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Berenberg

Start of Coverage: 11-06-2019

Resume of the last report made by this analyst

The likelihood of the sales tax being implemented has increased in recent weeks and, following discussions with industry experts, we expect JM to absorb the impact of the tax. Consequently, we reduce our EBITDA forecasts for FY 2020-21E by c8% and are now 6% below consensus FY 2020E estimates. With this note, we transfer coverage to Tom Davies, reduce our price target to EUR 15.80 and downgrade to Hold, as we believe the risk/reward is priced in.

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.