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CitiGroup

Start of Coverage: 04-02-2008

Resume of the last report made by this analyst

We continue to believe that JMT’s small format exposure, leading Polish market position, and mid-teens lease-adjusted ROCE profile justify a premium valuation. Accordingly, we target a 30% premium to the European Food Retail sector on one-year-forward PER. Rolling forward to FY20E, we target 19.5x FY20E EPS or €15.2 (from €13.0).

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.