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Deutsche Bank

Start of Coverage: 19-12-2016

Resume of the last report made by this analyst

We are upgrading Jeronimo Martins from Hold to Buy after taking a deep dive in Jeronimo Martins’ main markets and the investment case.

We slightly raise our target price from €14 to €15 using an average between a SOTP and a DCF approach. The upgrade reflects mainly the update of our assumptions in our SOTP, taking into account peers average valuation in the different geographies.

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.