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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

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.