u/IndependentSir9398

Dino trades at 12x EV/EBITDA, 46% off its peak, despite 21-27% ROIC, 25%+ revenue CAGR for 18 years, and a founder who has never sold a share. The market is overreacting to margin compression from Polish food deflation and Biedronka’s push into small towns. Dino’s structural advantages (owned land, negative working capital, fresh-food vertical integration) make its moat durable. Buy on the dip with a long-term hold; the value gap relative to historical multiples and growth runway to 5,000 stores provides a compelling risk/reward. Prolonged food deflation could keep margins depressed; Biedronka’s expansion may further compress LFL sales; founder’s 51% stake limits liquidity and creates governance risk if he ever sells; Polish zloty/regulatory exposure.