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Bank of America Merrill Lynch

Start of Coverage: 04-08-2009

Resume of the last report made by this analyst

JMT still looks overvalued vs. peers, particularly considering the risks on earnings going forward. We believe that consensus looks too high and will need to reset, particularly as we move into 2019E and the risk on Polish margins. We cut our PO to €9.5 from €13.5 and reiterate our Underperform rating.

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.