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CaixaBank BPI

Start of Coverage: 14-01-2000

Resume of the last report made by this analyst

YE23 Price Target cut to €21.00 (-3%) to reflect higher capex and bonus payments (-4%) and improved FX (+1%). JM has been outperforming the main indexes over the LTM. Lately, more defensive sectors have been again favoured by investors. We believe JM is a top-notch food retailer but the easing inflation and decline in volumes in Poland against a backdrop of trading down and rising costs are relevant risks. Underperform.

Analyst: José Rito

e-mailjose.manuel.rito@caixabank.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.