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Bryan, Garnier & Co

Start of Coverage: 25-11-2015

Resume of the last report made by this analyst

The share is down c.12% YTD and has been suffering a derating linked to uncertainties surrounding the new commercial tax and Sunday ban in Poland. Its P/E therefore felt from c.24x mid-2017 to c.19.5 today. We take this opportunity to upgrade our recommendation to Buy from Neutral (FV EUR16 vs EUR15).

Analyst: Antoine Parison

e-mailaparison@bryangarnier.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.