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BBVA

Start of Coverage: 22-02-2011

Resume of the last report made by this analyst

We have trimmed our FY19-21e earnings by 9%-14%, as we have rebased our LfL expectations for Biedronka to 2-3% (vs. 5-6% previously). Meanwhile, our view on the other units remains broadly unchanged. The lower numbers lead to a new valuation of €13.5/share (from €14.3/share) which implies limited upside potential and leads us to maintain our Market Perform rating.

Analyst: Juan Ros Padilla

e-mail: juan.r_padilla@bbva.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.