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Haitong Bank

Start of Coverage: 02-11-2015

Resume of the last report made by this analyst

We raise our FV rises from Eur 16.5 to Eur 17.0, with the positive impact from the roll-over of our valuation to 2018e (+Eur 1.2) outweighing the slight cut to our earnings estimates in Poland, Portugal and Colombia as well as higher capex across the board (-Eur 0.7). Our new FV offers 21% potential upside and the comparison of multiples also shows JMT is trading at a discount to its EM peers. We see this as great opportunity to buy the #1 grocer in Poland (90% of our EV) for what we see as a quite cheap price and we thus upgrade JMT from Neutral to BUY.

Analyst: Filipe Rosa

e-mailfrosa@haitongib.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.