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Deutsche Bank

Start of Coverage: 19-12-2016

Resume of the last report made by this analyst

We downgrade our rating on Jeronimo Martins from Hold to Sell. We believe that LFL peaked in Q4 16 and will slow going forward, and that leverage is limited given a tough comparison basis and strong competition and despite improving food inflation.

Analyst: Maxime Mallet

e-mailmaxime.mallet@db.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.