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Start of Coverage: 11-09-2019

Resume of the last report made by this analyst

We expect Biedronka and Pingo Doce to stay the core business lines and generate 80- 90% of the total revenues in the long-run. However, food retail market in Portugal already can be classified as matured, while in Poland it is approaching the mature stage, which implies that Biedronka and Pingo Doce do not have a lot of space for growth. Also, the demographic and GDP growth, as well as inflation rate are not expected to change significantly in the future. Thus, Jerónimo Martins is not expected to have an outstanding growth in these markets (maintain 2-3% growth), rather it should focus on maintaining the market share.

Taking into consideration the conditions explained above, our recommendation is REDUCE with the price target of €13.17.

Analyst: João Calado

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.