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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 9% to €17.5-€18.5 per share to reflect mainly JM’s outstanding performance in Poland, and the positive impact from the delay in the implementation of the retail tax.

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.