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Start of Coverage: 04-02-2008

Resume of the last report made by this analyst

Following JMT’s 4Q sales print, we update our model/forecasts raising FY20E EBITDA by +1% to €1,415m (post IFRS16, pre: +2% to €1,019m). We expect Biedronka’s +6.9% LFL beat to drive incremental operating leverage (pre-IFRS 16 4Q: +10bps) but be partially offset by higher central charges (4Q: -€23m).

Analyst: Nick Coulter

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