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CitiGroup

Start of Coverage: 04-02-2008

Resume of the last report made by this analyst

We maintain a historical 30% PER premium relative to the EU Food Retail sector to derive our target price but note that a period of slower growth may see this multiple contract.

Based on 19x our FY19 EPS estimate of €0.69 (previously €0.79), we revise our target price to €13.

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.