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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

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.