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AS Independent Research

Start of Coverage: 27-06-2019

Resume of the last report made by this analyst

We have taken the opportunity to change our valuation from 21.55YE22 to 22.35YE23, it’s just the yearend rollover impact, as a more comprehensive report should be release in a couple of weeks. Even so we need to update revenues upwards and higher costs, resulting in lower operating margins and probably similar EBITDA, so we feel comfortable with our valuation 22.35YE23, Neutral recommendation.

Analyst: António Seladas

e-mail: research@asindependentresearch.com

The information presented refers to recommendations issued by analysts that follow the Jerónimo Martins’ share. For more information, please read the Analysts Coverage section in this website’s Terms and Conditions.