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

Analyst	Price target	Recommendation	Date
Konrad Grygo	15.85 €	Accumulate	18 Nov 2020
Konrad Grygo	16.70 €	Accumulate	19 Dec 2019
Konrad Grygo	15.60 €	Accumulate	6 Mar 2019
Konrad Grygo	Under revision	Under revision	25 Oct 2018
Tomasz Duda	Under revision	Under revision	6 Jun 2018
Marek Czachor	19.00 €	Accumulate	24 Nov 2017
Marek Czachor	20.00 €	Accumulate	1 Jun 2017
Marek Czachor	15.00 €	Hold	18 Nov 2016
Marek Czachor	13.00 €	Reduce	15 Jun 2016
Marek Czachor	10.00 €	Sell	15 Jan 2016
Marek Czachor	11.00 €	Sell	25 Jun 2015
Marek Czachor	8.50 €	Accumulate	16 Dec 2014
Marek Czachor	9.00 €	Sell	4 Sep 2014
Marek Czachor	10.50 €	Sell	5 Mar 2014
Marek Czachor	17.00 €	Accumulate	13 Dec 2013
Marek Czachor	18.00 €	Accumulate	5 Jun 2013
Marek Czachor	16.00 €	Accumulate	26 Nov 2012
Marek Czachor	16.00 €	Hold	27 Apr 2012
Marek Czachor	16.00 €	Buy	14 Oct 2011

Reference History

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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.