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Caixa BI

Start of Coverage: 23-04-2019

Resume of the last report made by this analyst

Regarding valuation, the major change comes from the valuation of Biedronka (+4%), while also decreasing the valuation of Pingo Doce (-7%) and of Recheio (-22%). The rationale behind this decision is mainly related with resilience of the Polish operation when compared with the Portuguese one, also explained by the fact that Biedronka is leader in terms of market share and price. We believe that Biedronka is better prepared to face the current restrictions in terms of circulation and access to stores.

Analyst: Artur Amaro

e-mailartur.amaro@caixabi.pt

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.