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Deutsche Bank

Start of Coverage: 19-12-2016

Resume of the last report made by this analyst

Following Q1 results, published last Friday, we maintain our Buy rating. We also raise our 2019-2021 estimates by 1% on average and our TP to €16.

Going forward we see headwinds either easing (Sunday trading ban) or turning into tailwinds (calendar effect, inflation, Ara losses shrinking materially, new fiscal stimulus in Poland).

Analyst: Maxime Mallet

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.