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CitiGroup

Start of Coverage: 04-02-2008

Resume of the last report made by this analyst

We believe JMT’s exposure to a small discount store format, a leading Polish market position, consistent execution and a mid-teens lease-adjusted ROCE profile, justify a premium valuation. Our €16.80 TP reflects a 30% sector premium, or 20x 2018E EPS (previously €14.5).

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.