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Berenberg

Start of Coverage: 11-06-2019

Resume of the last report made by this analyst

JM trades on 16.8x FY22 lease adjusted EV/EBIT and 21x P/E. While this is a premium to European peers, we believe it is justified, reflecting the group’s superior top-line growth outlook, best-in class ROIC and net cash position (excluding leases).

Analyst: Thomas Davis

e-mail: thomas.davies@berenberg.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.