.1%	+4.3%	−5.0%	−10.8%	−13.0%	+3.2%	+2.5%

Peer comparison Food & Drug Retailing

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DNOPY Dino Polska S.A.	9.5B	0.04x	4.6%	3.97x	22.2x	18.9x	13.6x	11.6x
MAKSY Marks and Spencer Group PLC	11.5B	–	–	–	13.0x	11.9x	–	–
KKOYY Kesko Oyj	11.3B	2.82x	3.2%	3.60x	10.8x	9.3x	10.3x	9.1x
CRRFY Carrefour SA	10.7B	–	–	–	7.9x	7.2x	–	–
JSAIY J Sainsbury PLC	10.2B	–	1.2%	1.39x	14.6x	13.8x	6.1x	6.0x
LKNCY Luckin Coffee Inc	8.9B	−0.91x	7.3%	3.25x	12.9x	9.8x	6.0x	4.8x
Mean		0.65x	4.1%	3.05x	13.6x	11.8x	9.0x	7.9x
Median		0.04x	3.9%	3.43x	13.0x	10.8x	8.2x	7.5x

Technical analysis

1M+6.5%
3M+13.9%
1Y−22.9%
3Y+0.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Dino Polska S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	9,384	7,091	6,526	4,524	3,314	2,717
Cost of revenue	7,177	5,441	5,020	3,435	2,490	2,018
Gross profit	2,207	1,650	1,507	1,088	824	699
Selling, general & administrative expenses	1,511	1,102	950	675	512	422
Research & development	–	–	–	–	–	–
Depreciation/amortization	130	88.1	80.8	61.0	58.4	52.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	4.7	2.5	1.7	3.3	2.0	0.9
Other operating expenses	−7.3	−5.2	−2.6	−3.0	−2.2	−1.4
Operating income	570	462	477	351	254	225
Net interest income (expense)	−32.0	−27.8	−34.8	−31.1	−11.3	−13.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	538	434	442	320	243	212
Provision for taxes	103	69.7	84.8	61.6	42.9	38.9
Minority interest	−0.1	−0.2	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	435	365	357	259	200	173
Extraordinary items	–	–	–	–	–	–
Net income	435	365	357	259	200	173
EBIT, normalized	574	465	479	355	256	226
EBITDA, normalized	715	564	569	423	317	279
Basic EPS, normalized	0.43	0.38	0.36	0.27	0.19	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Dino Polska S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	267	216	55.9	87.7	104	129
Receivables	109	91.2	84.0	62.8	35.7	23.3
Total inventory	990	746	671	452	341	235
Prepaid expenses	–	–	–	–	–	–
Other current assets	21.3	21.4	16.3	15.8	11.8	19.7
Total current assets	1,387	1,075	827	618	492	407
Property, plant & equipment	2,788	2,028	1,772	1,411	1,253	1,056
Goodwill	20.5	17.8	16.5	14.8	16.1	17.4
Intangibles	28.7	23.4	12.7	6.8	7.9	9.1
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	8.8	18.0	10.5	6.0	8.7	5.6
Total assets	4,233	3,162	2,639	2,057	1,778	1,495
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	1,449	1,057	787	606	581	432
Accrued expenses	131	93.6	78.5	52.6	42.9	34.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	98.9	141	75.8	157	98.1	69.8
Other current liabilities	13.3	12.3	44.9	27.4	23.1	21.6
Total current liabilities	1,692	1,304	986	843	746	558
Long-term debt	112	122	223	250	268	326
Minority interest	8.2	9.7	–	–	–	–
Other liabilities	6.3	10.8	4.5	3.1	3.3	2.6
Total liabilities	1,819	1,446	1,213	1,096	1,017	886
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.7	2.4	2.5	2.2	2.4	2.6
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	2,413	1,718	1,421	956	757	603
Treasury stock	–	–	–	–	–	–
Other equity	−1.1	−3.7	1.9	1.7	1.9	2.0
Total equity	2,414	1,716	1,425	960	762	608
Total liabilities & shareholders' equity	4,233	3,162	2,639	2,057	1,778	1,495

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Dino Polska S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	538	434	442	320	243	212
Depreciation, depletion & amortization	141	99.1	90.7	68.6	61.4	53.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	36.7	30.4	36.8	34.5	13.2	14.3
Changes in working capital	37.4	55.5	−119	−137	11.8	−59.1
Cash from operations	753	619	450	286	329	220
Investing activities
Capital expenditures	−582	−378	−298	−330	−331	−269
Other investing cash flows	3.3	−8.5	3.7	2.6	1.2	0.5
Cash from investing	−579	−387	−295	−328	−330	−268
Financing activities
Financing cash flow items	−35.1	−29.4	−37.9	−29.5	−11.6	−14.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−121	−40.4	−160	62.7	−2.7	85.3
Cash from financing	−156	−69.7	−198	33.2	−14.2	71.3
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	17.8	163	−41.8	−8.2	−15.3	23.0
Free cash flow	170	241	152	−44.0	−2.3	−48.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.