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Caixa BI

Start of Coverage: 23-04-2019

Resume of the last report made by this analyst

We are re-initiating the coverage of Jerónimo Martins (JMT) with a fair-value of EUR 15.60 per share and an Accumulate recommendation. In our view, Jerónimo Martin’s (JMT) investment case continues very well supported by the expectations of protecting and increasing market shares both in Portugal and Poland where the company has scale positions, while at the same time continues to reduce losses in Colombia (and also at Hebe in Poland). Colombia should be seen as a strategic option for JMT and could become a very important MLT growth option although there is still a long road ahead.

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.