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Exane BNP Paribas

Start of Coverage: 11-11-2004

Resume of the last report made by this analyst

With trends above the sector, limited margin risk and Colombia remaining a credible option, Jeronimo remains the best quality name in our food retail coverage. We raise our target price to EUR17 as we roll out our SOTP to 2020. We cut EPS forecasts materially, however, partially reflecting IFRS 16 new lease accounting rules (a c10ppt impact) but also a slightly longer pathway to break-even in Colombia and slightly higher central costs.

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.