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Start of Coverage: 18-09-2019

Resume of the last report made by this analyst

We upgrade Jeronimo Martins to Outperform on the back of strong execution at Biedronka (market share gains & margin stability), an improving Polish food retail market outlook and additional capital return.

Analyst: William Woods

e-mail: william.woods@bernstein.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.