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Start of Coverage: 22-02-2011

Resume of the last report made by this analyst

In our view, Jerónimo’s valuation is still unappealing, trading as it is at a c.25% premium to its peers (25x P/E 17e), which we deem unmerited taking into account its maturing growth profile, execution risk and stagnant margins (EBITDA margin FY16 of 5.9% vs. 7.0% 2003-16 avg.). We therefore rate it Underperform with a new TP of EUR13.3/share.

Analyst: Juan Ros Padilla


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.