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Barclays Capital

Start of Coverage: 23-10-2009

Resume of the last report made by this analyst

Equal Weight rating maintained, price target raised to €21: We raise our EPS forecasts by a mid-single digits as we expect the continuing high food inflation and positive volume growth to continue to drive Jeronimo Martins’ top-line performances in the various regions, while we also now anticipate less margin pressure in Poland than we previously expected.

Analyst: Nicolas Champ

e-mailnicolas.champ@barclays.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.