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Fidentiis

Start of Coverage: 03-11-2005

Resume of the last report made by this analyst

We upgrade our valuation by 3% to €18.5-€20.5/sh to reflect the re-rating of peers in emerging markets and JM’s outstanding performance in Poland.

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.