9 Comments
Mar 16·edited Mar 16Liked by Kevin

One more estimate for your table: Shree says 5,300-5,500 domestic stores here: https://www.youtube.com/watch?v=OXYwcYNkdnM&t=793s , and he repeated the 5,300 number in a recent interview with CompoundingQuality.

Nice writeup btw (yes, time-consuming indeed! I've spent my fair share on this company). I like the Nick Sleep angle of asking "what could stop this company from reaching its destination." I suppose that would be how fast Biedronka expands with its small store format into small towns (needs to be monitored).

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Feb 1Liked by Kevin

The share price can definitely 10x or even 100x, it doesn't really matter that the number of stores has an upper limit. They could do share buybacks and eat away 5% of shares every year once they reached the store limit. Or they extend the product line by adding something like fuel stations, storage containers or fast food restaurants into their stores. Also the asset value will be significant, they will be one of the largest owner of property. I see the most likely expansion country is Ukraine (after the war ended) because it has similar rural structure and large population and country size.

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Thanks for the plug Kevin!

Definitely a fantastic article and feels like it puts my condensed research to shame. Appreciate you sharing all this valuable research into the public forum :)

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Nicely written. I like your new format! Also enjoy the measured conclusion too! Keep it up Kevin!

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