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Bank of America Merrill Lynch

Start of Coverage: 04-08-2009

Resume of the last report made by this analyst

We trim our EPS forecasts by -0.7% and -1.3% for 2016E and 2017E, placing us 3% and 7% below consensus (source: Bloomberg), respectively. We believe at the current price sustained high sales growth is being priced in. We downgrade to Underperform from Neutral and cut our PO to €13 from €13.5.

Analyst: Kiranjot Grewal

e-mailkiranjot.grewal@baml.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.