Bestinver Securities

Start of Coverage: 03-11-2005

Resume of the last report made by this analyst

We value JM based on multiples and DCF models. Updating our assumptions slightly, we obtain a new valuation of €22.5-€24.5 per share (from €23.0-€25.0/sh before). However, given the last month’s +8% share price increase, the upside potential is now limited. We downgrade the stock to HOLD (from BUY).

Analyst: Patricia Cifuentes

e-mail: pcifuentes@bestinver.es

Analyst	Price target	Recommendation	Date
Patricia Cifuentes	€22.50 - €24.50	Hold	19 Apr 2023
Patricia Cifuentes	€23.00 - €25.00	Buy	14 Feb 2023
Patricia Cifuentes	€22.00 - €24.00	Buy	13 Oct 2022
Patricia Cifuentes	€21.30 - €23.30	Buy	9 May 2022
Patricia Cifuentes	€19.50 - €20.50	Buy	14 Jul 2021
Patricia Cifuentes	€16.70 - €17.70	Buy	29 Jan 2021
Patricia Cifuentes	€16.20 - €17.20	Buy	24 Jul 2020
Patricia Cifuentes	€17.50 - €18.50	Buy	13 Jan 2020
Patricia Cifuentes	€16.00 - €17.00	Buy	24 May 2019
Patricia Cifuentes	Under revision	Under revision	26 Oct 2018
Patricia Cifuentes	€18.50 - €20.50	Buy	18 Jan 2018
Patricia Cifuentes	€18.00 - €20.00	Buy	10 Oct 2017
Patricia Cifuentes	€18.50 - €20.50	Buy	7 Jul 2017
Patricia Cifuentes	€17.20 - €18.80	Hold	18 Apr 2017
Patricia Cifuentes	€16.00 - €17.50	Hold	25 Oct 2016
Patricia Cifuentes	€16.00 - €17.50	Buy	16 Sep 2016
Patricia Cifuentes	€13.50 - €14.50	Buy	28 Jan 2016
Patricia Cifuentes	€14.0 - €15.0	Buy	19 May 2015
Patricia Cifuentes	€11.2 - €12.0	Buy	18 Feb 2015
Patricia Cifuentes	€9.7 - €10.3	Buy	14 Nov 2014
Patricia Cifuentes	€12.0 - €13.0	Buy	11 Sep 2014
Patricia Cifuentes	€12.9 - €13.9	Hold	4 Apr 2014
Patricia Cifuentes	€13.7 - €14.7	Hold	14 Feb 2014
Patricia Cifuentes	€15.7 - €16.7	Hold	7 Nov 2013
Patricia Cifuentes	€18.8 - €20.0	Buy	25 Feb 2013
Patricia Cifuentes	€15.5 - €16.6	Buy	26 Jul 2012
Patricia Cifuentes	€16.6 - €17.8	Buy	17 Apr 2012
Patricia Cifuentes	€13.5 - €14.5	Hold	30 Jan 2012
Patricia Cifuentes	€14.4 - €15.4	Buy	28 Jul 2011
Patricia Cifuentes	€14.7- €15.7	Buy	12 Jul 2011
Patricia Cifuentes	€11.5 - €13.0	Hold	15 Feb 2011
Patricia Cifuentes	€11.4 - €12.4	Buy	29 Oct 2010
Patricia Cifuentes	€10.4 - €11.4	Buy	20 Oct 2010
Patricia Cifuentes	€9 - €9.5	Buy	29 Apr 2010
Patricia Cifuentes	€7.8 - €8.2	Buy	5 Mar 2010
Patricia Cifuentes	€6.9 - €7.4	Buy	12 Nov 2009
Patricia Cifuentes	€6.5 - €7.0	Buy	21 Oct 2009
Patricia Cifuentes	€3.8 - €4.3	Hold	9 Apr 2009
Patricia Cifuentes	€4.7 - €5.3	Buy	5 Nov 2008
Patricia Cifuentes	€3.9 - €4.4	Buy	28 Oct 2008
Patricia Cifuentes	€6.6 - €7.1	Buy	4 Aug 2008
Patricia Cifuentes	€5.5 - €6.0	Buy	25 Apr 2008
Patricia Cifuentes	€4.86 - €5.37	Hold	24 Oct 2007
Patricia Cifuentes	€4.12 - €4.60	Hold	5 Jun 2007

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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.