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Deutsche Bank

Start of Coverage: 19-12-2016

Resume of the last report made by this analyst

We upgrade our rating from Sell to Hold. While 2018’s margin will be impacted by wages increase in Portugal and supply chain inefficiencies in Colombia, we expect further profitability improvement from 2019 on, driving a 14% EPS growth next year, vs +7% in 2018. As a result, we believe shares are now fairly valued.

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.