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Barclays Capital

Start of Coverage: 23-10-2009

Resume of the last report made by this analyst

We increase our EPS forecasts by c3% after this better than expected publication. Our DCF-based price target rises to €13.2 after factoring in our new estimates. Jeronimo Martins currently trades at a c40% premium to the European sector (FY19E P/E 20.2x vs 14.6x for the sector average), which we believe already factors in a lot of potentially positive newsflow.

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.