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BBVA

Start of Coverage: 22-02-2011

Resume of the last report made by this analyst

We have increased our valuation to €14.3/share (from €13.3/share), mostly on healthier normalised margins (up by 20bp to 7.2%) and slightly lower discount rates (down 40bp to 9.0%) in Poland.

We believe that the multiples, despite being somewhat above the peer average (9x EV/EBITDA and 16x P/E FY18e), are fair for Jeronimo’s growth profile (10% underlying EPS CAGR 17-20e), leading us to upgrade our recommendation to Market Perform.

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.