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Bernstein

Start of Coverage: 18-09-2019

Resume of the last report made by this analyst

We value JMT on a still very generous 20X PE multiple, with a €0.617 NTM EPS (post IFRS16), leading us to a target price of €12.50. JMT is a much-loved stock, seems to act as a safe haven, has a low free-float (43.8%) and has a very strong balance sheet. It may therefore take some time for multiples to come down.

Analyst: Bruno Monteyne

e-mail: bruno.monteyne@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.