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Exane BNP Paribas

Start of Coverage: 11-11-2004

Resume of the last report made by this analyst

We’ve updated our forecasts post the results and also our TP. We detail the changes in more detail in the next section (“in the note”) but our TP moves to EUR20 (from EUR18.5) offering little upside. As such, we cut our rating to Neutral.

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.