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CaixaBank BPI

Start of Coverage: 14-01-2000

Resume of the last report made by this analyst

We have increased our YE21 Price Target from €16.35 to €18.25 to incorporate the solid LFL delivery in Poland in 2020 and our increased sales forecasts for the country going forward (LfL and store expansion). Margins delivery has also been better than expected in Poland in FY20 while we have also assumed a lower dilution going forward (-30bps vs. 40bps before). All in all, we have revised up our EPS estimates by 8% in 2021-23F. We have started to recognize a 2% ESG premium in our YE21 PT.

Analyst: José Rito

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