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-mail: nick.coulter@citi.com

Analyst	Price target	Recommendation	Date
Nick Coulter	16.80 €	Neutral	21-Oct-16
Pradeep Pratti	14.50 €	Buy	17-Apr-15
Pradeep Pratti	11.00 €	Neutral	25-Feb-15
Pradeep Pratti	8.50 €	Neutral	6-Jan-15
Pradeep Pratti	8.80 €	Neutral	30-Oct-14
Pradeep Pratti	12.00 €	Neutral	30-Jul-14
Pradeep Pratti	12.80 €	Neutral	10-Jul-14
Pradeep Pratti	13.50 €	Neutral	1-May-14
Alastair Johnston	15.00 €	Buy	26-Feb-14
Alastair Johnston	16.15 €	Buy	13-Jan-14
Alastair Johnston	17.00 €	Buy	1-Aug-13
Alastair Johnston	20.00 €	Buy	24-Jun-13
Alastair Johnston	21.00 €	Buy	25-Apr-13
Alastair Johnston	18.20 €	Buy	5-Apr-13
Alastair Johnston	15.30 €	Buy	26-Oct-12
Alastair Johnston	14.20 €	Buy	23-Sep-11
Alastair Johnston	14.80 €	Buy	19-Sep-11
Alastair Johnston	16.00 €	Buy	12-Jul-11
Alastair Johnston	13.70 €	Buy	11-Jan-11
Alastair Johnston	12.50 €	Buy	28-Oct-10
Alastair Johnston	10.50 €	Buy	23-Sep-10
Alastair Johnston	9.00 €	Buy	3-Mar-10
Alastair Johnston	8.00 €	Buy	5-Jan-10
Jerome Samuel	5.10 €	Buy	5-Mar-09
Jerome Samuel	6.10 €	Buy	14-Jan-09

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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.

CitiGroup

Resume of the last report made by this analyst

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