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Goldman Sachs

Start of Coverage: 20-12-2007

Resume of the last report made by this analyst

Our new 12-month price target of €14 (vs. €15 previously) is based on an unchanged DCF methodology (discount rate 8.5%, terminal growth of 2%). The c.7% reduction in our price target is driven by our estimate changes. We remain Neutral rated.

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.