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Goldman Sachs

Start of Coverage: 20-12-2007

Resume of the last report made by this analyst

We increase our LFL estimates for Colombia (2020-22E average +6% vs. +4% previously) (impact on TP +c.1%), our mid-term store openings (c.1,900 stores by 2028E vs c.1.750) (TP +c.1%) and our long-term EBITDA margin assumptions (+6% vs. +4%) (TP +c.4%). We also roll our DCF forward one year (TP c.+3.5%). The combination of these factors means our DCF based valuation (unchanged methodology – 8.5% discount rate, 2% terminal growth) increases to €19 (from €17.3).

Analyst: Rob Joyce

e-mailrob.joyce@gs.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.