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Start of Coverage: 04-08-2009

Resume of the last report made by this analyst

We adjust our model for the actual Q1 results and reflect our outlook for 1) moderating but still elevated food CPI over the next 4-6 quarters, and 2) diminishing pressure from price investments amid the potentially fading cost-of-living crisis (particularly in Poland). Thus, we increase our 2023-24E revenue by 2% and our EPS by 7-8% on a 10-20bp higher EBITDA margin.
We upgrade JMT to Buy from Neutral with a €27 PO. We expect the cost-of-living crisis and margin pressures to gradually fade.

Analyst: Ilya Ogorodnikov

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