Eurocash S.A. – Analytical report

In updating our forecasts, we do not expect an improvement on the revenue side. At the same time, given the company’s ongoing efforts to improve cost efficiency, an improvement is expected at the EBITDA level. The Q1 2026 results, published in May of this year, appear to be the first small sign of this trend. As a result of this update, we are lowering our valuation from PLN 9.5 to PLN 6.3 per share, and given the 17% upside potential, we maintain our ACCUMULATE recommendation.