• Instacart, operated by Maplebear Inc. (NasdaqGS:CART), is partnering with Costco to offer same day grocery delivery in France and Spain.
• This move marks Instacart's first major expansion into the European market.
• Costco members in France and Spain gain access to same day delivery through Instacart's Storefront Pro platform and fulfillment solutions.

For you as an investor, this is a useful data point on how Maplebear is trying to extend its core grocery marketplace model outside North America. Partnering with Costco gives Instacart an entry into two new countries while working with an existing, membership driven retailer rather than building a customer base from scratch.

This expansion also broadens how Instacart uses its Storefront Pro and fulfillment tools, which could matter if the company looks to work with more international retailers over time. The results of this Costco rollout in France and Spain may offer early clues on how repeatable Instacart's model is beyond its home markets.

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Quick Assessment

• ✅ Price vs Analyst Target: At US$37.16 against a consensus target of US$50.22, the price is about 26% below analyst expectations.
• ✅ Simply Wall St Valuation: The shares are flagged as undervalued, trading 65.5% below the estimated fair value.
• ❌ Recent Momentum: The 30 day return is about a 17.4% decline, so recent sentiment has been weak.

Check out Simply Wall St's in depth valuation analysis for Maplebear.

Key Considerations

• 📊 The Costco partnership in France and Spain tests whether Instacart's North American model can work in new regions with an established wholesale partner.
• 📊 Watch how order volumes, retention and any commentary on Storefront Pro adoption in Europe line up with the current P/E of about 19.3 compared with the Consumer Retailing industry average of about 21.0.
• ⚠️ Execution risk in unfamiliar markets is key, especially if the recent 30 day price weakness reflects concerns about growth outside North America.

Dig Deeper

For the full picture including more risks and rewards, check out the complete Maplebear analysis.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.