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Erste Group

Start of Coverage: 14-10-2011

Resume of the last report made by this analyst

We maintain our Accumulate rating for Jeronimo Martins, while decreasing our target price from EUR 16.7 to EUR 15.85, amid weaker macro in homeland Portugal (real GDP to return to 2019 levels in 2022e) and a more conservative approach to the gross margin (due to potential price investments) and cost pressure (SG&A dynamics higher than top line growth in each year of 2021-25e).

Analyst: Konrad Grygo

e-mail: konrad.grygo@erstegroup.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.