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CitiGroup

Start of Coverage: 04-02-2008

Resume of the last report made by this analyst

Coupled with the volume deleverage from weaker LFL trends in Portugal, the COVID costs lead to -9% FY20E EBITDA revision to €956m, with FY20E EPS revised by -16% to €0.56.

Applying a 30% premium to the sector average (c.15x) reflecting JMT’s high returns on capital and continued balance sheet strength (net cash pre-IFRS 16), we revise our TP to €14 or 20x FY21E EPS (previously  €15.20 or 20x FY20E EPS).

Analyst: Nick Coulter

e-mailnick.coulter@citi.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.