CitiGroup

Start of Coverage: 04-02-2008

Resume of the last report made by this analyst

As a consequence of Biedronka’s strong start to the year, we raise our FY22E EBITDA to €1,736m (+1% from €1,716m). Retaining our SOTP valuation methodology (10x EBITDA for Biedronka) but rolling forward to FY23E, we raise our target price to €23 from €21.5 for the Neutral-rated shares.

Analyst: Nick Coulter

e-mail: nick.coulter@citi.com

Analyst	Price target	Recommendation	Date
Nick Coulter	23.00 €	Neutral	11 Apr 2022
Nick Coulter	21.50 €	Neutral	10 Jan 2022
Nick Coulter	18.00 €	Neutral	21 Sep 2021
Nick Coulter	14.00 €	Neutral	15 Jan 2021
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

Reference History

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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.