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Exane BNP Paribas

Start of Coverage: 11-11-2004

Resume of the last report made by this analyst

We slightly adjust our numbers following Q1 results. On a pre IFRS-16 basis, we raise our FY group EBITDA estimates by 1.3%. On a post IFRS-16 basis our EPS estimates are up 5%. We estimate flattish EBITDA margin at Biedronka. Moving into Q2, we now expect Biedronka’s LFL at 6.5%, boosted by the calendar effect, positive basket inflation and a lower Sunday ban drag. We raise our target price to EUR18 and maintain our Outperform rating on Jeronimo Martins.

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.