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Exane BNP Paribas

Start of Coverage: 11-11-2004

Resume of the last report made by this analyst

After seeing EUR15.5m additional costs due to Covid-19 in March (mostly at Biedronka), the group indicated that half of this amount could be recurring every month (i.e. c.EUR24m per quarter) as long as the crisis continues. We cut our EBITDA forecasts by 5% in 2020e and 3% in 2021e, which translates to a 16% and 8% EPS cut. In Q2, we would expect more costs to be directed towards Ara as Colombia faced tougher restrictions in April.

Analyst: Carole Madjo

e-mailcarole.madjo@exanebnpparibas.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.