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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

e-mailpcifuentes@bestinver.es

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.