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BofA

Start of Coverage: 04-08-2009

Resume of the last report made by this analyst

Our price objective of EUR10.7 is derived from a DCF valuation (WACC of 7.5%). We use a terminal growth rate of 1.5%. We forecast EBITDA margin stabilising at 5.4% and capex to sales at 3.0% in the long term.

Analyst: Xavier Le Mené

e-mailxavier.le_mene@bofa.com

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.