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Exane BNP Paribas

Start of Coverage: 11-11-2004

Resume of the last report made by this analyst

We cut forecasts further reflecting building cost pressure and the probability of competitive pressure.
Though we’ve done some house-keeping, the estimate changes we’ve posted for Jeronimo aren’t too material. However, reflecting recent market moves we have cut our TP reflecting lower EV/EBIT multiples (from 17x for Poland to 15x).

Analyst: Andrew Gwynn

e-mailandrew.gwynn@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.