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Commerzbank

Start of Coverage: 09-01-2017

Resume of the last report made by this analyst

At the moment, we do not see any major impairments of sales prospects and earnings quality for Biedronka, the most important banner within Jeronimo Martins Group’s portfolio, and consequently, we initiate coverage of the stock with a Buy rating and a target price of €17.8. We believe it is certainly necessary for investors to understand political developments in Poland, but we recommend that investors do not focus too much on the risks when assessing the Jeronimo Martins Group’s share price potential.

Analyst: Juergen Elfers

e-mailjuergen.elfers@commerzbank.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.