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Bestinver Securities

Start of Coverage: 03-11-2005

Resume of the last report made by this analyst

Earnings momentum should be more challenging in the year’s second half. However, a more robust top line driven by inflation is leading us to upgrade our estimates.

We roll over our valuation for JM to 2023YE and introduce more conservative criteria in our SOTP. As a result, we obtain a new valuation of €22.0-€24.0 per share (from €21.3-€23.3/sh) and 18%-29% upside from current levels.

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.