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AS Independent Research

Start of Coverage: 27-06-2019

Resume of the last report made by this analyst

The change in estimates withdrew, roughly €285 cents per share; mainly explained by higher capital spending and lower EBITDA margins, while on the positive side revenues and absolute Operating Profits before Depreciations were reviewed upwards. In fact, we believe 2023, would be like 2022, higher revenues still dominated by food inflation, at least over the 1st half; while EBITDA margins would remain under pressure, mainly due to lower Gross margin.

Analyst: António Seladas

e-mail: research@asindependentresearch.com

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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.