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Allegro.eu S.A.Allegro e-commerce with no plans for large acquisitions
Listed e-commerce platform Allegro is not planning any large acquisitions, it is interested in smaller entities that will help increase competence and accelerate growth, the group's representatives have announced.
"Frankly, I don't see any big opportunities that are really opportunities," Allegro's CEO Roy Perticucci told a conference call for analysts on Thursday.
He added that the company was interested in smaller acquisitions that would help obtain new competencies.
"Acquisitions where we get know-how are interesting to us, they are also inexpensive. That is what we are going for," the CEO said.
Allegro's management board has proposed a new capital allocation policy that involves continuing to invest in profitable organic growth and maintaining moderate leverage while returning excess capital to investors through share buybacks.
As stated in the presentation, the group can allocate capital to acquisitions to complement and accelerate organic growth.
Allegro intends to return excess capital to shareholders through share buybacks, with decisions to be made on a year-by-year basis. The company has estimated the scale of this year's share buyback at around PLN 1.4 billion (EUR 333.6 mln), the decision will be made by the ordinary general meeting.
The presentation states that the company targets a net debt/adjusted EBITDA ratio of 1.0x.
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