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Exane BNP Paribas

Start of Coverage: 11-11-2004

Resume of the last report made by this analyst

The results should be penalised by various external factors such as FX, negative calendar effed and lower level of food inflation in Poland. We maintain our Outperform rating but lower our target price to EUR17.4 mainly because of FX.

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.