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Fidentiis

Start of Coverage: 03-11-2005

Resume of the last report made by this analyst

We update our model for Jerónimo Martins (JM) to reflect the last results published, a more conservative stance about margins and the high likelihood of a levy on sales coming into force in Poland as from 1 January 2020.

Our valuation for JM now renders €16.0-€17.0/sh, 20%-27% upside and a BUY rating (from U.R.).

Analyst: Patricia Cifuentes

e-mailpcg@fidentiis.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.