Start of Coverage: 04-02-2008
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-mail: nick.coulter@citi.com
| Analyst | Price target | Recommendation | Date |
| Nick Coulter | 14.00 € | Neutral | 15 May 2020 |
| Nick Coulter | 15.20 € | Neutral | 10 Oct 2019 |
| Nick Coulter | 13.00 € | Neutral | 2 Jul 2018 |
| Nick Coulter | 15.00 € | Neutral | 11 Jun 2018 |
| Nick Coulter | 16.80 € | Neutral | 21 Oct 2016 |
| Pradeep Pratti | 14.50 € | Buy | 17 Apr 2015 |
| Pradeep Pratti | 11.00 € | Neutral | 25 Feb 2015 |
| Pradeep Pratti | 8.50 € | Neutral | 6 Jan 2015 |
| Pradeep Pratti | 8.80 € | Neutral | 30 Oct 2014 |
| Pradeep Pratti | 12.00 € | Neutral | 30 Jul 2014 |
| Pradeep Pratti | 12.80 € | Neutral | 10 Jul 2014 |
| Pradeep Pratti | 13.50 € | Neutral | 1 May 2014 |
| Alastair Johnston | 15.00 € | Buy | 26 Feb 2014 |
| Alastair Johnston | 16.15 € | Buy | 13 Jan 2014 |
| Alastair Johnston | 17.00 € | Buy | 1 Aug 2013 |
| Alastair Johnston | 20.00 € | Buy | 24 Jun 2013 |
| Alastair Johnston | 21.00 € | Buy | 25 Apr 2013 |
| Alastair Johnston | 18.20 € | Buy | 5 Apr 2013 |
| Alastair Johnston | 15.30 € | Buy | 26 Oct 2012 |
| Alastair Johnston | 14.20 € | Buy | 23 Sep 2011 |
| Alastair Johnston | 14.80 € | Buy | 19 Sep 2011 |
| Alastair Johnston | 16.00 € | Buy | 12 Jul 2011 |
| Alastair Johnston | 13.70 € | Buy | 11 Jan 2011 |
| Alastair Johnston | 12.50 € | Buy | 28 Oct 2010 |
| Alastair Johnston | 10.50 € | Buy | 23 Sep 2010 |
| Alastair Johnston | 9.00 € | Buy | 3 Mar 2010 |
| Alastair Johnston | 8.00 € | Buy | 5 Jan 2010 |
| Jerome Samuel | 5.10 € | Buy | 5 Mar 2009 |
| Jerome Samuel | 6.10 € | Buy | 14 Jan 2009 |
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.
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